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Refurb Development HELP............please

  • 12-12-2005 3:41pm
    #1
    value seeker
    Closed Accounts Posts: 1 ✭


    Hello everyone,

    Im new to this site so first id like to say *Hello*....

    I am looking for some help/advice please.

    I am 24yrs old and have spent the last 3yrs living and working in the UK in the construction industry..

    I have recently been offered a new job and plan to move back home about easter time. (could be mad I know)

    Anyways, just recently my Dad has brought to my attention an old cottage that has come up for sale in my village, and I am quite keen to purchase it. It is in pretty good condition and in a nice location.

    I intend to/try and buy it and then completely refurbish it (new extension etc...) and sell on when its complete.

    Now here come the question marks in my plans.................

    1) What bank would be the best to get a 100% mortgage from? approx 140-150,000 euros.
    As I havent used an Irish bank account in a few years would statements from my UK bank be enough to please the Irish bank or would I have to have savings over a certain time scale ect before getting aprovall......Me being on a salary job 30-40,000euros per/yr.

    2) I wound then need the money for the refurb itself! Would it be possible to get a loan 20-30,000 for the refurb or is there a mortage that I could get to include this money?? (any ideas what would be the best way to obtain this money...without stealing it of course!!)

    3) Stamp duty I dont think will be a prob as I would be a FTB.

    4) What would would be the tax precentage that I would have to pay when/if I sold it on?

    Thanks in advance for any info / suggestions that you can help me with.............:)


Comments

  • #2
    gamer
    Closed Accounts Posts: 2,227 ✭✭✭gamer


    theres no capital gains tax as long as u live there that is your principal place of residence .look at revenue .ie for more detailed information on this.u fix it up move in sell after 2 years,i suggest,u must live there at some pointsay u borrow 100k mortgage ,u pay back about 170at least on 20 year mortgage,u cud get interest only loan,might be cheaper if ur gonna sell in 2 years


  • #3
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    You won't get 100% mortgage for a refurb project.


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