Second thoughts on the sale agreed price

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rachelgreen

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Hi,

I was bidding on a 4-bed semi-detached house in south dublin and got my offer accepted today at 691k.
Now I'm having second thoughts because I wanted to stop at 680k. Need help understanding if this house sounds like its worth this amount.

Walk-in condition, South Dublin 134 sqm semi-detached 4-bed, 2 bath, 1 WC, under stairs storage and cloakroom
A3-rated, side entry to a good-sized east-facing garden that's not overlooked, open plan kitchen and living area(good size), attic storage, parks and some shops nearby

There's one point to be noted- there's a huge development of 400 apartments planned for an area 100 m from the house but the house won't face the apartments.
Not sure if and how that would impact the resale.

Really confused, help!
Thanks
 
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Only comment I would make it about the garden orientation. Had an east facing back garden in the past and wouldn't recommend it. The back of the house (usually the kitchen) can get very dark/cold. I really noticed it when moved to current house which has a south facing back garden so gets the sun all day.
Appreciate this mightn't be an issue for everyone or might be one that you have considered already.

Re the new apartments- sounds like there will be a lot of disruption during the building stage, noise, increased traffic etc. If you WFH then another things to consider.
 
What are the plans for the apartment block? Will they be rented or sold to individuals? This will potentially have an impact on how the estate will feel over the next few years.
 
Do the new apartments have ample parking as this can often affect nearby estates? If the parking spaces are expensive this can also leave people parking in the area.

Might be a good idea too to have a look at Council website and check existing planning already approved or any other pending for the area.
 
rachelgreen said:
Hi,

I was bidding on a 4-bed semi-detached house in south dublin and got my offer accepted today at 691k.
Now I'm having second thoughts because I wanted to stop at 680k. Need help understanding if this house sounds like its worth this amount.

Walk-in condition, South Dublin(around Sandyford and Stepaside), 134 sqm semi-detached 4-bed, 2 bath, 1 WC, under stairs storage and cloakroom
A3-rated, side entry to a good-sized east-facing garden that's not overlooked, open plan kitchen and living area(good size), attic storage, parks and some shops nearby

There's one point to be noted- there's a huge development of 400 apartments planned for an area 100 m from the house but the house won't face the apartments.
Not sure if and how that would impact the resale.

Really confused, help!
Thanks
Click to expand...
House sounds fine. What difference is €11k in the overall scheme of things? If you're going to be living there for 40 years it's less than €300 per year. Not saying that you should overpay but that if everything else is as you want it then maybe it's worth extending the budget by a small amount.
 
Is the relative price really the issue? <2% over your notional top offer is not a lot. In your shoes I wouldn't mess about with the offer just finally decide whether I wanted the house or not, and run with that.
 
I feel like we could have easily managed in the 670k range(my original expectation) given the apartments being planned nearby should have helped us get a good price but the bidding war got the best of us and we ended up at 690k. Plus 3-4 years of construction nearby is also inconvenient.
 
rachelgreen said:
I feel like we could have easily managed in the 670k range(my original expectation) given the apartments being planned nearby should have helped us get a good price but the bidding war got the best of us and we ended up at 690k. Plus 3-4 years of construction nearby is also inconvenient.
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If 670k was the right amount, you should have stopped at that level. Its a bit late in the day for not doing your homework considering the area you are buying into....either it is suitable or it never was.

As for value, theres no such thing really in the irish housing system - but youve gotta live somewhere and hopefully be happy there..
 
If you were to restart the process, how long would you estimate it would take to find and go sale agreed on a new home? How much are you spending in this time frame eg rent, storage?

Or is it the apartments that is giving you cause for concern rather than going over your initial budget?
 
TRS30 said:
Only comment I would make it about the garden orientation. Had an east facing back garden in the past and wouldn't recommend it. The back of the house (usually the kitchen) can get very dark/cold. I really noticed it when moved to current house which has a south facing back garden so gets the sun all day.
Appreciate this mightn't be an issue for everyone or might be one that you have considered already.

Re the new apartments- sounds like there will be a lot of disruption during the building stage, noise, increased traffic etc. If you WFH then another things to consider.
Click to expand...
id echo this as well, east garden (if its small) will be dark and cold.
 
TRS30 said:
Only comment I would make it about the garden orientation. Had an east facing back garden in the past and wouldn't recommend it. The back of the house (usually the kitchen) can get very dark/cold. I really noticed it when moved to current house which has a south facing back garden so gets the sun all day.
Appreciate this mightn't be an issue for everyone or might be one that you have considered already.

Re the new apartments- sounds like there will be a lot of disruption during the building stage, noise, increased traffic etc. If you WFH then another things to consider.
Click to expand...
Right, that was one of my concerns as well, the living area is at the back so it wouldn't get sun most part of the day. Not really happy with that but I made my peace with it when I had the price of 670k in mind.
 
i would disagree about east facing back garden. i find the sun in the morning is great in the kitchen especially during the winter. and we have side windows facing south which also helps.
i think you should go ahead with purchase considering that 11k is not much in the scheme of things
 
clinteastwood said:
If 670k was the right amount, you should have stopped at that level. Its a bit late in the day for not doing your homework considering the area you are buying into....either it is suitable or it never was.

As for value, theres no such thing really in the irish housing system - but youve gotta live somewhere and hopefully be happy there..
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Yea, I know. The other bidder kinda jumped by 5k and 10k each time so I kinda felt like I had to bid more and hoped it would stop at some point and before I knew it reached 691 to be precise! The more I say it the more clarity I'm getting. Guess I shouldn't go ahead with it given I'm not a 100% happy with things. Happy just with the house but then again that's what I'm buying!
misemoi said:
What are the plans for the apartment block? Will they be rented or sold to individuals? This will potentially have an impact on how the estate will feel over the next few years.
Click to expand...
Rented with 10% social housing on the other side of the road, away from the house in question
misemoi said:
If you were to restart the process, how long would you estimate it would take to find and go sale agreed on a new home? How much are you spending in this time frame eg rent, storage?

Or is it the apartments that is giving you cause for concern rather than going over your initial budget?
Click to expand...
It's a combination of both actually, going 20k over budget(and I'm sure it's more than what the agent/seller expected as well) with a building site at 100m for the next 3-4 years is what is troubling me. If either was missing from the situation, would have been okay
Plus I'm not planning to live there for more than 5-6 years. So it's not going to be my forever home. I have some plans for what I want to do with the house like short term lettings along with it being my ppr etc. I don't have children yet so don't really need the all 4 beds.
 
OK, best pull out if your not sure or ready, its a massive purchase , 690grand , bloody hell thats one hell of a mortgage.
When you put your head on your pillow at night youve got to be able to rest without various what iffs going around and if doesnt sit well best forget it - there will be another one with your sort of budget for sure when the time comes...
 
Hello,

Trust your gut instinct, if it doesn't feel entirely right, pull out...

There'll always be another house, and you'll know when it's the right one, you'll be delighted when your offer is accepted, not concerned about things like what's going on at a nearby building site etc.
 
MrEarl said:
Trust your gut instinct, if it doesn't feel entirely right, pull out...
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Would 100% agree with this, there's a lot of emotion tied up in buying a house and if something doesn't feel right it's best to move on

When I was buying my house we had auctions back then and I bided on about half a dozen properties always missing out by a grand or two
but if I kept upping my bid they would have gone multiples of that above what I felt was an acceptable price
In the end I found a house that wasn't on auction put in a cheeky offer, they countered with an acceptable price
and I've been happy here for 25+ years

On the building works, two of my neighbours have done complete renovations of their houses over the last two years and though there was no issues with either builds I'm delighted that there finished and I can look forward to a summer when I can enjoy my outside space without an audience of onlookers or the constant noise, so for me living beside a major development would be a nightmare and one I'd avoid if possible
 
I’d trust your instinct. There are always other houses. The price is very high. Don’t do it unless you are 100% happy. It’s your money and it’s a lot of work to pay it off.
 
It's natural to have second thoughts. If you like the house but think you've overspent by 2%, them just forget about it an go ahead. If you don't like the house, then withdraw your offer ASAP.
 
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