Q&A: My husband and I are renting an apartment in Sandyford (€950 per month). We are now considering buying, also in Sandyford, for €240,000 for a two-bedroom apartment. Does this look like good value? Is it a good time to buy?
AYou have done a wise thing by renting in the area first so you know it suits you in terms of your commute to work, local amenities, etc. If you have been living there for more than two years, the price tag of the apartment probably looks great – but that's only compared to the original very high price, so don't factor that into your considerations.
As to your query, the best way to answer it is to suggest a list of questions to ask yourself. Have you got mortgage approval? As it will probably be a joint mortgage, are yours and your husband’s jobs secure? If one of you lost your job (or had to give up work for medical or childcare reasons), could the other manage the mortgage? When interest rates rise, could you manage the repayments? Are you prepared for the additional costs of home ownership, particularly the annual management fees that you will have to pay as an apartment owner?
You don’t say in your letter, but is this an affordable housing apartment available from Dún Laoghaire-Rathdown County Council? The council has several at this price point. If so, are you happy with the restrictive conditions attached to affordable housing – i.e. you can’t rent out the property, etc.
These are some of the financial questions to ask, but there are also lifestyle ones. Is having children part of your future plans? If so, you will grow out of your two-bed apartment very quickly. Might you or your husband have to relocate for job reasons? As there is significant apartment supply in Sandyford, the chances of you being able to sell up and move quickly in the next five years (at a minimum) are very slim so you need to be sure that this apartment is one you want to live in for the long haul. Take your time, and consider the purchase from all angles before you do anything.
Do we demolish and apply for new-build later?
Q We bought a house in considerable disrepair, poorly insulated, etc, and on the advice of the surveyor are now going to demolish it, instead of renovating, and do a complete rebuild. It’s a long distance project (this will be a holiday home). Do we demolish it first and then apply for planning permission on the bare site – we have a local man who can do this now – or should we wait until we have the designs for the house ready for the full planning application?
AIf you are proposing to demolish a structure that was last used as a residence then you need planning permission for that demolition. While the local man is handy, it might prove more cost-effective and efficient in the long run to include the demolition – and considerable waste costs that it incurs – in the competitive tender for the job once the designs and planning permission are in place.
Your questions: Send your queries to Property questions, The Irish Times, The Irish Times Building, 24-28 Tara Street, Dublin 2 or email propertyquestions@irish-times.ie. This column is a readers’ service and is not intended to replace professional advice.
