First Time House Buyer in 2012

jocotty

hI,

I am thinking about buying a house in the west of ireland, but am in no panic.

it will be my first house.

is it worth rushing in to buying a house, just to avail of the first time buyers tax relief incentive, which is available only until the end of the year, or is it better to take my time, and not worry about missing out on the tax relief for first time buyers? or,does the whole "first time buyers tax relief incentive" amount to much at the end of the day?

thanks
Jo

Liam D Ferguson

The tax relief is calculated on 25% of interest paid for the first two years, 22.5% in years 3, 4 and 5 and 20% thereafter up to 2017. Ceiling on interest is €10,000 for single mortgages and €20,000 for joint.

It's worth a fair bit, but I wouldn't overpay for a house because of it, or buy a house I didn't really like.

Jose1

In general, I'd say house prices, meaning those of which have actually been sold, has bottomed out. House prices in the west of the country are traditionally lower than elsewhere, so you're laughing all the way to the bank;)