Recommend a property to buy.

First time buyer. We have approximately €600,000 or thereabouts in savings and want to buy a property in the South Dublin or preferably in Co. Wicklow. If in Co. Wicklow we would like to live near or in a town or village. Not that keen on the countryside or southern end of Co. Wicklow. Possibility to increase budget with a mortgage. Would love to get a house with a good size garden and approximately 2,500 sq foot in fairly good condition. What property would people recommend and would you go for a mortgage if it meant getting the right house. After seeing room to improve on RTE wondering what the best option is.

With only 600k, this is the one for you.

viewtopic.php?f=10&t=46837

600k, in good condition, big house with decent garden. Forget it. Seriously I am not being funny. I am in your boat, looking (for a long time) for something 200sq m+, decent (not massive) garden, TO BE REFURBISHED and I have 650k plus 100k or thereabouts for the works in the house. No can do. Really.

This is farking depresing. To me a cash buyer with 600k plus should be top of the buying tree.

Sorry, I just looked at myhome.ie. In Wicklow you just might.

Would 600,000 not be good savings. Add to this a mortgage and surely it must be possible to afford a house.

Are you saying you have 750K in savings and are unable to get a property. Something is wrong if this in the situation.

OP, the Pinsters are being ridiculously bleak. I think they overlooked your North Wicklow option and immediately thought “Ranelagh”. Look between Kimacanogue and Delgany, there are plenty of houses in your bracket. I would consider looking there myself. I think prices are still inflated, but if 600 grand is burning a hole in your pocket, there are definitely options.

I recommend renting in the areas mentioned and buying in Kenmare or Westport!

Yes, it’s true. In Wicklow you can indeed get a house for that money, even without a mortgage. I apologize :wink:

Long time lurker, first time poster. Thanks to everyone for contributing to this site day in day out, there are many silent readers like myself who have saved themselves from taking the plunge thanks to the pin.

I am in a similar position to Timetobuy and puesyo in that our family have a similar degree of cash savings and are also looking for a place in South Dublin.

The thing I wanted to ask is: do people see a marked difference between the prices of houses in the 600 - 750 bracket vs those in the 750 - 1M? Anything decent in the former bracket seems to be mediocre and go in a blink of they eye while it seems to me that decent inventory in the latter seems to sit there for a longer.

I suppose my question for all you analytical geniuses is is there a marked difference in price/quality per square foot at the 800K - 1M? I have started to think that it may be worth getting a dreaded mortgage of 200k - 300k in order to jump the frenzy in the 600K - 700K and try to access inventory where demand isn’t as high. The thing that puts me off is of course mortgage repayments over 25 years and the fact that one of the things we most value is the freedom that being without a mortgage provides.

I hope this doesn’t sound like celtic tiger economics on my behalf.

myhome.ie/residential/brochu … ow/1876331

so let me get this straight…

Posters are inferring that a cash buyer sitting on 600k will not be able to afford a decent house in Wicklow? WTF?

And some people seriously think property has bottomed XX

You’ll definately get a good house in greystones/delgany for that price - and also some places in SCD.

In the more popular parts of SCD you will get a house for that money - just not that size and renovated.

TBH cash really means nothing to a seller in SCD - mainly because demand is ok. Cash means more in a more remote area where there is possibly less demand so maybe of more value to the OP in wickow.

Regardless of what house you choose to buy, I would definitely get some sort of mortgage. Don’t sink everything you have in to a house. You need some liquidity for unforeseen events, mainly loss of a job. I would put down cash of 50-60% and borrow the rest. Mortgages are cheap, and if rates go up a lot you will always have the option of paying a chunk or all of it off.

Spudgun - there’s much truth in what you describe. There are a bulge of buyers in the €500-700k range but these start to thin out the higher you go. Some of the best value out there is the €1m+ range, and once you hit that level you start to have the pick of the crop in Dublin. You should have no fear of mortgages. The ECB wants you have have one. How much you decide to pay fpr a house depends on how much housing costs you are prepared to stomach. Always keep some cash in reserve though.

My one caution is property tax. I think it is inevitible that all houses beyond the standard semi-d will bear a disproportionate share of the burden which will only get worse over time as it is politically popular to keep turning the screw on the “rich”.

You need these guys:

channel4.com/programmes/loca … n-location

I get the impression the OP is considering getting a mortage on top of using 100% of their savings not as an alternative.

The earlier comment that there is a lot of competition in the 600-800K SCD top areas bracket is also my view.

When you get above the 1m you begin to see what your paying for. This high end stuff is without a doubt being seriously squeezed at the moment.

It’s almost impossible to get anything in the 600-800 bracket primarily because there is a lot of panic-buying going on at the minute and people are just bidding for whatever and getting into bidding wars, artificially inflating prices. It is not a point of such and such property selling 1% higher than last year or 5%. It’s the case that properties that last year had no bids on them and you could have gotten, say for 620k in the case of a 650k asking price, now for the very same property you’ll get 3 or 4 bidders or more, so it goes as far up as 700k in some cases or sometimes more. It’s happened to me twice already recently that we have bid on two houses and they have gone way over asking in both cases whereas before similar houses would have had maybe one bidder or none. Even cases of houses that are clearly overvalued or clearly useless have at least one bid on at the minute (like LL said, if in the current market you bid on something that has no bids you have to wonder are you getting a lemon). So yes, I find that, at the minute, you either bid on something totally useless or you’re going to get so much competition is not going to be worth your while. These days I am actually asking the EA before viewing the property if there is any bids on already, and if there is, I don’t even bother with the viewing, cos I am not getting myself into the third bidding war in these market, you’ll end up overpaying for sure.

So yes, useless, only hope is to wait and see if things calm down. Will they though? Ireland is different after all. There seems to be so much money floating around (despite what everyone says) that I don’t think this might end at all. We always want to do better than our neighbour even if it means mortgaging even your shirt. How many households there could there be earning 200k a year? Either the CSO figures are wrong or there is indeed thousands of households on that type of income.

I dont believe bidding artificially inflates prices. It’s a pain in the arse, but its great for the seller. If there was more decent stuff to buy for sale then this would reduce the prices.

Maybe 600K-800K market is experiencing a bit of action because of people who sold their FTB house at peak, pocketed their 300K profit, saved like a good thing for 4 years, and now with a little mortgage can buy in the bracket in the area they want. A dream for them 10 years ago.

Maybe they think they wont get a mortgage this time next year, hence the rush. Or they’re just fed up renting.

Yep, that might be it, but I wonder if these type of demand is going to dry up in the future or indeed there will be more supply in the market or we will aways have to pay 600k for a run-of-the-mill semi-d in churchtown