discostu buys a house

Evening all, firstly many thanks for all the advise, information and at times craic I have gotten from the Pin,
I reckon that it has saved me from myself last year and what would have been a mortgage of circa €120k.
Anyway I put my old house on the market, priced to sell, told my EA what I thought was a reasonable amount and basically it sold in 14 weeks.
I had intended renting but in the mean time the house of my dreams (which required a lot of work but mainly decorative) came on the market. To cut a long story short I sold, did a 3 way closing and bought the new house on the same day. Now I never believed any of this Celtic Tiger crap, I wouldnt be as "clued in " financially as most of you guys but when I saw people queuing overnight to buy an apartment I thought this is mad, hence I did that most unIrish of things I saved.
Thus I had enough of a wedge to add to the sale price to buy outright.
My experience of purchasing was interesting. Originally listed at €410k we got it for €337k. Some of the work that was really necessary to get it over the line was carried out by the vendor to get it over the line. There was a suggestion of a bidding war, ( my engineer met two other engineers when doing his survey) but I stuck with my price, having originally big € 320k.
Anyway all work now done and I have a 5 bed room detached house in the Bishopstown area, yes they will fall further but thanks again to all who helped me hold my nerve

Congratulations, especially on being mortgage free, way too many people felt it was just fine to buy a E1million pad with E300 down payment beacuae they had sold something else, etc… Sounds like you did a nice trade-up which is just fine in any circumstancesas the differential does not change wildly even in a downturn

Congratulations 8DD

Fair dues, I can’t imagine there’s too many houses in bishopstown, never mind 5 beds, that the asking price that is “in the region of” €330k

Congratulations on your purchase. A 5 bed detached PPR mortgage free is a good place to be in, fair play to ya.

Congratulations!

Well done on buying outright. Never, ever consider what you’ve bought as anything other than a house. While it is theoretically an asset, by owning it outright it is earning you income (by not costing you rent/rent of money from bank). So basically, don’t give a stuff if prices continue to fall! This is what I’ve been trying to tell myself anyway given that I built in 2005/6! :slight_smile:

Good story and good information. And good luck with the new house and the work ahead.

Well done, discostu! Best of luck with it.

Only one at that time, there is a 10 bed now up for € 895 k at the mo I think
Funny thing was it was advertised as 4 bed but when the builder came in there was an entire room above the garage ready for conversion. I had bought at this stage I spoke with the neighbours, when the estate was built originally it was say 40k for a 4 bed with an unconverted room but 41k to have it a converted i.e you bougt a 5 bed. Checked all my legal issues with the Council etc and for just over 2k we had a 5th bedroom. Weird the EA didnt advertise as potentially 5 bedroom

Congratulations!

looks like you got a really good price for the current market discostu. Congrats

Commiserations… Bishopstown? The house is probably next to BOCs home place so hence the price :laughing:

Slightly more seriously … congrats… decent price for the area.

Oi! Bishopstown is a great place to live. Or at least it was to grow up in. Actually, come to think of it, I probably wouldn’t buy there if I moved back to Cork.

5 bed house, no mortgage…that’s what I’m talking about!!

Only drawback is it’s in langerland!

Well done and fair dues to ya, its good to hear a positive story as a result of as you said “holding your nerve” in the face of all the crapola thats out there. It just goes to show the pins a winner. 8)

So, after all that we are left with one pressing question … Is Discostu the model for the new “Canny McSavvy”?

Congrats and happy new house.

Blue Horseshoe

Wishing you a long and happy life in your new home discostu.

Well done DS. OW is going to have to put a clip of your story on the home page like those dating sites. Seriously though, that sounds like a great buy. Bishopstown is well supported with amenities and the schools are good. Plus town is only a spin on the number 8.
8DD

Now, now. I’m just listening to Robert Schiller explaining how winning once can convince you you are an investment genius; that it can happen to whole groups of people at once (CNBC doing a piece on Iceland). The trick is to keep making decisions that are right for you, not for some notional sentiment! :wink:

awesome :slight_smile: