To settle or not to settle?

We found a house that ticks some boxes and it’s well within budget. We think it’s a good buy and most likely we would make some 100k or 150k on it if we did it up and flipped it. We can see ourselves living in it but it’s definitely not the house of our dreams and would make our commute more difficult: which we could live with but perhaps not for this particular house.

However, we have been outbid on some 7 houses or so in the last 3 years and for us to ever get a house that ticks most of the boxes the SCD market would need to take a downturn sometime within the next 5 years. We are happily renting and love the house we’re in and the area that we’re in. When I look at myhome, there is at least 10 houses that send my heart racing, all of them quoting some 750 to 795k. My maximum budget is 700k including renovation work.

The house that I mention above doesn’t send my heart racing but it seems to make financial sense. What would you do? Go for what seems realistic or keep chasing what seems to be forever a dream?

P.S: Be kind

Don’t wait to find and marry the doctor :wink:

I don’t want to impose any opinion on you. My thoughts are well known. I sense that the hot air has gone out of the SCD bubble in the past month and it is about to pop.

Maybe you can wait until the predictions come true and the price drops. But in the meantime you miss the enjoyment of owning your dream home.

I wish you luck in whatever you decide.

What does your other half say? I would tend to go with that. If they are uncertain too then I wouldn’t be dragging them out of a house you both like into something you don’t really like just for the uncertain chance to flip down the line. Also, life / economic circumstances can change so fast you could be stuck in that compromise house for decades. Could you both handle living there for 10 years of your life? If not, I personally wouldn’t risk it. In other words, if it was me, I would not settle. There is no perfect house but when you find the near perfect one for you and your means, you know immediately. At least that’s been my own experience.

+1 hip hop. Assume that any purchase now is for at least a “10-year house”.

We bought earlier this year after being outbid (or having offers refused) on number of properties over the previous 3 or 4 years too so I can relate to your position.

Whilst I think there is nearly always some comprosmises to make, my first reaction is don’t do it as you sound pretty luke warm on the idea and it sounds like there quite a few compromises on the house you mention.

You also don’t seem sure what the plan is. Are you going to flip or live in it? It sounds like you might already be planning your next move. Having said that if you have an objective to flip and are confident you can make some cash it might be worth doing.

On the maket who knows what will happen but my sense is that houses in the 500K-800K should slow especially in areas around Rathfarnham etc. Must caveout I am usually wrong about housing market calls.
I also think the houses that tick a lot of boxes end up going mad as people seem to be willing to pay a premium to get it done and there are still a fair few people with big cash deposits (or fully cash) that have been hanging around for a few years now to buy and when something they want comes up they just go for it.

Compromise on the things you can work around.

For instance…

Small house - chuck away a load of stuff.
Poor state of repair - fix it up when you can afford to.
Not enough bedrooms in house on small site with no possibility to extend - fairly intractable problem.

The most stress I’ve had in my current house was being outside the catchment area of the local school (about 400m away). Both kids went in a year later than our first applications, and even then it was right down to the wire (third round of waiting lists, in about March).

The bit that struck me in your post is that it will make your commute worse and I think you will come to really resent the house for this reason. If you were compromising on size, condition, garden etc I think it might be easier to live with.


One afternoon, a man and his friend were sitting in a cafe, drinking tea and talking about life and love. His friend asked:

“How come you never married?

”“Well,” said The Man “to tell you the truth, I spent my youth looking for the perfect woman.

In Cairo I met a beautiful and intelligent woman, but she was unkind.

Then in Baghdad, I met a woman who was a wonderful and generous soul, but we had no common interests.

One woman after another would seem just right, but there would always be something missing.

Then, one day, I met her. Beautiful, intelligent, generous and kind. We had very much in common.

In fact, she was perfect!”“What happened?” asked the Man’s friend,

“Why didn’t you marry her?” The Man sipped his tea reflectively.

“Well,” he replied, “it’s really the sad story of my life… It seemed she was looking for the perfect man….

Are these mediocre/settle houses scarce?
Is there any rush to buy a mediocre house ? If you don’t buy this one shall another similar come along?

I personally wouldn’t settle. I think you always have to compromise on something unless funds are unlimited but you should at the very least be excited about the house, especially if you will be shelling out 700K
I would also assume you would be there for 10 years plus. We made the mistake of buying a interim house and are paying dearly for it now.
I have long thought there would be a double dip but unless more stock comes on the market I can’t see that happening anytime soon. That being said I can’t see prices increasing much more than they already have either. There is a lot of cash out there but banks are not lending, or not in any great numbers so I think they will begin to stabilize.
I would keep looking and keep saving and wait for something that at least gets the pulse racing

Haha! That’s the irony of it! This is the only house that we’ve been willing to settle for in 3 years. It’s not perfect but we think it’s a good buy although we’re not entirely sure because we’re not too faimiliar with the area. Difficult to compare it to surrounding properties as well because it’s quite unique and not many houses have sold in the last 3 years in the main road that it is in.

Shall another house come along? Well, depeds on the market, but consideriing it took us 3 years to find this one…

We were also interested in this … 6w/2585007

and we actually like it better and it’s below budget (so far) but biding on it is up to 670k already and we do not think is worth it

Well this is it, isn’t it? I’d be happy with a house like the one in Templeogue at a reaseonable price but froth or no froth it’s anyone’s guess whether a house like that will ever be available for reasonable money and if we wait, well, it’s a gamble.

It doesn’t make financial sense if your flip plan doesn’t work out.
If you only broke even selling it would the plan still seem ok?
I’d worry about the commute implications also. Have you kids? If so they will need a school somewhere.
I’d stick with renting till you find something that could be extended etc that doesn’t impact the commute.
If you take on a house that is just another stopgap, it’s exactly like renting only with a massive financial commitment. You’ll still be trawling DAFT looking for the perfect house.

We’re not quite at the stage you are puesyo, I habitually browse the property websites waiting for something to tickle my fancy but even mediocre crap is moving out of our league. The thing is, we would be classed as ‘comfortable’, I’m a stay at home mum but my husband has a very well paid job, in fact, since I stopped working his pay rises through promotion have been double what I was earning…plus no childcare! We cannot see ourselves committing to the burden of current house prices, we want to have an affordable level of debt we can pay off sooner rather than later, but even if we went the customary 25-30 years 85-90% we would still have trouble affording something…I’m not looking for pristine on Orwell Park, I just want a decent 3/4 bed with a bit of growing room (don’t we all). So here’s my point, is the difficulty We’re experiencing now our lot in life? Is it sustainable for well paid professionals with sizeable deposits and excellent credit records to be completely priced out of the market? At a time of historically low interests rates? When the country is in the toilet? When a huge amount of mortgage holders are hanging on to their properties by the skin of their teeth?

My head tells me that this is a long game, my heart wants to settle down…at the moment my head is winning

I hear you homemaker. I’m in the same boat. OH has great income as IT contractor. I’m permanent part time, no child care costs, plus a good chunk of deposit, but still I can’t afford D14/16. That can’t be right. I grew up around here and now I rent here. I know I’m not trying to buy into millionaires row. So is this latest round of price increases sustainable? If I was on the outside looking in, I’d say No.
It is hard though, I empathise with the OP about settling. It does get to the stage where you just want to buy something, just to end the quest.

I’ll take your “comfortable” and raise you:
I was earning a high multiple of the average wage (and paying 20 times the average tax).
I have no debts, no childcare, and few overheads. I have a seven figure sum in the bank.
I probably don’t need to ever work again (unless/until the gubmint robs the wedge).

We were also out bit on several houses and were bidding on the “lifelong house” but the mortgage would have been stretching ourselves, then a smaller house popped up in the same area, my wife loved it. We compromised on a south facing garden for an east facing garden and a slightly smaller home.

Then my wife got pregnant, then the doctor told us it’s twins. Thank God we didn’t go for the other house, we’ve got a great family home in a nice estate with lots of potential. My wife’s family are close at hand when we need them – that is a big life saver.

I think in time we will outgrow the house but I’ll never regret buying it and if for some reason we can’t move I’d be happy to stay there.

If you or oh is from SCD try to live near your family you’d be 1000 times happier – closer to wife’s family is better happy wife = happy life. If you have kids your life will be easier and as the parents get older they’ll be easier to look after.

If it were me I’d look for a 500k house where you want to live rather than something further way and bigger, if you don’t spend whatever you save on a nice car because you will be sitting in it a lot.

Stop thinking of buying and flipping a house try to buy a home! Why do you need to spend 700K that’s a lot of money you should get a lot for it.

One thing that helped me weigh up how much to spend was to go through all the figures in a spread sheet and work out what it would cost a month to buy a house for x and if we spend y on upgrades I put in figures for life and home cover as well. I also factored in interest rate rises,

You could see at a glance how it compared to paying rent and how much savings we would need to keep back… it worth doing it your for self as it makes you thing and you’ll really understand it.

Also if a house is close to your budget go see it any way form experience Sheery Fitz add about 50K or more fat to your price bracket.

The house you linked is nice, but build it the 80’s old heating system and would probably need to be rewired. How’s the insulation? The green in the photo is a good walk away, garden looks small or cramped in the photo.

Same here. OH has great job, I´m part-time self employed and no child care costs, plus quite sizeable deposit in the bank. Also looking for D14/16, and like you, not finding anything suitable and what little there is, gets snapped up. I don´t have itchy feet and don´t mind waiting, quite happy renting in fact. But seeing the trajectory of prices recently, when you find something remotely believable, you can´t help but think, “Is this my last chance?”. I agree that from the outside this doesn´t look sustainable, but who really knows in this country?