Inventive to build to let apartment attached to main house

JimmyVik

The problem with building these kinds of things is that that they are expecsive. and then who knows what new legislation will be against the owner next week.

On old folks downsizing, i agree that it would be a good idea.

Only if suitable downsizing options were available in Ireland. They are not available in Ireland by a long shot.

And for the folks looking to tax old people who have a pare room or two for when the grandchildren come over, just remember that a couple who buys a 3 bed semi and have no children yet, will effectively be taxed for not having enough children to fill the rooms under the same tax system. Or do we want to tax based just on the age of the owner?

He is very much against giving people another "tax break" despite it not being a tax break at all, just access to capital at a rate much closer to European rates with the legislation put in place to support it under an existing scheme. It might be a bit of the bitterness some people have towards others who have a few quid in the bank or assets for their retirement.

We need more homes and they have a garden or a garage that they can convert if the circumstances are in their favour.

Build the extra houses we need also and have them as a option for the downsizers if they want them but don't force old people out of their home and what they know and are used to with taxes and general blame for not moving on. Land is not that scarse yet.

wildwillow

Downsizing is a personal choice, but it is often silly to maintain a 4 bed house for the odd stay by children or grandchildren. It suits some people to have regular visitors, while others feel invaded.

Finding smaller houses in the locality is a problem for most. A few bungalows with reasonable outdoor space should be included in each scheme. Means people can downsize but stay local, freeing up a family home. Also frees up some money in most cases to allow them enjoy their later years.

I was very lucky to find a perfect house yards from my own when I wanted to downsize. Many of my widowed friends envy me my little house with little maintenance and wish they could do the same.

Claw Hammer

https://boards.ie/discussion/comment/117646056#Comment_117646056

It is worse being forced to stay in a home they hate and can't enjoy but can't possibly contemplate a move.

That is an ideal scenario @wildwillow and one that is viable in areas where the cost of a site per square meter is still reasonable enough to build small bungalows on it. I don't really think the same holds true for the cities where demand for housing is at breaking point.

https://boards.ie/discussion/comment/117647457#Comment_117647457

Have there been studies done on this and can you point me in the direction of them. You make it sound like these people are in a terrible situation but through a study we could hear from them and be able to see a report where motivations and concerns are laid out clearly for all to see.

My mother worked very hard for her home and loves having a nice big home and a garden she can potter around in after living for many years in smaller places. She likes her neighbors and they look out for eachother. She doesn't want to move to a small place and I haven't encountered many other elderly people who are struggling with the process of moving home. Obviously someone widowed and without kids to help might feel overwhelmed with all the step required but what percentage of people is that who actually want to move?

Ray Palmer

https://boards.ie/discussion/comment/117647169#Comment_117647169

It will cost money to enrich these people. What happens if they don't pay it back? You seem to want to magic away all the problems because you think you have a good idea. There are much better ways to do it and encouraging downsizing is one but impossible to implement as people see it as an attack on the elderly. The fact you want to ignore the public feelings on such types of things.

Do you know what happened with the shared ownership scheme when prices dropped? People abandoned the properties and moved to rentals as it was cheaper briefly.

Claw Hammer

https://boards.ie/discussion/comment/117647509#Comment_117647509

What is known is that when new developments of apartments went on the market in Mount Merrion, the majority of prospective purchasers were downsizers. I don't see what the requirement for percentages of old owner occupiers who want the move is. When executor sales of the houses happen, it is rare that the house is in turnkey condition. Often there hasn't been much work done in years. It can't have been particularly comfortable for the elderly person living there. Just because your mother likes house doesn't mean that rain of her age likes their house I wouldn't move to smaller accommodation if it is available in their area.

https://boards.ie/discussion/comment/117647772#Comment_117647772

2% interest rate is sufficient to cover this risk in my opinion. In France mortgage interest rates are much lower than that and the banking system has not collapsed. They get the loan having shown a good track record with the main mortgage or putting up the main residence as collateral.

Where are people going to move to that is cheaper than the mortgage amount that people would be willing to rent at to break even in cash flow and over time benefit from capital appreciation in a worse case scenario for their own apartment?

This in no way is the same as shared ownership and really shouldn't be in the same conversation.

https://boards.ie/discussion/comment/117647806#Comment_117647806

Some will want to move and some won't and you and me speculating on percentages on boards is not much use as we are both in the dark on this and going on anecdotal evidence based on the limited number of people we have knowledge of in this situation.

I wouldn't be surprised that many of the houses sold in mount merrion (quite a wealthy area of dublin) were bought by downsizers who were willing to pay a big premium per sq meter for the right place in the right area at a price that a young couple couldn't match. the link there should be easy to make?

Claw Hammer

https://boards.ie/discussion/comment/117647961#Comment_117647961

The houses were sold by downsizers, who bought apartments nearby. You started this thread with a proposal for granny flats. You said there were a huge number of builders available to do the work. Have you done a study? Why are these builders not available to people looking to have extensions built and have repairs done?

There is more skill needed to properly extend or convert a house than there is to build from new. There is a general shortage of tradesmen. Your proposal is not going to cause a sudden appearance of qualified tradesmen.

Do you think if a scheme were put in place where people could access funds, possibly from a government fund, to build a self contained attached "granny flat" or covert a garage into one that it would have a material impact on the number of new build houses in the country?

There was a huge influx of Eastern Europeans into Ireland during the last building boom, there can be again if there is work for them at a multiple of what they can make in their home country.