Sick of renting, in search of more space or just keen to get their own place – would-be buyers tell Pamela Duncanwhy they want to take the plunge now
HOUSE hunters are gradually coming back into the market after an absence of over two years. With prices beginning to show some stability, young buyers have begun to move while the there is still a wide chice.
“I think there is a certain comfort and security about owning your own house and being able to change it as you want to,” Ken O’Flaherty (36), a finance director says.
He and his wife, Anne, recently sold a property and are currently renting in a new housing development in Malahide while they search for a home, having been advised to sell up and rent so they’d be free to buy when the right place comes along. And they are not alone.
It appears there are a number of people in the same situation as ourselves, who have sold and are now ready to buy and this is partly why we did the same, having looked at properties earlier in the year.”
They are now looking to buy a four-bedroom, semi-detached house in Malahide within the next six months, on a budget of around €500,000 to €600,000. O’Flaherty says the house-hunting experience thus far has been “relatively stress-free”.
“I think if you are fairly rigid about your requirements the house-hunting is more focused and you can quickly rule out houses that do not suit.”
However, he says there are issues with availability at the current time. “The number of houses coming to the market lately has been very limited but I know this is somewhat seasonal. Prices have come down and vendors are willing to negotiate depending on circumstance and need to sell.”
Dervla Kavanagh and her husband were living in the UK but sold up in 2004 to move back to Ireland and are now living in a one-bedroom apartment in Cork city.
They are looking for an older property, ideally semi-detached or detached in the city suburbs with a budget of between €300,000 and €400,000.
Having looked for the past two years, Kavanagh believes that, even given the current market situation, prices are still too high.
“Availability is good but the prices are unrealistic. Asking prices are too high and the discount available is trivial at less than three per cent. We’ve only seen a few houses in the time we’ve been looking which I would have considered value for money based on the condition of the house and the location.”
She says she has also been surprised at how much onus is placed on the buyer in the Irish market when compared with her experience of buying in England.
“I’m surprised at the lack of follow up from real estate agents. In the UK there was a big difference – the estate agents were much more pro-active, they took detailed criteria and they would follow up every few days telling you what was on the market that matched your needs.”
This experience is shared by first time buyer John Quirke (35), a music industry administrator, who has just begun looking for a two- or three-bedroom house somewhere close to Dublin city centre.
“I find agencies are quite slow in arranging viewings which is a surprise. I’m looking at alternative ways of seeking out properties such as driving around areas and ringing property owners directly,” he says, and adds that this direct approach has its benefits.
“It’s important for me to get a feel for an area first, and to check for proximity to shops, cafes and bike routes. All of this takes time. Also knowing the right questions to ask and of course re-viewings so as not to miss out on anything.”
Having rented up to this point, Quirke feels that the time is now right for him to take the plunge.
“I no longer want to pay rent – dead money as they say. Also, I need more space in my circumstances. The market is much better now for first time buyers.
“Since applying for a mortgage at the start of the year, the value has dropped further, so it was worth waiting. I’m a first-time buyer so I’m in a better position. I’m seeing a lot of cottages available in my price range but space seems to be an issue.”
Another first-time buyer, Joanna Schaffalitzky (28), works as an administrative assistant for a charity and has just begun to think about buying a three- or four-bedroom property in Dublin.
“I want more space than I currently have renting and I want the freedom to put my own stamp on the place where I live, which is difficult in rented accommodation.”
She says the experience of house hunting has already been a learning curve. “It’s interesting. I am learning a whole new vocabulary. I’m also learning what I need to look for, such as damp patches and dry rot and what kind of water tank there is.
“These are things that I’ve never really considered when looking at places to rent.”
“There seems to be a lot of executor sales and ex-letting properties on the market at the moment in my price range. Due to my personal circumstances I need to get a larger property than a first-time buyer might normally get and there are some very good value properties out there.”
Rory Butler (33), the founder of special offers website thatsagreatoffer.com, is currently living in a two-bedroom townhouse in Ranelagh and is hoping to find a three-bed family home as close to his current location as possible, viewing properties with asking prices up to €800,000.
He received mortgage approval at the start of the year but, without speaking with the bank, he says he has been mentally reducing the approved amount by 5 to 10 per cent every few months.
“Were living in a small, two-bed townhouse and want to move on into a bigger family home. We’re not worried about the property’s paper value in two or three years time as long as we can comfortably afford to live in it for 10 to 15 years.”
“As long as you have patience and have an interest in why certain locations, addresses, properties move quicker then others it can almost be like a hobby.”
