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First Time Buyer
A First Time Buyer is someone who has never purchased a property, either in Ireland or abroad. If you fall into this category, you may be able to benefit from special mortgage packages and will be exempt from paying stamp duty on a new home, provided that it is no greater in size than 125 square metres and that you plan to reside there for a minimum of five years. These days, many young people are finding it hard to get on the property ladder. A common solution to this dilemma is to buy a property along with someone else, possibly a sibling or a friend, giving you both more purchasing power.
Buying to rent
All the information on buying property also applies to properties that are bought to rent out. In addition however please note:
- properties in areas of high demand (such as properties adjacent to colleges or universities) give the best rental returns
- have a specialist agent or solicitor prepare a proper letting agreement if this is your first time to let
- employing a management or letting agency may be best if this is your first let
- a property is often much more attractive to a tenant if it is completely furnished
- make sure you have full insurance cover of all contents to a suitable value
- phone tenants' referees or present or previous landlords to see if they exist
- obtain bank references for any prospective tenants
- insist on a minimum of one month's rent (preferably more) to hold as a security deposit against damage to your property or non payment of future rent
- ask for the signature of a guarantor from tenants as security for damage caused or non payment of future rent
- if your property is owned subject to a mortgage you will need your lender's consent to the rental agreement
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