Home Buyers Guide

Chapter 2: Buying a Home During the Credit Crunch

Positives of buying a home...cont:

A development in Swords, Co Dublin, for example dropped prices by 40% to sell homes in the final phase.

It’s pretty clear that there are a lot of bargains out there.

(In the chapter on choosing the right property, we’ll outline the tactics we suggest you take to negotiate bargain
basement prices when buying a house).

• Mortgage Interest Relief

The government gives home owners tax relief on the interest they pay on their mortgage.

The tax relief was increased for first time buyers in the 2009 budget (up from a maximum of €333 to €416 per month) so people with bigger mortgages will be able to claim more cash back.

• Better than Renting?

With improved affordability, buying a home has become more attractive for people in stable jobs who are
currently renting. In many cases, it is now cheaper to buy a starter home than to rent.

Negatives of buying a home:

While buying a home has become more affordable over the last year, financing the purchase has become more
difficult.

The banks now require bigger deposits, and the criteria to qualify for a mortgage has tightened up too.

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