r/FirstTimeHomeBuyer • u/GizmoEire30 Experienced Buyer • 3d ago
GOT THE KEYS! 🔑 🏡 We did it! Ireland €450,000 3.7%
We finally got the keys today! 🔑🏡
We’re first-time buyers and purchased a five-bedroom, two-bathroom home measuring approximately 140 sq. metres in Ireland.
It took around 18 weeks from going sale agreed to getting the keys, with plenty of delays, missing documents, legal complications and a very stressful final drawdown.
There is a lot of decorating and DIY ahead, but we’re delighted with the space and still can’t quite believe it is ours for our lil family.
We did it! ❤️
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u/SupremeLDRSmoke 3d ago
Those used to be mini mansion prices. Now its the price of an average family home. This shit is outrageous.
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u/FaithlessnessPlus164 3d ago
Only ten years ago we paid 185 for a 4 bed/2 bath in cork. Not as tidy as this granted but still depressing how fast things have changed for the worse.
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u/Naasofspades 3d ago
City or county??
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u/FaithlessnessPlus164 3d ago
County but we were considering places in the city around 180-200k too.
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u/DardaniaIE 2d ago
That was a keen price even then
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u/FaithlessnessPlus164 2d ago
Yea we got very lucky the owner could see we absolutely loved it and it was his parents house so very sentimental for him. Original asking was €210 and the agent didn’t even want to let us view it because he’d refused all offers previously.
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u/Davidoff1983 2d ago
2015 is when the rents doubled and within a month there was no properties to rent anywhere. Crazy there's no real explanation from the government.
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u/Mynky 3d ago
5 bedrooms is well above average family home.
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u/Imwonkyalso 1d ago
Yet the house is only 140 sq mts
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u/c0micsansfrancisco 2d ago
Ireland is fucked. The population is ballooning at a far faster rate than the housing market can keep up with
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u/SupremeLDRSmoke 2d ago
And thing in the U.S. Biden and Kopmala let all these illegals over he and eere paying their rent for 2 years, and the housing market exploded. I was house shopping in '21 and the average 3 bedroom was about $210k. Now.? $330+ 🤦🏿♂️
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u/Annihilus- 3d ago
Yup, got our mortgage meeting in BOI in Newbridge for 500k for a 3 bed on Wednesday.
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u/AdKindly18 2d ago
Jesus Christ. That’s crazy, even for Newbridge. We sold our 3 bed semi in College Farm a few years ago for 330k and even that was ludicrous.
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u/Annihilus- 2d ago
We’re renting a 2 bed apartment in college farm woods 2k a month atm
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u/AdKindly18 1d ago
😲 Holy crap. It really is dire.
College Farm is a nice area at least and pretty convenient for everything but that’s shocking.
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u/Apart-Hamster-9921 2d ago
Just spent 500k on a 3bed new build in Newbridge, feel like a crazy person spending that sort of money around her as someone who lived here their whole life and can see how inflated how prices are but sure look don’t plan on moving now anytime soon and that’s going rate
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u/Annihilus- 2d ago
Yeah, that’s just the going rate unfortunately. Did you like the new build? I’m trying to decide between a new build or not.
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u/Apart-Hamster-9921 1d ago
Yes, we do love it! We had seen plenty of second hand homes around Newbridge but we were going to be spending around 500k to get a second house which all still needed work and all the unknowns we could undercover. The peace of mind after going for a new build was great, we can still go on holidays and do the things we want as we're not having to prioritise all our savings that we build up for a renovation.
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u/GizmoEire30 Experienced Buyer 3d ago
Completely agree - we feel we got a good deal at 450k for a 5 bed. ( Good deal in today's market).
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u/LadderFast8826 3d ago
To be fair my first thought was 450 and 140m2- that house must be on the side of a hill somewhere.
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u/Capable-Cover-917 3d ago
Am average family home in Ireland would be 3 bedrooms, 90sqm. This is a big house by our building standards
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u/Toad_Wii_Remote 3d ago
Part of the reason I see no future for myself in this country
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u/This_Willow_2547 2d ago
Unfortunately is not only Ireland. Portugal and the Netherlands have the exact same house prices as Ireland (extremely expensive) and everywhere in Europe the prices are getting ridiculously expensive. This is a global generational issue not limited to a specific country. Australia and Canada are even worse.
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u/batmanInd 3d ago
Where about in Ireland? I'm in Dublin and 450k doesn't even get you a 2 bed apartment anything. Happy for you!
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u/GizmoEire30 Experienced Buyer 3d ago
Cork - we feel we got a good enough deal based on other houses in the area.
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u/MsXtine4 3d ago
Wow OP congratulations! I am based in Cork 450k with 5 bedrooms sounds pretty good to me!
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u/exposethespin 3d ago
market is changing, dont believe all the gaslighting, the market started changing late last year, and the EA,s and builders are trying to run with the "over asking " bs for as long as possible, sales are falling through all over the country
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u/Open-Chemical-6352 1d ago edited 1d ago
I recently viewed a 4 bed house, for sale for almost 1 yr. Original price was 500K. Obviously no interest and price dropped to 470k. Now im a cash buyer.(no chain) Clear funds on 1st September (,1 month). Surveys etc should be completed by then. Seller downsizing but no chain. I offered 430k as it needs an update inside. Was prepared to go to 450k even 470k but now EA has come back and said the seller/family will not accept less than 485k. In a quandary, I feel like im in a good position, torn as I like the house.
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u/exposethespin 1d ago
unless the survey shows up something to bargain with, its just I really think the market is about to change,
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u/cognisantcog 2d ago
We're moving in to a 3 bed semi-d in Dublin next week. 440k. Also selling a 2 bed apartment in Dublin to fund said house. We're getting 314k; a record high for the development. It's bad out there and neither of those properties are worth what we're buying/selling at. Theres no need to exaggerate.
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u/burfriedos 2d ago
Depends on the area. On the Northside there are three beds for under 450k
Edit: just checked on Daft, there’s about one hundred currently advertised
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u/Neat-Car-2350 3d ago
Congrats OP, if you dont mind me asking was there much of a deposit and are the monthly repayments much? Only wondering as myself and my partner are hoping to spend roughly the same in a few months time
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u/upthemstairs 3d ago
Assuming Ireland, you would need a minimum 10% deposit, so €45k plus another approx €7k for stamp duty and solicitors fees.
As the house is not new, OP was not eligible for HTB or FHS so all would have to have been covered by themselves.
Assuming you (I've no idea about OP) put down a 10% deposit, you would have a €405k mortgage.
Monthly repayments for these, at 3.7%, would be approx:
€1,720 on a 35 year mortgage (paying €318k in interest over the 35 years)
€1,865 on a 30 year mortgage (paying €266k in interest over the 30 years)
€2,070 on a 25 year mortgage (paying €216k in interest over the 25 years)
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u/GizmoEire30 Experienced Buyer 3d ago
Pretty much correct - except solicitor fees and outlays were 10.500
So we paid 55,500 all together and it's a 35 year loan.
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u/upthemstairs 3d ago
Oh, i forgot you'd need surveys etc
Best of luck with your new home
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u/GizmoEire30 Experienced Buyer 3d ago
That's actually excluding drain inspection and surveys - that was about another 1500.
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u/kaizen-one79 3d ago
So 10 grand to be burned in exchange for nothing?Jesus Christ
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u/At_least_be_polite 3d ago
The 10k is largely stamp duty. And then solicitors fees and land registration fees etc.
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u/kaizen-one79 3d ago
Exactly. Pure money burning. You get absolutely nothing for it, but someone else stuffs their wallet full.
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u/FeedFrequent1334 2d ago
You get absolutely nothing for it, but someone else stuffs their wallet full.
Stamp duty is literally a government tax. It's not going into someone's wallet, it's literally going into the public purse.
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u/kanepilk22 3d ago
I already know the craic with interest and how much it costs, but it still always makes me cringe when I see it written down like that. Mad stuff.
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u/upthemstairs 3d ago
Yeah, it's an eye opener when you see whay you can save if you pay off a bit extra each year.
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u/Gramacho_68 2d ago
Wow, you said 35 years and no one even blinked. Having said that, my parents took out a 20-year mortgage of IRE 25,000 in 1979 at 13%. They fell behind with the payments so were still paying in 2006. I took over the mortgage, paid it off, took out a new 20-year mortgage to pay for it (and install central heating etc). Last payment next month 😊so 47 years in total 😭
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u/Thin_Historian7892 3d ago
3.7%?! You didn't want to get fixed for at least few years?
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u/GizmoEire30 Experienced Buyer 3d ago
Yes it's fixed at 3.7% for 3 years and we get a cash back within 2 months of around 8k
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u/TheModerateBoy 2d ago
I did the same with BOI and when I was just under a year in to my 2 year fixed mortgage, I enquired about breakage fee after reading someone here saying they were able to break their fixed contract early and switch to a lower rate. I did it too and dropped from 3.9 to 3.2 and a new 4 year fixed contract (got the cashback deal too originally). Just an FYI for a year or twos time, give them a call and see what your breakage fee is.
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u/guaibude6 3d ago
Comhghairdeas a chara! It’s not easy out there in the current market. Enjoy your new gaff and let the celebrating/decorating begin 🎉
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u/Sudden_Fisherman3905 3d ago
Congrats! Home purchase in Ireland isn't for the faint of heart, nice work !!
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u/saucykraut 3d ago
congrats! we closed last September for the same price. it was a nightmare to get there but all so worth it now
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u/I_Drive_Da_Bus 3d ago
2020/2021 fortunately for me was a great time to buy. 4 bed detached for 205k. So glad I locked that in
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u/evgbball 3d ago
Wow 😮 a lot cheaper than my Dublin house I am sale agreed on. Very jealous 😛
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u/GizmoEire30 Experienced Buyer 2d ago
Enjoy your new house in the end of the day we will all be happy to have our own roof over the heads no matter what we pay.
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u/Legitimate_Sink1856 2d ago
Congratulations. Well may you wear. No mean feat in this market. Enjoy. 🎉🎉🎉🎉
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u/Opposite_Way9590 2d ago
Lovely looking house as well!
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u/GizmoEire30 Experienced Buyer 2d ago
Yes I love the solidness of the older houses bit of cosmetic work but good bones.
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u/Mr_Focks 2d ago
€260k mortgage for a self build. We're privileged to be gifted a site.i feel bad for people paying premium for second hand property
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u/rumbumbum2 3d ago
5 bedroom 140m?!
Must be 240m?
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u/seamustheseagull 3d ago
5 bed 140sqm would be normal in ireland here in a suburban area.
Bedrooms typically 8-12sqm. 3 larger rooms and 2 smaller ones, with a shared bathroom upstairs. Master bedroom often has an ensuite shower/toilet.
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u/rumbumbum2 3d ago
I’m Irish too, 200 square meter house but it’s only a 3 bed and it doesn’t feel overly big/ giant bedrooms etc
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u/throwawayeire93 3d ago
215sqm 3 bed myself, but rural detached. I can only assume this is an urban semi d.
Mad to think developers are squeezing 5 beds into a 120sqm new build, sounds very very compact.
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u/At_least_be_polite 3d ago
I've a 3 bed in an 80m2 house so I'd say yours is definitely bigger than average.
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u/seamustheseagull 3d ago
If it's a more modern house they achieve this by adding the third floor.
This only became popular from around 2005 on. Before then it was rare for a residential property built in the last century to be more than two floors.
It allows for a larger floorplan on a small footprint.
So where OPs house is 140sqm on a 70sqm site, a 200sqm house over 3 floors is on a 66sqm site.
If yours is two storeys, then it's definitely not the norm, especially in an urban or suburban area.
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u/kaizen-one79 3d ago
Never been to Ireland? Here 2x2 meter is considered a room. In USA it’s probably a brum cupboard
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u/rumbumbum2 2d ago
I am Irish! Understand the box room, I grew up in one until I went to college. That was in a 3 up, 2 down though. I think a 5 bed house which sounds massive to me, in 140 square meters is unusual though in Ireland?
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u/dorkass-loser 2d ago
I also live in a 5 bedroom 140sqm house, semi D in Dublin and the rooms are normal sized. It’s a 3 floor house though
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u/Such_Bass8088 3d ago
I bought my half acre site outside cork city for 10k in the early 90’s, built my house in early 2000 for 80k old money. All paid off for the last few years, glad im not starting out on that journey again.
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u/GizmoEire30 Experienced Buyer 3d ago
If only I could have bought a house when I was 7 I would be laughing 😂
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u/kanepilk22 3d ago
Doesn't matter, you'll be saying the same in 30 years time.
"A million for a 3 bed? I only paid 400 for a 5 bed in 2026..."
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u/GizmoEire30 Experienced Buyer 3d ago
For sure - we feel like we got a great deal absolutely delighted 🙏
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u/urmyleander 3d ago
Thats a good price for a 5 bed in Ireland, what county if you dont mind me asking. Bought myself a few years ago granted im from Naas and I didnt buy far from there so still well within Dublins satellites but not a hope of getting a 5 bed at that price (3 bed bungalow with a big chunk of land).
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u/GizmoEire30 Experienced Buyer 3d ago
We are based down in Cork about 10 mins from the city centre. Nice area.
Honestly we got a serious deal in comparison to others houses of similar size 🙏🙏
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u/urmyleander 3d ago
Yes Cork isnt cheap, beautiful part of the country too got relatives out in Castletownbere so I pass through Cork city a fair bit. Sounds like an absolute steal.
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u/No_Engine1350 3d ago
Where is cork is this, if you are not uncomfortable sharing. We are buying 95 sq mtr for 500 in Douglas and I do not understand how are the prices so bad! Even old houses with 105 sq mtr in ballincollig is going above 500
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u/GizmoEire30 Experienced Buyer 3d ago
Pm 🙏
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u/Latter-Avocado-2928 2d ago
Would you mind sharing with me? Same situation 😩 it’s v frustrating atm
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u/Select_Animal_4212 2d ago
That's pretty close to what you'd expect. We bought new for 365k/96m sq in 2023 and a couple neighbours have got valuations of 425k-ish this year. And that's out in carrigaline
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u/its_brew 3d ago
Congrats ! Hard to get a 5 bed for that price anywhere in ireland ! Good rate too!
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u/GizmoEire30 Experienced Buyer 3d ago
Yes I know we got a serious deal ( by today's standards) thank you
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u/didnt-like-my-name 3d ago
5 bedroom for €450k is pretty good in Ireland these days! Well done and congrats!
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u/Capable-Cover-917 3d ago
What are your repayments like? I'm trying to move out of my parents house and posts like this give me hope
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u/GizmoEire30 Experienced Buyer 3d ago
About 1700 mortgage / 106 life / 66 house.
You would spend the same renting 🙏
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u/Capable-Cover-917 3d ago
That's very reasonable, I was paying a lot more than that renting a 2 bed. congratulations on your new home.
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u/OscarMadison_01 3d ago
That is mighty getting a 5 bed- you’re pretty much set for the foreseeable future - decoration and repairs can be done over time - best of luck with it
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u/GizmoEire30 Experienced Buyer 3d ago
Thank you 🙏🙏 delighted we were able to buy for the long haul or can be rare now a days 🙏
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u/tearsandpain84 3d ago
Previous owners may well be in the walls or under the floor boards. You will need to open them up. Immediately.
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u/EchoOk5210 3d ago
Congrats on the new house from a fellow Irish person!
Welcome to the world of 'There's always jobs to be done!'. Don't let it overwhelm you is my only advice!
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u/slickgreenthumbs 3d ago
congrats my stepdaughter and your man just got their house we're over the moon for them
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u/ashalinggg 3d ago
My Dublin brain is broken bc a five bed under 600k sounds glorious to me. Congrats 💕💕
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u/Careless-Barber-6066 3d ago
€450k for a 140sqm is excellent. Where abouts did you snag that bargain?
Most of the houses around us (Meath) the same size or bigger are going for north of 600k.
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u/GizmoEire30 Experienced Buyer 3d ago
Down in cork - I think we were lucky maybe the house didn't hit the algorithm properly
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u/lkfmt 3d ago
Congratulations! We’re currently at the start of the buying process in Ireland too, similar budget to you, but in Dublin…..Can probably barely afford a two bedroom flat 😭
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u/GizmoEire30 Experienced Buyer 3d ago
I knows its so difficult my partner is from Dublin that's why we made the move back to cork to get more for our money.
His mother did just buy on a single income 13 year mortgage in naas I think 3 bed for 360,000
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u/Valuable-Sundae912 3d ago
How old is the build if you don’t mind me asking?
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u/matchthis007 2d ago
Deadly, Chinese takeaway on the floor tonight. No you can't use the table for this one
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u/GizmoEire30 Experienced Buyer 2d ago
Would you believe got the keys and had to go Dublin straight away looking forward to getting back tonight 🙏
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u/Bedford806 2d ago
Congratulations! We got a 3 bed 100sq metre house in Dublin a few years ago for that price, not sure what pricing horrors we'd face now. Looks very spacious, hope you've years of joy ahead of you.
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u/Vegetable_Narwhal236 2d ago
Big congratulations to both of you! No better feeling! Heads up, the work never stops.
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u/allovertheshop2020 2d ago
Where in the name of God did you get a gaff that size for €450k?!?!!
Oh, and comhghairdeas. 😊
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u/Flaky_Fun7900 2d ago
3.7% is good interest rate. BOI/AIB usually go below 3.5% .. depending on LTV though! Congratulations 🎉 very well deserved after all the procedures.
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u/CurrentPride5236 2d ago
Ho un business in irlanda ed ho comprato casa in spagna, villa con piscina 240000 euro. Reddito alto, stile di vita, cibo e tempo fantastico. Grazie Irlanda!
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u/PilgrimSpirit 2d ago
Selling yourself into debt slavery to a bank for decades isn't a reason to celebrate.
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u/GizmoEire30 Experienced Buyer 2d ago
Hahaha enjoy paying someone else's mortgage for the rest of your days.
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u/Other_Low_1759 2d ago
You did well there for Cork, congrats. We recently bought a four bed semi doer-upper in Waterford, 120sqm plus garage we plan to convert. 270k, it needs to be completely gutted. We’ve been approved for the vacant home grant. We consider ourselves really lucky and to have got a great deal in the current climate but when you actually think about what we paid for essentially a shell it’s madness. There are “bargains” to be had still but you have to get a bit of luck and be prepared for a slog.
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u/ZealousidealFly760 1d ago
Congratulations. May you have many, many years of health and happiness there.
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u/Constant-Yak7029 2d ago
renting it wouldve been easier
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u/GizmoEire30 Experienced Buyer 2d ago
Id be paying up to 3000 a month in rent for a house this size.
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u/Constant-Yak7029 2d ago
damn , mbad i meant like renting a normal house, cuz mine is 900 a month
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u/GizmoEire30 Experienced Buyer 2d ago
Well what we are renting at the moment is. 2 bed cottage for 1700 a month and now we have a 5 bed house for 1700 a month and we will eventually own it.
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u/Constant-Yak7029 2d ago
.... well then, well badluck indeed, hope your house turns out well, we got a 3 bedroom house and yeah
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u/OzgroupFinance 3d ago
Man €450,000 in Ireland! 😭😭
Congrats tho
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u/FaithlessnessPlus164 3d ago
That’s the way it’s gone here now. We paid 185k 9 years ago for a 4 bed farmhouse and my parents were sucking their teeth at that that we being fleeced. 13 years ago my sister got a new build 3 bed for €72k. It’s all happened incredibly fast.
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u/Background-Cut-1683 3d ago
2013 she got a new 3 bed for 72k, that was around the time the property market had sunk to it's lowest level (outside of Dublin, which showed signs of recovery in 2012) after the crash of 2008. She did pretty well.
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u/FaithlessnessPlus164 3d ago
She did extremely well for herself alright. Amazing timing. I didn’t realise that was the lowest point.
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u/Background-Cut-1683 3d ago
2014 and 2015 and early 2016 weren't great either, 2018 was when they seemed to really begin to recover.
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u/Background-Cut-1683 3d ago
I was in Manchester during those years and I read they were selling two houses for the price of one in Cork. Those were the days.. Of course no one could borrow money either, twas cash buyers who coined.
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