You need to ask yourself a few questions along the lines of why you are interesting in buying, are you looking for a home to settle in long term? is this a hopeful 'investment'?, do you need to buy right now? could renting be a reasonable alternative for a few years? are you under family/peer pressure to 'get on the ladder', can you realistically handle the repayments on whatever mortgage you are looking at? would be be planing on trading up in a few years and if so how would you cope if there had been a stagnant market or crash in the intervening timeframe? etc. etc..
If you think a house costing say 450k in Dublin today will be less in 5 yrs you are in lala land I think,the house will be no less than 550K in my opinion, house prices in Dublin dont go down only up not as fast as they were growing before but still going up none the less. I heard same stuff 3 yrs back, guess what house 3 yrs back 310k now 465 K, I think you should just take the plunge before you have no chance
but its just market adjusting to a barrage of investment property going up for sale.Trimming the fat. it happens in every market, but only at the high-end market. the 8.5mill hse drops to 7.9mill.Umm... There are already instances of houses dropping in asking price in the past few months, never mind 5 years time?
but its just market adjusting to a barrage of investment property going up for sale.Trimming the fat. it happens in every market, but only at the high-end market. the 8.5mill hse drops to 7.9mill.
The price of a 3-bed semi wwill never drop
On the other hand, the price of bigger apartments might adjust a wee bit; but its hard to see then not go upwards with inflation at a min for next few years.
Having read a number of articles about house prices in Dublin/Ireland, I am wondering if it is better to sit tight and see how things go, if house prices might drop (am I just living in hope?).
http://en.wikipedia.org/wiki/Irish_Property_Bubble
What do people think?
Luckily i own my own hse, and don't intend to move for some time; so to be very honest, I'm not sure I really care what happens! I'm very confident that the ass won't fall out of hte market; and if it goes the other way, up up up, then great; but remember that capital appreciation is no good unless you sell, and you still need to live somewhere.Based on that analysis it appears you have made up your mind?
Luckily i own my own hse, and don't intend to move for some time; so to be very honest, I'm not sure I really care what happens! I'm very confident that the ass won't fall out of hte market; and if it goes the other way, up up up, then great; but remember that capital appreciation is no good unless you sell, and you still need to live somewhere.
Why is that great? the day you sale to upgrade, the house you buy will certainly have risen by about the same % as your current house , so you simply have to get a bigger mortgage, i.e. more debts, no really great in my opinion..
The "true" winners will be the one who sale but do not buy again, i.e make a real profit, or downgrade.
The "true" winners will be the one who sale but do not buy again, i.e make a real profit, or downgrade.
and where will these people live?
It is not an odd logic, and i am not talking about strength for upgrading, that 's a complete different matter.
Say current house is €400k (assume 100% equity for exercice), the new one is €600k: need to borrow €200k (let's leave all other costs aside for now)
Say house prices increase by +20% --> so you now need to borrow +20% extra , i.e. €240k..Still great?
The one being impacted most by house price increase are obvioulsy the one trying to get onto the ladder...
mmm, ok, I get you, but its a pretty extreme case I think you agree!
If you think a house costing say 450k in Dublin today will be less in 5 yrs you are in lala land I think,the house will be no less than 550K in my opinion, house prices in Dublin dont go down only up not as fast as they were growing before but still going up none the less. I heard same stuff 3 yrs back, guess what house 3 yrs back 310k now 465 K, I think you should just take the plunge before you have no chance
I will care about it the day i sell.... to upgrade
Umm... There are already instances of houses dropping in asking price in the past few months, never mind 5 years time?
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