New Builds Dublin


#121

I think we’re going to go for it because they’re at least E100k cheaper then anything remotely similar in D15 & under 15 minutes walk from the new Luas line. It’s a bit of a long term bet on the area, but with so many new houses & a Luas line, I feel like we’re safe enough.

On the other hand I’m seized with a fear of missing something so interested in others opinions.


#122

Google Maps has the walk to the Luas at 1hr 3mins. What am I missing?


#123

The new Luas line (currently under construction in the city centre) due to open in Nov 2017, will terminate at Broombridge train station. If it wasn’t under construction I wouldn’t count on it, but they’ve been building it a while now, so I think it’s a reasonable bet they’ll finish it.


#124

Ah I see, thanks.


#125

Hi Jess, have you viewed them? I liked the houses but the estate itself not so much, theres a management fee but I can’t see why, and parking is very limited for some reason.
Anyway they jacked the price up by 20k for phase two, did you already pull the trigger?

There is a thread over on Boards,
boards.ie/vbulletin/showthre … 2057552990


#126

We pulled the trigger and we’re happy with the decision.
I really like the design for the estate and driving the line of the Heron’s from Phase 1, it feels impressive and also different from the standard houses around the place. The management fee, ick, but I’ve held my nose in the hopes of working to reduce it through the management company. We’ve gone for two parking spaces for our own comfort.

The big factor for me is really the transport links, in particular the upcoming Luas. I find it hard to see a house in a nice estate, 15 minutes walk from a Luas line going wrong.


#127

It’s a walk along the canal and then across the bridge just before the station. I’ve only walked it during the weekend and it’s been fine. In fact more then fine, it’s a very pleasant walk along the canal on any sort of a nice day. Guys on boards cycle it regularly and say it’s fine. I can imagine that it has the potential to be unpleasant if you were alone and there was a big group hanging around especially as it’s narrow. It’s due for an upgrade as part of improvements to the Royal Canal in the next two years, but as with anything planned, don’t bank on that. (Other works along the Royal Canal have taken place though, so on the likelihood scale, I’d put it at 75%). With the Luas line opening I’d expect it to be a fairly well trafficked route, which lends itself to security in and of itself.

There’s a new educate together primary school opened since September. Google Pelletstown educate together. It’s up beside SuperValu, in temporary accommodation that has four class rooms. There’s only a Junior Infants at the moment. The permanent site for the school is suggested in the DCC development plan, and it’s beside river road, a direct line back from the crescent park, so about midway between Ashtown & Royal Canal Park. Secondary schools I haven’t really looked into though there are several in Cabra of which I know nothing reputation wise (and may have changed considerably before we get to that point). In my head I know there are a number of community colleges along the train line and both Belvedere and Loreto on the Green are an easy commute so we’re covered if necessary.

Creche wise, there’s two close by that I know of. The Giraffe one in Rathborne which is huge but maybe a little far to walk to and another one at the back of Lockkeepers Walk very close to the new development. The planning permission also mentions a vacant creche space in the basement of the RCP apartments which it anticipates being opened due to demand from the new development.


#128

Sounds like you’ve done your homework.


#129

I live in the are which help but yeah, I’ve done my homework.
I’ve unleashed my sadly neglected civil engineer side.


#130

Not when I’ve walked through/past it but that’s not exactly been at peak drinking times.

The stories of trouble I’ve read all seem to be a few years old so it may be gone. On the other hand the stories also date back 20 years or more so it may be a temporary abatement.


#131

When buying a new build house with a cashback offer, what’s the point?
e.g. Receive 5% of the purchase price back on closing.

I guess for the developer it speeds things up as you only get it if you sign contracts within a certain timeframe.
The buyer then has cash after buying instead of having put everything into a deposit, but they’re still paying mortgage / interest on money that didn’t really go into buying the house? Do developers let you not do the cashback deal and just pay less?


#132

It’s a way of circumventing the CBI rules on maximum LTV.


#133

Is this something that the banks actually tolerate? I remember it being a thing at the peak of the bubble, but I assumed it wouldn’t fly these days.


#134

Let’s say the house is 500k, and has 5% cashback on closing - 25k cashback.

You have your 20% deposit - is that 100k? or 20% of 500-25k ?

If it’s the former, are you not just getting an extra 25k mortgage that you don’t need?


#135

House is 500k. Deposit requirement is 100k. You have 75k.

You get mortgage for 400k + your 75k deposit + 25k cashback.

Without this scam/scheme, house is 475k, so you need 95k deposit, 20k of which you simply don’t have.


#136

No, that doesn’t work. The cash back will be after drawdown.

House is 500k. Deposit requirement is 100k, which you have. However, it’s a new build and you don’t have an savings to furnish it, buy appliances, or go on holidays to Majorca. The 25k back essentially means you’re getting the house for 475k with a 400k mortgage, e.g. you’re getting an 84% mortgage instead of an 80% mortgage.


#137

How does this work from a valuation perspective? I would have thought if you have a house costing 500k, with cashback of 25k, it’s at best only worth 475k, and the bank would lend on that basis.


#138

Is this happening somewhere? Anywhere i can get a free car & powerboat too? Maybe golf membership? Pipers hill in Naas giving free gym.

Get a BOI cashback too. Credit up to my balls but loads cash and assets. Nice!


#139

Ah here, I thought this was a theoretical discussion! Pass on the rebate:

“In order to encourage house building, a new Government scheme allows builders in Dublin and Cork – of houses in a certain price bracket – reclaim their development contribution charge”

irishtimes.com/life-and-styl … -1.2528421

5% cashback on closing here…600-700k houses…
myhome.ie/residential/brochu … ate=dialog


#140

But that’s assuming someone tells the underwriter.

The whole point it to circumvent rules. Otherwise the price would just be lower.

Ask yourself if the builder is doing this, what other rules are they skirting?