Delivered
free to over 30,000 houses in Dublin 15
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| Delivered
free to over 30,000 houses in Dublin 15 |
| Business as usual Despite
all the gloom and doom written in the past twelve months about the property
market, the simple fact of the matter is that for most people buying
or selling a house things are pretty much the same. Most of the surveys being quoted and most of the lobbying is coming from very strong vested interests who are suddenly seeing their hitherto massive profits starting to tail off a bit – primarily the banks and the construction industry. However for the average person buying or selling a house, the reality is actually much different. For first time buyers, houses and apartments are finally cheaper – they are still grossly overpriced for what you are getting but they are cheaper than they have been for a few years. For most people selling a house, there is no real change. Most sellers are simply moving up to bigger house or a different area, or occasionally down-sizing. The house they are selling is not making as much as it would have last year, however neither is the one they are buying. What matters is the differential between the two prices and that hasn’t really changed at all. Take the case of someone moving to a bigger house. Let us assume that their existing house price has “dropped” by 10% - say €40,000. However since the bigger house they are buying has also dropped by 10% - probably €50,000 – then they are actually better off. The only ones losing out are the investors who are trying to cash in their assets – and even there if they bought five years ago, they are still making a huge profit. For most people it’s just a paper exercise. The house you bought ten years ago for €200,000 was worth €500,000 last year and this year it will only fetch €450,000. But you haven’t lost €50,000 – you’ve gained €250,000 since you bought it. The level of house building has gone down, but is that a bad thing? According to industry sources, there has been such a huge surplus of houses built that if no further building was to take place until next year, there would still be more than enough properties available to meet the demand. The biggest complaint from Dublin 15 residents is the poor infrastructure that exists in an area of almost 100,000 people. This has been caused by the almost uncontrolled level of high density building of the last decade. Perhaps a slowdown in house-building might allow some of that infrastructure provision to catch up. Maybe we can get some extra trains, better roads and community facilities before another wave of new houses wipes out the benefit of such facilities. So if you are planning to move, just do so. There are plenty of buyers out there and according to most people working in the industry in Dublin 15, business is certainly on the up again since Christmas. In our supplement, available in this weeks newspaper we look at all of the issues surrounding the business of buying and selling a house. We have advice on mortgages, the legal aspects of the transaction, how to get the best price for your own house; how to get a bargain on the one you’re buying and what is your own house worth today and what will it be worth next year. They say that moving house is one of the three most stressful things in life, after death and marriage. In this supplement we hope to remove at least some of that stress from your life.
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