What you need to know about buying a house that needs renovations in Ireland

Are you buying a house that needs renovation? Do you have a way of funding the renovations? In Ireland, there are many different ways of funding renovations. These include taking out a credit union loan or a bank loan after completing the purchase of the property. If you do not want to incur high loan interest rates, you may opt to save some money and gradually do renovation once you move into the new house. Additionally, you can also borrow money for the renovation as part of the mortgage. 

Before you think of all these, is the house habitable? Does the bathroom, kitchen and heating work? If it is not habitable, the only option you have is getting the mortgage provider to lend you the money to renovate. It is important to note that you will not be given a mortgage on a house that you cannot live in with the claim that you plan on renovating at a given point in time. In Ireland, there are two types of house renovation. These include, structural and non-structural renovations. Both …

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How to Successfully Buy a Property at Property Auction

With the current high number of buyers and shortage of property in Ireland, many people are looking for various ways to get into the property market. Purchasing property at property auctions, especially through the internet, is now more prevalent than ever before. Despite this being the case, it is important that you become aware of the issues that may arise during property auctions.

With the recent COVID-19 pandemic, online property auctions have grown to be a popular way of buying and selling property in Ireland. What many people do not know is that buying at auction is completely different from buying a property from an agent. 

The first thing that could go wrong when buying at auction is that when the hummer falls, you will have to sign the property’s binding contracts and make a deposit of 10 percent of the property’s purchase price. Therefore, if you are getting a mortgage, you have to ensure that you apply, and of course,  get a mortgage before the day of the auction. This is sometimes a lengthy process. After making the …

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What is the difference between Fixed and Variable Rate Mortgages?

The two most common types of mortgage are fixed-rate mortgages and variable-rate mortgages. Although there are many options among these two types in Ireland, the first step in searching for a mortgage is identifying which of the two primary loan type best meets your requirements. Most people seeking to own homes usually find themselves torn between taking fixed or variable loans. A fixed-rate mortgage has a fixed interest rate that does not alter during the loan period. Most individuals see Variable Rate Mortgages as being too much complex than the Fixed Rate Mortgages because the interest rate charged initially on Variable Rate Mortgages (VRMs) is usually set under the rates that are being charged in the market. The amount of deposit and interest paid each month for Fixed-Rate Mortgages may vary; the overall payment stays consistent, making budgeting for homeowners simple.

The primary benefit of a fixed-rate loan is that it protects the borrower against a significant and unexpected rise in mortgage repayments if interest rates climb. Fixed-rate mortgages are simple to comprehend and differ little from one lender …

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Looking to buy a home? Here are 5 things to avoid

Thanks to the internet, the buying of property is now an easy process in Ireland. There is plenty of information that is available for you whenever you wish to undertake a research on the process of buying a home. Despite this being the case, many people in Ireland fall into common traps. This posts aims to highlight five major things to avoid so that you can purchase your next property in a stress-free manner.

Ignoring the math

Without a doubt, the most important step to take when considering to buy a home is working out exactly the amount of money you will have to spend to purchase it. While this can be very obvious, a majority of people do not often work out the amount of money they would need to spend, and this leave many of them facing serious financial shocks later down the line. One of the most common mistakes is concentrating only on both the deposit and the purchase price without knowing that there are other fees like survey fees, solicitor’s fee, and Stamp Duty. The …

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Top 5 Cities to invest in Ireland 2021

Investing in property is one of the biggest decision you will ever make in life. Location is perhaps the most significant factor to take into consideration. As an investment, property in a good location will continue to be an asset regardless of the future fluctuations in the real estate market.  In Ireland, there are 5 cities which guarantee that your property continues to be profitable investments because of a good flow of tenants, low maintenance costs, high capital appreciation, and the good rental yield.

Dublin

Of course, Dublin is first in the list. The city is at the top of the list when it comes to best places to purchase property according to the Emerging Trends in Real Estate Reports of 2020. The city’s real estate market is powerful in terms of both development prospects and investment potential. The city comes third after Berlin and Lisbon as the best place to invest in the whole of Europe. The growth of technology in the city is attracting tech giants like Facebook and Google, whose growing number of employees prefer to …

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Methods to start growing money 101

Everybody wants their money to increase. But let’s think about the most fundamental question – what’s it to be rich in Ireland? Before we get to the ‘how to’, do you drive a BMW or have luxury cruises and eat at the high-end restaurants? Well, this is only the icing on the cake. It’s enough money to be truly prosperous, to assure a financial future. How can we become rich if we cut to the chase? Have you ever wondered what is common to the rich? It’s their approach to money and, of course, a little luck. Wealthy individuals invest in the long-term and are not dismissed by transitory upheavals and falling. 

The first best way to grow money is avoiding debt. Debt is like marsh for many individuals and therefore, it should be avoided because it gets them stuck as they get deeper. Build a habit that you won’t accept extra debt no matter what. Probably the most significant impediment to being affluent for most of us. When you want to invest, prioritize two things; pay off your …

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Why are Mortgage Interest Rates so High in Ireland?

Recent reports from the Central Bank of Ireland indicate that mortgage holders in Ireland are still paying much higher interest rates as compared to most of their  neighbors in Europe. Therefore, why are people in Ireland paying high mortgage rates and is there a way to reduce it? Currently the  interest rate for a first-time buyer is at 2.79 percent, which means that it is now the highest in all of the 19 countries in Europe together with Greece. Despite the fact that the interest rates have dropped by 0.11 percent as compared to last year, they are still way more than what is being charged in other places in Europe where the average rate is as little as 1.31 percent. 

In a report by the Banking and Payment Federation of Ireland (BPFI), the mortgage for a first-time-buyer in Ireland is approximately €225,000. Basically, this means that someone who borrows this amount with the hopes of repaying it in 30 years ends up paying an extra of €167 per month and over €2,000 annually as compared to other countries …

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Dublin, Ireland the next tech city?

Cities are formed by their socioeconomic environments, and therefore, external developments of all sizes heavily impact them. The urban effects of deindustrialization and global economic restructuring are well documented.  From the Industrial Revolution to the 21st Century, urban transitions mirror societal changes. This is seen in North American and European cities, and in less-developed nations where massive industrialization is currently taking place. Dublin is symbolic of urban economic reform since it has seen substantial changes in recent years making it the next tech city.

Ireland was one of Europe’s wealthiest nations from the mid-1990s until 2007, when the global financial crisis struck, with the country’s GDP almost twice the European standards. The economic expansion was fueled by the convergence of several intrinsic and extrinsic factors. Also, a sequence of pro-growth government legislative proposals, such as the provision of efficient monetary rewards to attract more foreign investment, particularly from North American sophisticated production company and service companies, and, for the first time in Irish history, massive net immigration was witnessed. The most remarkable effects have been felt in the Greater Dublin …

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Want to switch mortgages in Ireland?

By switching your mortgage, you can save a lot of money. Mortgage is most likely to be the biggest household expense for many years, so this bill is one that most people do not want to overpay on. Therefore, just like any other bill, you should always opt to switch your mortgage every few years so that you can be sure that you are not overpaying.

Without a doubt, you could save a lot by switching mortgages. If you have a mortgage with a balance of €250,000 and are currently paying 4.5 percent standard variable rate, and have a minimum of 20 percent equity in your home, you could save approximately €300 each month by switching to the most affordable on the market. This translates to a lot of savings. Despite the fact that there are certain upfront costs linked to switching providers, banks can offer cashback to the individuals who switch. 

Every financial institution has its unique set of criteria for allowing its customers to switch their mortgage. In the event that your financial situation has changed negatively since …

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