[Geemo]

Hi ,
Looking advice and/or input from anybody else who is buying from this site or knows anything regarding it ?! .
I'm in the process of buying 1 of the apartments , have been for near 7 months now , it's taking forever ( paper work and Nama ) , , estate agent not very helpful , nor solicitors , , it's got to the stage I'm thinking of pulling out ( want my life back lol ) .
Any advice helpful :-/

Thank you

[2buyornot2buy]

Geemo, on 13 February 2012 - 02:50 PM, said:

Hi ,
Looking advice and/or input from anybody else who is buying from this site or knows anything regarding it ?! .
I'm in the process of buying 1 of the apartments , have been for near 7 months now , it's taking forever ( paper work and Nama ) , , estate agent not very helpful , nor solicitors , , it's got to the stage I'm thinking of pulling out ( want my life back lol ) .
Any advice helpful :-/

Thank you

RUN, QUICKLY

[BelfastVI]

I would be careful about buying into an uncompleted apartment scheme where the company is in receivership. Management companies, common areas and elevators to worry about. A house is a different mater as you can draw a line around what you own. You then only have to look at adoption of the main roads. The management of the open space should be a minor matter in comparison.

[Geemo]

BelfastVI, on 13 February 2012 - 03:06 PM, said:

I would be careful about buying into an uncompleted apartment scheme where the company is in receivership. Management companies, common areas and elevators to worry about. A house is a different mater as you can draw a line around what you own. You then only have to look at adoption of the main roads. The management of the open space should be a minor matter in comparison.

Hi , Its a shell im buying , there is no lifts in the apartment block ( 4 apartments in my block ) . the management company is setup , and the actual site is 80% finished with contacts set out by the bank ( seller ) to finish everything .

[BelfastVI]

Geemo, on 13 February 2012 - 03:16 PM, said:

Hi , Its a shell im buying , there is no lifts in the apartment block ( 4 apartments in my block ) . the management company is setup , and the actual site is 80% finished with contacts set out by the bank ( seller ) to finish everything .

I would refer you to 2buyornot2buy's advice above.

[2buyornot2buy]

Yep BVI knows what he is talking about when it comes to this sort of thing. You'd be mad to buy a shell apartment in this environment. It will only continue to drop in value.

[BelfastVI]

2buyornot2buy, on 13 February 2012 - 03:33 PM, said:

Yep BVI knows what he is talking about when it comes to this sort of thing. You'd be mad to buy a shell apartment in this environment. It will only continue to drop in value.

You are unwise to buy a shell apartment in any environment as you become responsible for additional costs that you are currently unaware of.

[Geemo]

i hear everybody loud and clear , , and in defence of me even thinking about buying this apartment :

They are finished as a shell , ie all electrics finished , heating finished including radiators ( just needs a boiler fitted ) , all plastering/floors finished .

So its a blank canvas , needs kitchen fitted , bathroom fitted , doors fitted , carpets fitted ... move in .
Theres only 4 to a block , all got separate doors .

It , to me seems a good location , a bit better that most apartment sites as in its a small development , lots of parking and quite private . ( not like the belfast multi storey blocks ) .

Im told the site will be finished ( for all it needs ) by the bank and contracts are in place . this will be confirmed in final contract on purchase .

And for reference im buying for £55,000 . 00 .

Like i say i havnt bought it yet , still thinking about pulling out , loosing heart in the place , , but it was going to be a home , mortgage free , new start , with few overheads .

[Malthus]

Geemo, on 13 February 2012 - 04:23 PM, said:

i hear everybody loud and clear , , and in defence of me even thinking about buying this apartment :

They are finished as a shell , ie all electrics finished , heating finished including radiators ( just needs a boiler fitted ) , all plastering/floors finished .

So its a blank canvas , needs kitchen fitted , bathroom fitted , doors fitted , carpets fitted ... move in .
Theres only 4 to a block , all got separate doors .

It , to me seems a good location , a bit better that most apartment sites as in its a small development , lots of parking and quite private . ( not like the belfast multi storey blocks ) .

Im told the site will be finished ( for all it needs ) by the bank and contracts are in place . this will be confirmed in final contract on purchase .

And for reference im buying for £55,000 . 00 .

Like i say i havnt bought it yet , still thinking about pulling out , loosing heart in the place , , but it was going to be a home , mortgage free , new start , with few overheads .

I know the area well, for that money it would need to completely finished and to a very high standard Imho

[Satscene]

Malthus, on 13 February 2012 - 06:28 PM, said:

I know the area well, for that money it would need to completely finished and to a very high standard Imho

i live outside Dromore, i think its too expensive @ £55k....... is it like this one? http://www.propertyp...-dromore/118462

[Geemo]

Satscene, on 14 February 2012 - 12:11 AM, said:

i live outside Dromore, i think its too expensive @ £55k....... is it like this one? http://www.propertyp...-dromore/118462

Yep , that's them

[2buyornot2buy]

Geemo, on 14 February 2012 - 01:14 AM, said:

Yep , that's them

Look we just saved you at least £15,000.

£55,000 - £40,000 = £15,000

[Geemo]

2buyornot2buy, on 14 February 2012 - 08:46 AM, said:

Look we just saved you at least £15,000.

£55,000 - £40,000 = £15,000

lol , i hav'nt lost any money ( yet ) .

You had to bid on them ( last year ) .

It was a first floor apartment with a massive roof space , which already as a window as you can see in the picture . adding a 3rd bedroom if wanted in the future .

( thanks again for everybodys input , its giving me alot to think about )

[Lagansider]

doccyboy, on 13 February 2012 - 03:39 PM, said:

I don't want to sound insulting Geemo but if you were a family member I would be insisting you ran away from this. This has all the ingredients of a financial disaster for you. What happens if someone in another flat gets a gerry builder to complete their shell - you will be so vulnerable. Go by your instincts.

Yes, if poor installation of bathroom/kitchen occurs by individually appointed contractors resulting in water damage/flooding in adjoining Apartment, could be more difficult to get resolved with added hassle than if developer appointed contractor performed install. How does Articles of Assoc and Memorandum of Management Co and any lease or other binding responsibility set out obligations/responsibilities etc? Who is responsible for carrying out snagging etc?

This post has been edited by Lagansider: 14 February 2012 - 10:35 AM

[2buyornot2buy]

I notice this has now gone sale agreed.