Advice: Northside Property - Should I buy?

[phoenix_n]

Looking for some advice.

My offer of 410,000 for a two bed single story terrace in phibs/drum area is about i think to get accepted.
65 square meters. One large bedroom and one box room. Has those 10/12 feet tall walls so option to lower roof and build into attic.

Have about 140,000 in cash so borrowing around 320,000.

Others ones that went for sale were 368,500 for 32 sq meters with low roof, and 370,000 for 45sq meters but in poor condition.

Bloody expensive. What do you think. I think my offer is about 15,000 over what its worth but these places are hard to get.

Any ideas. Good buy? Will be near the new metro service to dublin airport and dorset street is gonna be done up soon.

Am renting at 380per month at the moment so have thought about renting it out for a year or so to create a bit of a buffer when interest rates rise later this year.

Should i take the plunge?

 

[Lauren]

Re: Advice Northside Property - Should i buy?

Whats the general area? Parades? near Mountjoy?

 

[DrMoriarty]

Re: Advice Northside Property - Should i buy?

Am renting at 380per month at the moment so have thought about renting it out for a year or so to create a bit of a buffer when interest rates rise later this year.

Can't answer the 'substantive' question, but you could use Karl Jeacle's (New Improved) mortgage calculator to crunch the numbers in different scenarios... (e.g. €320K over 30 years @4.0% => +€1,528/month).

G'luck!

 

[BillyNoMates]

Ask yourself could I live in this house for 7-8 years and be content.

On very limited information, I have the feeling your getting terrible value for money.

you say
"Others ones that went for sale were 368,500 for 32 sq meters with low roof, and 370,000 for 45sq meters but in poor condition."

I think they are bad value too.

 

[phoenix_n]

Ask yourself could I live in this house for 7-8 years and be content.

On very limited information, I have the feeling your getting terrible value for money.

you say
"Others ones that went for sale were 368,500 for 32 sq meters with low roof, and 370,000 for 45sq meters but in poor condition."

I think they are bad value too.

Pick any property these days that is whithin walking commute of the city and they are all terrible value for money.
I have thought for the last 4 years that property is terrible value for money but that opinion cost be a couple of hundred thousand of euros!

But now I am of the opinion that property is not that expensive yet in Dublin city centre.
And why ?
...Because it will be expensive when no-one will be able to afford to buy it !!