bought new house dont know what to do now

Status
Not open for further replies.
rmelly said:
There's nothing in the original post to say he/she isn't living in the house, so how is this wasted money? What about rent if he wasn't living there?
Click to expand...
This bit more than implies that it is an investment property that is unoccupied:
"some people say i should rent it but to be honest i want to sell it new and i dont want hassle of renting etc"

You can't very well sell it as new if it has had someone living in it.
 
tell that to anyone trying to sell
Click to expand...
I do.

The house is 'worth' whatever you can sell it for
Click to expand...

A common ckliche and a correct one, I think you may find out what people will pay for it be reducing sensibly, if you drop price by one third you will find a buyer, but you may have gotten more. It is in his interests to maximise the sale price.

Why would the costs incurred by the OP have any impact on what price anyone else is prepared to pay for it today?
Click to expand...
You wouldn't be putting the fact in the sales brochure. The OP wants to get his money back and make a profit so I'm thinking he's not quite ready to cut and run, my suggestion was an alternative that might be attractive to the OP.

Btw how do you know what his property is worth (seeing as you're suggetsing not selling for less than its worth)?
Click to expand...
I don't, but droping 10% off of the price will provide an indication as to how far he has to go, baby steps is all he needs to take. Remember, you can't take a single approach to each individual local market so while your reliance on percentages etc might be well placed they might not be of great practical help to the OP.

He hasn't had any interest at the current asking price for 7 months, this would indicate to anyone with more than 2 brain cells that the property is not going to sell at that price, and hence the market doesn't think its worth 230k (even if it was worth anywhere near that someone might have enquired and made a lowball offer by now)
Click to expand...
Thats why I rubbed my two brain cells together and asked some pertinant questions as to how he is trying to sell the property, its not purely a question of price.


And again: "not selling for less than it's worth". It's worth what someone will pay for it, and not a penny more.
Click to expand...
Would you not try to increase the chances of earning a higher sale price?

There is a difference between putting a price tag resulting in a sale and giving it away.
Click to expand...
A fine line I would say.

If €210k is going to find some potential offers then €150 will find a pile of them. Then see where the price ends up.
Click to expand...

If I correctly remember and forgive me if I'm wrong but you are an investor so if you were to see a house coming on at €150k that was previously @ €23ok and presumably by far the cheapest house in the area you would smell desperation. For starters the bids would come in a 4130k and work up but i don't think you will see a excess of asking price or at least not a reasonable one.


Again i would ask the OP is he doing this privately or through as EA.
 
OP. Is this an investment property or your PPR?

Are you one of these "flippers" that you read about in the boom times that has got caught out?

Seriously, put the house on sale for as low as possible, you never know you might start a bidding war.

If not rent it. Can you rent it and cover the mortgage and pay off some capital?
 
MrMan said:
if you were to see a house coming on at €150k that was previously @ €23ok and presumably by far the cheapest house in the area you would smell desperation.
Click to expand...

The property was bought for €165k at the height of the bubble. Probably not wise to presume that an ~8% drop would make it the cheapest house in the area
 
The property was bought for €165k at the height of the bubble. Probably not wise to presume that an ~8% drop would make it the cheapest house in the area
Click to expand...

Property was purchased for €196,000, i've mis-read posts plenty of times so I not going to have a pot shot at you!
 
Correct me if I'm wrong but is €900 not a bit dear for an interest only repayment on a €196000 loan??.
Maybe if the OP remortgages and gets a better deal,they could start building up a bit of equity for when they do sell the house.
Bearing in mind they may have to wait a couple of years to sell if they want to get the price they are looking to sell it for.
 
yoganmahew said:
This bit more than implies that it is an investment property that is unoccupied:
"some people say i should rent it but to be honest i want to sell it new and i dont want hassle of renting etc"

You can't very well sell it as new if it has had someone living in it.
Click to expand...

I took that as a typo that should read 'i want to sell it now and...'

Most people don't consider a 2 year old house 'new' regardless of whether someone lived there or not.
 
Kemo_Sabe said:
it's interest only, it's just as much 'dead money' as renting would be
Click to expand...

considering the renting option wouldn't have left the OP in negative equity, its even 'deader' money.
Click to expand...

As has pointed out on this site numerous times, rent is not dead money. If he wasn't paying rent or a mortgage, where would he live for free? With parents?
 
Dee101 said:
Correct me if I'm wrong but is €900 not a bit dear for an interest only repayment on a €196000 loan??.
Maybe if the OP remortgages and gets a better deal,they could start building up a bit of equity for when they do sell the house.
Bearing in mind they may have to wait a couple of years to sell if they want to get the price they are looking to sell it for.
Click to expand...
Was thinking the same thing. Works out at 5.45% on 100% Interest Only. Doesn't sound right.
 
thanks guys some good answers there just let me say i did not purchase the house to make a quick buck as tree house suggests my circumstances changed so thats why its for sale and even if i did want to make a quick buck so what everyone is entitled to make a profit.and i also think some of you are in a bit of panic im sure i will make a bit of profit on this dont think it will go below 196k and im not going to give it away. mr dee i will also check my rates thanks.i am selling it through an estate agent so maybe i will check that out too thanks.maybe i will drop the price and see what happens.
so thanks again
 
Ocean,

Would be very interested to see how your sale goes, I think it would be a good indication of the current market.

Would you keep us up todate? Good luck with it all.
 
ocean said:
everyone is entitled to make a profit.
Click to expand...

I'll say this slowly and it might get through:

you......
are.......
highly....
unlikely...
to........
make....
a..........
profit.....
in.........
the........
short......
to.........
medium....
term.......
on........
your......
house....
if..........
you.......
bought...
at.........
the........
top.......
of.......
the......
bubble...

factor in 'dead' mortgage only repayments and expenses and I reckon your chances are zero
 
Anyone optimistic about a highly unlikely scenario is delusional or completely and utterly clutching at straws
Click to expand...

I would say that if the liklihood is there however small is makes sense to at least investigate it. How can you say its delusional when you don't even say that its impossible or totally a non-starter.
 
MrMan said:
I would say that if the liklihood is there however small is makes sense to at least investigate it. How can you say its delusional when you don't even say that its impossible or totally a non-starter.
Click to expand...

Ok I'll restate, IMO he has no chance of getting what he paid for the house unless he has done substantial improvements (which means to break even he needs more than he paid)

I also stated in my original post that taking mortgage interest already paid etc into consideration he has zero chance of making a profit.

My opinion but the OPs experiences in trying to sell his house indicate i am probably correct
 
Jethro, he doesn't want to hear it. "Everyone is entitled to make a profit". This is the mentality. This is what has become of people in this country. OP bought at the worst possible time, but now expects someone not only to buy from him, but to hand him a €30k profit for no discernible reason. And when people try to tell OP how unrealistic this is, he accuses them of jealousy. It's pointless arguing with this troglodyte mind-set. He has his property on the market 7 months, no offers, and yet, still, "Everyone is entitled to make a profit" and the sense of entitlement - the magic Irish alchemy of turning nothing into something - reigns.

He's going to take a bath on this. Let him get on with it.
 
Dee101 said:
Correct me if I'm wrong but is €900 not a bit dear for an interest only repayment on a €196000 loan??.
Maybe if the OP remortgages and gets a better deal,they could start building up a bit of equity for when they do sell the house.
Bearing in mind they may have to wait a couple of years to sell if they want to get the price they are looking to sell it for.
Click to expand...

A quick look with karl's calculator (http://www.jeacle.ie/mortgage/)
You get roughly 900 euro interest only with assuming 5.5% interest rate (not sure if interest only would push this higher) and a 100% mortgage over 30 years.
 
Treehouse said:
Jethro, he doesn't want to hear it. "Everyone is entitled to make a profit". This is the mentality. This is what has become of people in this country. OP bought at the worst possible time, but now expects someone not only to buy from him, but to hand him a €30k profit for no discernible reason. And when people try to tell OP how unrealistic this is, he accuses them of jealousy. It's pointless arguing with this troglodyte mind-set. He has his property on the market 7 months, no offers, and yet, still, "Everyone is entitled to make a profit" and the sense of entitlement - the magic Irish alchemy of turning nothing into something - reigns.

He's going to take a bath on this. Let him get on with it.
Click to expand...

You've summed it up pretty well ther, he's made his bed i'll let him lie in it
 
Status
Not open for further replies.
Back
Top