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Making the first step on to the property ladder

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Over the next few weeks we will discuss the steps involved in purchasing your first home.

This week Step 1 is The Deposit. Before we decide to jump on the property ladder we need to have sufficient funds together for the deposit.

Steps to buying that first home:

THE DEPOSIT

Saving the deposit for a new home has become one of the biggest challenges facing young people today. First-time buyers typically need a deposit equivalent to a tenth of the value of their home and with the average asking price of a home nationwide being almost €250,000, that is a significant hurdle.
Soaring house prices have added to the challenge - the longer it takes to get the deposit together for a home, the more likely a house hunter is to be priced out of a particular area.
So how do you save that deposit as quickly as possible?

MOVE BACK HOME

With rents soaring it could take decades to save up the deposit for a home and for this reason, it makes sense to move back home with your parents if saving for a deposit.

ASK FOR HELP

Many young buyers have turned to their parents for help with the house deposit. The vast majority of first-time buyers are getting gifts from their parents towards the deposit.
Lenders require you to have a gift letter from the donor. That letter specifies the sum of money being gifted, the name of the donor, and a signature from the donor confirming that you do not need to repay the money gifted - and that the donor has no recourse to the property.

START SAVING NOW

The earlier you start to save up regularly for your deposit, and the fussier you are about the account you choose, the better. Boost the amount you can save by cutting back on luxuries and leading a cheaper lifestyle. Save into an account which pays better interest than normal. Regular savings accounts typically pay better interest than lump sum deposit accounts - as long as you choose an account which pays more than one percent interest.

CONSIDER OTHER AREAS

Many first-time buyers have their hearts set on buying in a particular area - but are quickly forced to look elsewhere due to soaring prices. Moving to the satellite towns and villages could make it easier to afford a home, and get the deposit together. Know what you're getting into before making such a move though. Think about how you will commute to work - and how practical the commute is.
Be aware too that moving away from family and friends can be difficult. If you have children, or are thinking of having children, ask what kind of support network you will have around you in your home.

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Documents for driving abroad in Europe

By John Healy of Healy Insurances As of August 2021, a green card (or international motor insurance card) is no longer required for travel in the European Economic Area. This […]

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By John Healy of Healy Insurances

As of August 2021, a green card (or international motor insurance card) is no longer required for travel in the European Economic Area.

This area includes all the European Union countries plus Iceland, Liechtenstein and Norway. You also don’t need a green card for Andorra, Bosnia and Herzegovina, Serbia and Switzerland.

If you are travelling with your vehicle to the named counties you will still need to bring:

Your certificate of motor insurance
Your vehicle licencing certificate
Your driving licence
Your passport

If you are taking a company owned, hired or borrowed vehicle, you will need a letter of authorisation from the registered owner along with the vehicle licencing certificate.

It is important to check the legal requirements for the country you are driving in. Some EU countries including France will require you to carry the following items:

Reflective jackets for each occupant of the vehicle
Warning triangle
Headlamp beam deflectors
Breathalyser test
Spare bulb kit
First Aid Kit (compulsory in Austria, France and Germany)

It is advisable to have your travel insurance details, European breakdown cover details, health insurance details and your European Health Insurance card in your possession. Travel safe.

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Make your property look as appealing as possible

By Ted Healy of DNG TED HEALY Over the past few weeks we have looked at ways of spring cleaning our homes in preparation for going to the market. The […]

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By Ted Healy of DNG TED HEALY

Over the past few weeks we have looked at ways of spring cleaning our homes in preparation for going to the market. The final step and one of the most important is the kerb appeal of your home.

The exterior of your property is going to attract would-be buyers, it is a simple fact.

So let’s get it looking as well as we possibly can.

Our aim should be to make your property look as appealing as possible, to as many people as possible, ultimately leading to a higher selling price in a quicker timeframe.

Remember that first impressions last. After a long winter, things may not be looking their best in the garden but with the onset of spring and the warm sunny (hopefully) summer evenings, comes the opportunity in presenting our outdoor spaces in the best possible light.

Cut the lawns, brush the driveway, weed the flower beds, get those flower baskets and window boxes out. Lay out the patio furniture.

Do your footpaths/patio areas need a power hose?
How are the rainwater gutters – remove any debris/growth from them.

How’s the paintwork, are there any areas of peeling paint that need touching up?
Perhaps give the front door a lift with a new coat of paint.

Improving how your property looks from the outside is as important as how it feels once you’re inside, yet it often gets overlooked.

Remember our home is our most valuable asset so why not get it looking its very best. We get one chance to make that first impression so make it last, it will pay off.

For anyone considering selling their property or looking for advice on how best to prepare it for sale, contact DNG Ted Healy on 064 6639000 or killarney@dng.ie.

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