Thinkingaboutit
Registered User
- Messages
- 9
hi all fellow af home owners,
Just wondering if anyone has encountered the same rip off as me?
I bought a 2 bed af apart in 2010 and was told by council (then valued by bank based on other sales in complex) that it was at 20% below market value.niave and desperate at the time to get on the property ladder (tick tock of the bio clock) my hubby and I were delighted to avail of this supposed fantastic opportunity. However, years later maturity has set in. I hope I can explain this clearly enough....we were told the apart was 20% below market value,therefore when we sell before ten years we owe the council 20% of overall sale price. I have no problems with that, 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. My apart is of a much lower standard in comparison to the private aparts that it will never come close to the prices they sell for. Here is a list of how different it is:
1. Smaller is size by approx 10m squared
2. No en suite
3. Storage heaters instead of gas supply
4. No built in storage
5. No integrated appliances of fridge, washing machine, oven, hob , dishwasher that was provided with aparts selling privately.
6. Common areas with electric boxes exposed
7. No electric shower
8. Kitchen units white high gloss instead of solid wood
9. Smaller balcony
10. Electric sockets with no on off switch
Now my problem is we need to sell. Two boys with no garden equals parents slowly loosing their minds. If we are to sell now, it will sell for €195,000 (evaluation by estate agent x2) having bought for €158,000 all the increase in price will go straight back to the council. However, other apartments that are not af are selling for €220,000. This is a vast difference that highlights how the council fobbed me off. I would have no problem selling for that price if the others were but it's the principle behind it. I have to fork out 1.5% in estate agents fees just to give the council their undue profit, it doesn't seem fair. They sold me an apartment based on lies. It was never 20% below market value, 10% at the most. Now I have to sell and hand the, back nearly €40,000 by essentially being tenants that ploughed moneyinto upkeep and management fees.
Just wondering if anyone has encountered the same rip off as me?
I bought a 2 bed af apart in 2010 and was told by council (then valued by bank based on other sales in complex) that it was at 20% below market value.niave and desperate at the time to get on the property ladder (tick tock of the bio clock) my hubby and I were delighted to avail of this supposed fantastic opportunity. However, years later maturity has set in. I hope I can explain this clearly enough....we were told the apart was 20% below market value,therefore when we sell before ten years we owe the council 20% of overall sale price. I have no problems with that, 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. My apart is of a much lower standard in comparison to the private aparts that it will never come close to the prices they sell for. Here is a list of how different it is:
1. Smaller is size by approx 10m squared
2. No en suite
3. Storage heaters instead of gas supply
4. No built in storage
5. No integrated appliances of fridge, washing machine, oven, hob , dishwasher that was provided with aparts selling privately.
6. Common areas with electric boxes exposed
7. No electric shower
8. Kitchen units white high gloss instead of solid wood
9. Smaller balcony
10. Electric sockets with no on off switch
Now my problem is we need to sell. Two boys with no garden equals parents slowly loosing their minds. If we are to sell now, it will sell for €195,000 (evaluation by estate agent x2) having bought for €158,000 all the increase in price will go straight back to the council. However, other apartments that are not af are selling for €220,000. This is a vast difference that highlights how the council fobbed me off. I would have no problem selling for that price if the others were but it's the principle behind it. I have to fork out 1.5% in estate agents fees just to give the council their undue profit, it doesn't seem fair. They sold me an apartment based on lies. It was never 20% below market value, 10% at the most. Now I have to sell and hand the, back nearly €40,000 by essentially being tenants that ploughed moneyinto upkeep and management fees.