Ive been looking at the rent/buy sums for years now and lately, the rents being stable/increasing with prices a good bit lower are making the calculations turn a bit.
Im renting in D8. It's a house and the rent is €1,150 a month right now and we're concerned that the landlord will up that at the next rent review so we started looking at cheaper alternatives and the reality is that we're already in the cheapest part of Dublin to live without making a serious adjustment and moving out to Naas/Newbridge area. Moving to Lucan/Leixlip/Celbridge is no good as rents are more or less the same and commuting costs increase dramatically.
Sales prices up on the PPR indicate that the houses are selling in the 200-250k bracket.
Here's one not massively different to what we're in now but that needs serious modernisation so ours would probably be worth more, guessing in the 230-240k range. The attraction of buying the house is that we like the area, know what needs work and frankly, the stress of worrying about where rents are going to go is getting to us. He hasn't given any previous indications of wanting to sell the house and our relationship is strictly business so it's not something we talk about and any offer would probably be a bolt from the blue for him.
I'm not posting this thread to gauge what it's worth or what we should be paying.
I'm posting to ask if other people have asked their landlords would they be interested in selling. AFAIK the landlord has owned the house for over 20 years so in normal circumstances, he'd have a good chunk of the mortgage paid off already but I suspect that he got a big top up to get his place in Meath and rent negotiations last year suggested that he's under a wee bit of pressure there.
It's difficult to know whether the monthly rent or a lump sum to pay down debt would be more attractive to him but I guess we won't know until we ask him.
Questions:
1. Has anyone here done this before? Pitfalls? Suggestions on how to approach it? Had in mind to float the idea of making an offer to him before mentioning any figures as he may not have spent as much time as us researching selling prices in the area.
2. What kind of information can I dig up on the house myself, such as date built, last sold, etc and where/how do I get it?
3. No estate agent required but presumably, we'd still need solicitors if offer was taken seriously.
4. How would the bank view this? Would they view it any differently to a standard house purchase?
More if I think of them...
Im renting in D8. It's a house and the rent is €1,150 a month right now and we're concerned that the landlord will up that at the next rent review so we started looking at cheaper alternatives and the reality is that we're already in the cheapest part of Dublin to live without making a serious adjustment and moving out to Naas/Newbridge area. Moving to Lucan/Leixlip/Celbridge is no good as rents are more or less the same and commuting costs increase dramatically.
Sales prices up on the PPR indicate that the houses are selling in the 200-250k bracket.
Here's one not massively different to what we're in now but that needs serious modernisation so ours would probably be worth more, guessing in the 230-240k range. The attraction of buying the house is that we like the area, know what needs work and frankly, the stress of worrying about where rents are going to go is getting to us. He hasn't given any previous indications of wanting to sell the house and our relationship is strictly business so it's not something we talk about and any offer would probably be a bolt from the blue for him.
I'm not posting this thread to gauge what it's worth or what we should be paying.
I'm posting to ask if other people have asked their landlords would they be interested in selling. AFAIK the landlord has owned the house for over 20 years so in normal circumstances, he'd have a good chunk of the mortgage paid off already but I suspect that he got a big top up to get his place in Meath and rent negotiations last year suggested that he's under a wee bit of pressure there.
It's difficult to know whether the monthly rent or a lump sum to pay down debt would be more attractive to him but I guess we won't know until we ask him.
Questions:
1. Has anyone here done this before? Pitfalls? Suggestions on how to approach it? Had in mind to float the idea of making an offer to him before mentioning any figures as he may not have spent as much time as us researching selling prices in the area.
2. What kind of information can I dig up on the house myself, such as date built, last sold, etc and where/how do I get it?
3. No estate agent required but presumably, we'd still need solicitors if offer was taken seriously.
4. How would the bank view this? Would they view it any differently to a standard house purchase?
More if I think of them...