Bang for your buck in Cavan market
With housing being regularly being cited as one of the biggest issues nationally, the Celt looks at some of the different factors impacting house prices in Cavan.
Donal Keenan of Keenan Auctioneers says location can have a massive impact on the price paid for a house.
“Compared to Navan, Kells or Virginia, your money is buying you a lot more in places like Bailieborough and Kingscourt. But you’re getting less than what you got five years ago. Prices started to rise after the last lockdown lifted. Three-bedroom, semi-detached homes were getting €170,000 before then, now they are getting as much as €245,000," he revealed.
The auctioneer said energy rating is a big factor when it comes to price.
"We have a three-bed semi for €260,000, which is slightly above the market rate because of its energy rating. Anything above a B3 energy rating can command a better price, mortgage providers give better rates for B2 and above,” he explained, not to mention they are cheaper to heat in the winter.
Donal says that, in Bailieborough, more value can be got for would-be purchasers.
“You can get a bit more bang for your buck, it tracks a bit behind Kingscourt in terms of prices. You’ll get a decent three-bed semi-detached home for €200,000 or a bit less if it needs to be done up on the inside. We sold one for €178,000 that needed an overhaul on the inside and we also have prices right up until €215,000.”
Things like space and access to facilities are also a factor.
“There are always outliers,” says Donal. “We have a 'sale agreed' on a four-bed, semi-detached home in one estate for €310,000. It has a lot of space at both the front and back.
"We have another one for sale a two-bedroom, end-of-terrace home with a guide price of €159,000. It’s within walking distance of both the primary and secondary schools, crèches and the main street.”
The auctioneer also says there is high demand for homes that are ready to move into immediately.
“If the house is in turnkey condition, is ready to go and is fairly contemporary, those fly out the door. Anything that needs a renovation and is dated inside are a bit slower to move. They would have sold a bit quicker a few years ago but a lack of tradespeople, and building materials make it a bit harder to move.”
Another consideration is how up-to-date the design of the house is.
“Houses vary a lot on a number of factors such as years built, as well as things as if it has been redesigned lately with things like greys, whites and more neutral tones compared to pastille colours, which were more in vogue in the noughties.”
Value in Cavan
Eamonn Gaffney an auctioneer of Eamonn Gaffney Auctioneers says that in a lot of areas in Cavan, the national average house price of €305,000 is enough to buy a decent-sized house and have money left over to spend on renovations.
“Most people will buy a house for €220,000 or less. €300,000 is outside a lot of people’s budgets, for a home to reach this price it usually has to be in one of the luxury estates.”
He says that market conditions have seen a drop off in the amount being paid for houses.
“Prices had climbed a lot over the last seven or eight years, but they’re levelling off now. Interest rates have been increasing and people are being a lot more cautious of their spending,” he surmised.
Eamonn also said that things like location and how well a house is finished are two things that have the biggest impact on over all price.
“A four-bedroom, two-storey house anywhere within a 10-mile radius of Cavan Town can reach a price of between €280,000 to €320,000, depending on how well it is finished. Also, houses tend to creep up in value if they are closer to the M3, leading to more expensive houses in Virginia."
This is especially true post pandemic, Eamonn finds.
“Since the lockdown more and more people are working from home three or four days a week and commuting to the office on the other days. Previously they had rented in Dublin. They really appreciate living in their local area, which adds value to homes with easy access to the motorway.”