Thinkingaboutit
Registered User
- Messages
- 9
what I do have a problem with is the fact that they provided me with an apartment vastly different to other apartments in the complex which they set the valuation of 20% lower against.
They sold me an apartment based on lies.
Why did you not clarify all that at the start? What advice did you take at the time?
So basically you got a lower spec apartment for a lower price? And you are complaining because you cant sell it for the same price as the people that paid more than you anyway?
I'm not complaining about paying less or selling for less. I have no problem at all selling breaking even, it has been my home for 6 years, I was never in it to make a profit. My issue is with the council profiting from the thousands I have put into the apartment on top of the fact they sold me an apart that was never to the standard of a full 20% below market value.
But that would have always been the case that you would owe the council 20%. Every dog on the street knew that and was happy to take it as they were getting cheaper properties.
Would you have a problem being in one of the "better" apartments knowing your neighbour got exactly the same spec for 20% less?.
I'm struggling to see why you're feeling sore.
If I understand the fact pattern correctly, you got an apartment for €158k in 2010 without putting down any deposit. You now get to walk away free and clear - no gain, no loss.
I did have to put down a deposit of €3,000 plus an extra €1,500 for "larger" size. I had to pay a solicitor also at the time. I now have to pay approx €2,500 to get it sold before solicitors costs. That's all at a loss.
I had to put in floors, tiles, blinds, new water pump, domestic appliances which will now all be at a loss (all were provided in privately sold apartments)
The monthly mortgage payment on €158k @3.7% (the current EBS variable rate for LTV's over 80%) over 30 years is €727. I would expect an apartment with a market value of €195k today to rent for around €1,250 per month - maybe more.
If the property had been valued correctly it would have been valued at €25,000 less. Working that out, that's a mortgage repayment of ~€650 a month. €70 a month less that my current repayments. Add that up over 6 years that's €5k. Again that's more money lost.
It's not a rented property though and for 4 out of the last six years,the better spec aparts were renting for €850 per month. They have only now gone up to €1k a month. Also maintenance all carried out by myself not a landlord.
Unless I'm misunderstanding something, it sounds like you got an absolutely wonderful deal - hugely discounted accommodation for nearly 6 years. What's not to love about that?
I'm struggling to see why you're feeling sore.
If I understand the fact pattern correctly, you got an apartment for €158k in 2010 without putting down any deposit. You now get to walk away free and clear - no gain, no loss.
The monthly mortgage payment on €158k @3.7% (the current EBS variable rate for LTV's over 80%) over 30 years is €727. I would expect an apartment with a market value of €195k today to rent for around €1,250 per month - maybe more.
Unless I'm misunderstanding something, it sounds like you got an absolutely wonderful deal - hugely discounted accommodation for nearly 6 years. What's not to love about that?
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