While all we hear about the Irish property market recovery, we must not forget it is still localised to Leinster. In much of the rest of the country, houses are struggling to sell… or else this one vendor is sick of estate agents.
Homeowner offers rent-to-but deal on Tipperary home
A homeowner in Newport, Tipperary has taken an unconventional route in an attempt to sell his home. He has listed the property on general listings service gumtree.ie instead of the usual property portals. He describes the not-unsubstantial property:
This property briefly comprises of 4 large bedrooms with a master en-suite, kitchen diner, 2 sitting rooms (one of which could be used as a fifth bedroom) and a large back garden. The property has all timber floors with tiled kitchen and bathrooms. There property is located in a cul de sac so traffic is not a problem and has plenty of green areas for kids to play.
No mortgage required to buy this house
Brian, the owner, is offering attractive deal that might just be a god-send to the potential buyer. Buy-to-rent, not common in Ireland, would mean the buyer would not need a mortgage. For a €15,000 deposit you would be able to move straight in, then pay just €745 per month – a fair rent for this house.
At €745 a month – that’s €8,940 a year – it would take 20 years to pay off Brian at his suggested price of €209,000. That’s not including any interest so it’s more like at 30 year mortgage.