Buying one bed apartment, Inchicore or Kilmainham

Hi,

I’d love to hear any guidance or insight you guys might have to share. I have only started to seriously look into this in the last while and am going in as a total newb.

Inchicore
1 bed, 55 Sq. Metres (592 Sq. Feet), 170k, one car space, right in the centre of Inchicore.
daft.ie/dublin/apartments-fo … n-1314796/

Price Change This apartment was up from June - Sept for 200k, so has dropped 30k. The EA said that the seller wasnt happy with the previous EA, but I am guessing the 200k price tag did the damage.
Daft drop link daftdrop.com/houses?fromDate … sortBy=dPF

A two bed in the same complex just sold too, unsure if it was over asking price of 175k, but it wasnt up long.
daft.ie/dublin/apartments-fo … n-1297051/

Historic value However, last year two apartments sold for 150k, and 165k in the same complex, so this doesnt feel like a huge jump.
Property Price Registry: propertypriceregister.ie/we … tt%20House

The Viewing I went to view it today and it needs a bit of love. New bath, ideally replace the storage heating with decent heating, deep window/balcony clean, but is very move in ready. There were a few other people there in the 30 minute viewing. 2,200 euro annual fees (apparently high because so few apartments in complex - EA said it covers lift maintenance, fire alarms, bins etc), but thought the hallways were quite dirty so disappointed by that.

The apartment is on the third floor, over the empty retail unit. There is an italian restaurant on the other side of the complex. I have a small concern a Spar or something would go in there, which would be crazy footfall and my ex lived above a Spar and the fridges hmmmmm-ed all night :frowning:

Comparisons I’ve been looking around at what 170k could get me locally or what I could get if I spent more. Ideally I’d love to be nearer to Kilmainham, and I saw this tonight myhome.ie/residential/broch … -8/3730908. For 55k more I could be nearer Kilmainham, have a two bed (one ensuite), but I’d also be part of a bigger complex (unappealing to me) and I actually think overall be further away from a ‘village’ (neither Kilmainham or Inchicore really get classed as villages, rather busy streets if you ask me, still love Kilmainham location though).

Is this good value, for the market and future? I’ve emailed to see if there is any negotiating on price. I figure a two bed just sold for 175k, so a one bed should be less. It’s been on the market for three months already. It does need some upgrading, there are those annual fees… Unsure if the seller is keen to get rid of it, or going to be stubborn to get a set amount.

Is it good value, for me? Answering this before you ask! If I put down a deposit of 17k, and got a mortgage of 153k, for 20 years on a variable rate, my monthly mortgage would be 890ish. Current rent for a one bed apartment that is halfway decent is 1200+, and am currently spending 1050 sharing. I would likely put down a deposit of 30k on the mortgage which would bring repayments down to 810ish a month, and choosing variable so I can clear it sooner if I want. My goal is to live somewhere comfortably for the next 5-10 years, and then possibly move to a house. My goal isnt to turn a profit (although obviously happy if that happens), but to ensure I dont go into negative equity.

Hope this is the correct place to post, thanks for reading and appreciate any insights.

Unless you need to be Inchicore I would look to buy in the city centre.

As far as one bedroom apartments go, that one is a generally good size. I actually think has been some good value in Inchicore (or at least there seemed to be when I was having a good look around there a few months ago) and it is handy being in the centre of the village there, near the Tesco / shops / takeaways / etc. I walked around once to get a feel for it and there was definitely unsavoury characters, including a beggar, but nothing you wouldn’t get anyway in the highly populated areas of D2/D1, I suppose.

When those James Plunkett House apartments hit the market in 2005 the 1 beds were priced from €395k including parking, so probably 10k more for this one being on a higher floor. They were Section 23 apartments though, so that added a huge premium to the prices as even owner occupiers could get huge tax relief on them, so the original price isn’t very useful a measure given the relief that was attaching. Mick Wallace built them and I’m not sure how good or otherwise a developer he is - I saw an apartment he built a while ago that had bad ceiling staining from leaks (due to the overhead apartment leaking, which may have been as a result of of the build quality or lack thereof if it was caused by leaking bathrooms/fittings) and there was issues with the way one of the windows was sealed, which lead to bad damp problems and buckling of floors. Again, that block might have been built to a worse standard by different tradespeople so not necessarily comparable.

From a practical perspective, I don’t like the fact that the apartment upstairs has their wooden decked terrace located directly above part of your living room and bedroom. Having a flat roof above you (or deck, in this case) can sometimes be troublesome, which is why people tend to prefer pitched roofs. I think apartments also tend to be warmer when you have another apartment above you, however I might be wrong. I think that also being at the end of the block, i.e. there is only an apartment on one side of you, with the exterior wall on the other side, will also make the apartment colder, but has the benefit of reducing the amount of neighbours who might potentially be noisy - so depends on your preference. Its north-west orientation is also ok. D2 BER is obviously poor for a relatively new build, but I put little faith in BERs, other than knowing that A and B will be warm and F and G will be freezing - I think a lot of the inbetween ratings are muddled up as I’ve been in D-rated apartments that are roasting even without heating, and C-rated ones that are iceboxes. It isn’t a bad idea to try talk to one or two people living in the block to get a feel for whether there are any issues. Talking to renters is probably more beneficial as they’re more likely to tell you the truth as (negative equity) owners won’t admit to problems like leaks, pyrite, etc. as they don’t want to reduce the value or saleability of their property, whereas renters don’t care.

From a financial perspective, if the apartment sells for €170,000, then as far as I’m aware you’ll need a minimum deposit of €34,000 as banks will give a maximum LTV of 80% for 1-bed apartments. If you bought a two bed, you could get 90% mortgage (up to €220k, 20% thereafter). I checked this with a number of banks a while ago out of curiosity and they all confirmed 80% max on 1-beds, but maybe there is some bank that doesn’t self-impose this (strange?) rule.

Is it good value for you? If you want to live in this area and you will be paying less interest (ignore capital payments) than you are paying rent at present in your sharing arrangement, and you would also rather the new set up of being (presumably alone) in a one-bed, then it probably makes sense. At that price you won’t go too wrong, but you are also by no means exempt from losing money / potential negative equity. Remember that at the very worst of the recession that one beds could have been bought in Dublin 2 for €100,000 (and a bit less). I’m not saying we’ll go back to that, in fact I don’t expect us to ever, but the mentality of ‘the only way is up’ shouldn’t be assumed correct either and you should be open to the idea that you may get less in 5-10 years than you are paying. It sounds like you will make significant savings over the years between your new interest payments and your current rent, so that should help offset any loss you might make in the long run, but then again you could just as easily make money, it’s just important to realise that it can go either way.

You are also considering a 2 bed apartment, and while I wouldn’t think much of the Metropolitan one shown, the very big advantage is the potential to rent a room tax-free (up to €1,000/month), which could practically cover the mortgage payment, or certainly at least the interest element.

There seems to be very little on the market in Inchicore/Kilmainhan at present compared to usual.

I dont think I want to be in the city itself though. Too noisy and dirty. Too much traffic. Granted it’ll only be marginally better in Inchicore but at least there are parks nearby!

Yeah, definitely has that feel which is worth taking into account. I think the price reflects it honestly, this apartment closer to the city or in a nicer area (Rathmines or something) would be a lot more. I didnt grow up in the nicest area in the world, and I feel like I’ll be in and out in the car and safe on the 3rd floor. Though it’s definitely worth considering, I dont want to over bias myself.

That’s really helpful information, thank you. I had been meaning to look up when they were built and if they were in the news. I went up to the 4th floor, there is one apartment and a small studio space used by an artist (who the EA thinks lives in the apartment above) and his apartment covers half of this of this one, but not 100% of it. There was some small puddle/pooling around the grate/drain on the balcony too. Definitely worth considering.

I wonder how I talk to people without being creepy… any thoughts?

Ah - cool. Good to know. I have the funds to cover 20% or more. Gonna run the numbers if/when I get closer to a decision on an apt.

I do want to live alone. I have considered 2 bed and rent it out, and also considered that with buying a house, but I think I’d rather get what I need (just enough for me to have a good place to live, and not be losing money) rather than having to deal with extra concerns.

There really isnt quite a lot on at the minute. Wonder if it’s worth waiting.

Thank you so much SoCoDu for your detailed reply :slight_smile:

Plenty of noise and traffic in inchicore . All depends on the insulation and finish

That’s a very busy road but traffic wouldn’t be going too fast there most of the time due to the lights, bends, volume of traffic. The building opposite used to be an Ulster Bank, has it found a new tenant yet? Don’t think there’s really enough trade to support another Spar type shop, the big EuroSpar up the road, along with the Tesco Express and that weird little newsagents seem to have everything covered, never felt another shop would survive and amazed the little one has.

The pub there can get a bit ‘boisterous’ at times so check sound insulation. Also, St. Pat’s is just behind you so may be noise issue there on match days. Inchicore is a bit edgy at times but not the worst, great for nipping into town in no time. Nice stroll down to Kilmainham but not that much down there really.

the big issue I always felt when living nearby for a few years was that it really has no centre, no proper village feel and isn’t a place you want to hang out for food or with friends, this was the main frustration for me, that socially you always had to go into town or wherever, never nearby.

I left and never missed it once.

During the viewing someone closed the balcony door which had been opened and that brought the sound to almost zero so that’s not too bad.

Regarding the unoccupied retail space, that’s a good point about how busy the place is and what’s likely to go in, which is reassuring. Also good points on the bar (I can see drunken people going down the alley to the car park at the back to pee, vomit, worse) and the football pitch.

I dont think that I mind that there is no village. I go to town for work and to see friends from where I am in Islandbridge anyway so I dont mind. Though I am thinking a bit now about maybe going a bit further out to see if there’s value to be had in the search.

Thanks.

Probably isnt a bad option then, compared to the other options out there in terms of budget and size

daft.ie/dublin/apartments-fo … n-1308687/

Similar budget; slightly further out but a better area IMHO. Near good shops (large Tesco) too

Reply from the EA “We have received a number of offers on the above property since it went to market. The current stands at €182,000.”
I can afford more but I dont know if I want to spend much more on a one bed. Am I wrong, is that still good value?

Re the one in Cabra, isnt it a little rougher there? I’ve an aunt who lives there and her kids sometimes have issues.

I believe its more connected to the Navan Road neighbourhood, though I’m not an expert on the area.

It’s set further back from the road also. Just a suggestion

It’s good to have choices, extra suggestions always welcome for comparison. Thanks!

It’s gone up to 187k. Seems to be inching up over the day. I am not even bidding and I cant focus trying to decide if it’s worth that much.

Well if you’re not expecting to socialise nearby then it does have a lot going for it in terms of convenience and proximity to town.

€187k would be a bit too high for me for a one bed in that area with those maintenance fees.

Yeah. My gut reaction is it’s become less of a fair price, it no longer feels good. But then I bet those are rare? 170k felt ok to high, but I could see it increasing from 187 still. I’ll check in tomorrow.

It’s the first place I’ve seen. It felt oddly perfect but doesnt make sense to bid on the first place you see anyway… right.

“We have a current offer of €190,000 to include all contents.”
Madness! It’s gonna get to it’s original 200k! :open_mouth:

Welcome to the Dublin property market. 8)

I have a feeling I am never gonna buy because of the madness, which means I need to look at renting somewhere for ~1k a month. Bah!

I bought an apartment recently at an Allsops auction, having had all the documentation etc checked out beforehand.

There is another apartment in the same development on sale at the moment. I went out last Saturday to the final viewing out of pure nosiness - there were between 15-20 names on the list of viewers. It is the same size and in identical condition to the apartment I bought. There is currently an offer of 8% over what I paid. Not saying that Allsops auctions are the way to go but if you have the finances ready to go, I would seriously consider it.

There was a two bed that sold there recently - is that the one you’re referring to? Or is there another one?