rent2buy

Juliette611

Hello everybody,

I am new to this forum, and I need some advice.

I live in Ireland since 2,5years, my partner is irish and we have a child. Mu partner and I have no savings, but we would like to have our own house, we both work full time.

I heard about the rent to buy scheme, and I think that is our only option to own a house some day. Does anybody know where I can find rent2buy houses in Cork??? And can you maybe explain me how it works??? Or do you have other suggestionds???

Regards Juliette;)

yutta

Juliette611 wrote: »

Hello everybody,

I am new to this forum, and I need some advice.

I live in Ireland since 2,5years, my partner is irish and we have a child. Mu partner and I have no savings, but we would like to have our own house, we both work full time.

I heard about the rent to buy scheme, and I think that is our only option to own a house some day. Does anybody know where I can find rent2buy houses in Cork??? And can you maybe explain me how it works??? Or do you have other suggestionds???

Regards Juliette;)

Best of luck with that.

Raskolnikov

yutta wrote: »

Best of luck with that.

If you don't have anything constructive to say, then don't say anything.

Dublin City Council are offering Rent to Buy properties, the prices look semi-reasonable, although if you're from Cork, that's not much good to you.

There are some commercial developers who are offering a Rent to Buy scheme - www.rent2buy.ie as far as I know though, that scheme wasn't very popular as prices seemed quite expensive.

I think the best thing you could do is to get yourself on the Affordable Housing list. There is a website for it here - http://www.corkcoco.ie/co/web/Cork%20County%20Council/Departments/Divisional%20Services/Housing/Schemes%20&%20Grants/Affordable%20Housing and you can see some of the properties that are on offer. You will need a 3% deposit though.

shoegirl

Basically this is where your rent is paid into a kitty and becomes the deposit if you exercise an option to buy after a certain length of time at a price agreed now (bear in mind the price may continue to fall!)

http://www.rent2buy.ie/index1.asp seem to have a few available.
I know there was a few developments going in Carrigtohill - area might not be to everybodies tastes but they do have a large IDA industrial estate and a local train station. I'm sure if you google them it will come up.

Its a good idea but new and you depend on the company who own the development still being solvent at the end of the decision making time. Since many developers are currently in NAMA or on the brink of insolvency there is a bit of a risk at the moment as the moment you pay in rent that is supposed to go toward a deposit might not actually be so if a bank or NAMA take over.

I'd wait and see if legislation comes in to protect buyers in this as right now there could be a risk to the rental deposit.

Shifty

http://www.homedeposit.ie/

Saw this and thought of you, I have no experience of it I just came across it!

sean.casaidhe

If neither of you have savings, then you won't even be considered for a mortgage. All of these schemes require you to get a mortgage, either privately with a bank, or with the local council. You'll have to have a deposit (I think with Dublin City Council Affordable Housing it's €3k).

I'm in the same boat as you, but my wife and I have started saving and hope to buy a house in circa 2 years...