I’m currently renting in the same complex for the past year and haven’t been happier. It’s a spectacular location 10 mins from the city centre, right outside the phoenix park and the surrounding and incredible. It’s a quiet complex, well built and extremely comfortable, I’m really keen to stay there.
I’m 29 now and in a good position to buy, with a mortgage already approved, but is this crazy? Some part of me is saying it is, but the other side is saying it’s perfect for me! I know it’s quite an asking price for a 1 bed but these really are amazing apartments and I do plan on staying in this area for unforeseeable future. There is a 3 bed also for sale in the complex, originally went on the market for 440k, now down to 395k.
Stay renting. It looks like a nice complex, and it is a good location. But a 2-bed for the best part of 200K would still be too much. As with all purchases, you need to project into the future a little. As a 29-year old woman, you may outgrow a 1-bed apartment sooner than you think. And, for example, you won’t be raising kids at the Liffey’s edge, even if you had the space to do so.
I don’t understand how some of you could jump to such conclusions, scary really how quick you all are to make your mind up. I can assure you I am a genuine buyer and have no agenda in this tread to advertise the property.
I just wanted an honest assessment from people who are well informed about the subject and I get accused of shilling. Thanks for then genuine responses I am leaning towards continuing to rent there, and if I sounded over enthusiastic about the place it’s because I really do love living there and owning one of them would be ideal.
Some of you should be ashamed with your responses, smart alecs.
Lets look at Yield:
€850 x 12 Months / 8% Yield = €127.5k
€850 x 12 Months / 7% Yield = €145.7k (This would be the absolute maximum to pay)
EA is lying about the €180k bid unless there is a very, very stupid person with money they like to waste. €199k is an insane asking price. €160k should be the asking with a 10% to 20% expected discount on the final sale price expected.
Just back from viewing (it was basically next door to me) and yeah it really is way too small for that valuation, I had no idea that 475sq ft was actually that tiny. The bedroom just about fit the bed, the living room was ok but I’d feel way to cramped in it, and thinking down the line, it’s simply not a good investment if I were to need more room in the future. Granted the back garden is amazing with the sound of the wier and the shrubs but I agree with some of your earlier valuations, 60k probably too low, 120k-130k is probably fair.
I asked again about the 180k offer and he said yeah it’s there and probably expecting more than that, either way I won’t be moving on it.
The reason I mentioned the 3 bed in the OP was to put the value of the properties here in perspective, not to big up the properties and I hope some of you cop on with your aggressive comments and finger pointing. This was my first time posting here genuinely looking for help and I can tell you I really don’t feel like posting again. Thanks to those who were helpful, it really did help hearing other opinions before viewing.
Too Big to Fail - There has been no flooding reported on these apartments since they were built according to the EA. In my time here we had that unprecedented downfall last nov/dec and there were no issues, the banks are quite high with plenty of give and not likely to flood. We did have localized flooding in the car park of about half a foot which did cause some damage but that was unrelated to the flood plain.