There have been a number of high profile quick-fire property sales in recent weeks and there is not doubt in saying that any receivership sales of homes at much reduced prices will always attract attention, as buyers believe they represent real value for money. This is somewhat evident by the level of interest in developments that were launched in various spots around the country over last few weeks including schemes in Firhouse, Rathfarnham, Bray and Cappella in Newbridge (to name but a few!) and all of which had successful results in terms of sales.
Carrickmines was one of the most recent and successful high profile sales. It had a combination of an attractive price, an excellent location in D18 as well as high quality finish and a completed development. All in all 84 out of 89 units sold over one weekend.
However, although theses quick-fire sale seem to offer real value for money there are a few things you should consider before jumping the gun and before putting any pen to paper.
Receivership sales: What do homebuyers need to look out for?
Well the first thing they need to make sure of / ask yourself is this property a right fit for me? We have all bought clothes in sales at an excellent price and sometimes they never see the light of day. Hopefully we have learnt some lessons from the past couple of years and people need to factor in things like;
- Is this a place where I want to live?
- Is an apartment / house suitable?
- Is it close to my workplace?
- Is it close to amenities; shops, pubs, restaurants?
- What transport links are available
Once you have answered those – you need to look at more specific questions:
- Make sure the scheme comes with a Homebond / structural guarantee as normally no warranties will apply
- Find out what level of snagging is included; enquire if the property is being sold as seen
- If the development is only part built, find out when it is due to be fully completed and when and will all the landscaping, roads/pathways, street lighting, etc. be completed to a high standard?
- Is probably is unlikely in the current economic climate but check out if there are plans / permission for any more developments or schemes in the neighbourhood
- Ensure the management company is being supported correctly financially