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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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Kerry house prices accelerate – IPAV’s residential property price barometer

The Institute of Professional Auctioneers and Valuers (IPAV) latest Residential Property Price Barometer shows an acceleration in house price increases over the previous six months including in Kerry. Overall IPAV’s study has found double digit growth for 3-bedroom homes in Waterford and Limerick. And close behind are Tipperary, Meath, Louth and Cavan with nine plus […]

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The Institute of Professional Auctioneers and Valuers (IPAV) latest Residential Property Price Barometer shows an acceleration in house price increases over the previous six months including in Kerry.

Overall IPAV’s study has found double digit growth for 3-bedroom homes in Waterford and Limerick. And close behind are Tipperary, Meath, Louth and Cavan with nine plus percent growth, followed in the eight plus percent range by County Dublin, Carlow, Dublin 15, Dublin 7 and Kildare.

In Kerry three-bedroom homes increased by 4.55pc; 4-bedrooms by 9.80pc and two-bedroom apartments by 3.70pc.

Some of the area specific increases are accounted for by new blended working opportunities where people don’t have to operate from formal office settings on a full-time basis, according to IPAV’s Chief Executive Pat Davitt.

“While that is an influential factor, the main driver of increasing prices is the lack of supply of homes to meet current and pent-up demand. And that is why predictions by economists and others of house price drops during the pandemic have not materialised, forecasts IPAV called into question at the time,” he said.

Mr Davitt said his organisation welcomes the Government’s new ‘Housing for All’ plan with a commitment to invest €4 billion per year to build 300,000 homes over the next nine years.

“While the nuts and bolts of how precisely the plan is going to achieve that target remains to be seen, it is in the interest of society as a whole that the plan works because continuing house price increases at the level we are currently seeing would not be sustainable over the longer term but will not abate either until more stock comes on stream to meet supply.

He said the extension of the Government’s Rebuilding Ireland Home Loan scheme from Local Authorities was welcome but it needs to be extended further to enable all purchasers to take advantage of the 4.5 times income under that scheme, not just first-time buyers.

The IPAV Residential Property Price Barometer charts house prices achieved by auctioneers, as opposed to asking prices. Mr Davitt said while that difference is always relevant it is particularly so now given the intensity of activity where, it would appear, asking and achieved prices are diverging, often to a considerable degree.

He thanked members of IPAV for their contribution to the study which he said provides “real market evidence as opposed to speculation on prices”.

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Property & Finance

Work at height regulations

Work at heights is work in any place, including a place at, above or below ground level, where a person could be injured if they fell. Access and egress to a place of work can also be work at height. The work at height regulations under the h Health and Safety acts place an onus […]

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Work at heights is work in any place, including a place at, above or below ground level, where a person could be injured if they fell.

Access and egress to a place of work can also be work at height. The work at height regulations under the h
Health and Safety acts place an onus on employers to ensure that the work is properly planned and organised.

In advance of starting work, each situation should be assessed to determine the best method for obtaining access to the elevated position where the work needs to done.

These are the main factors you should take into consideration during this assessment:

* How long do you estimate the activity will take?
* How complex is the task?
* How many component parts need to be handled?
* How big and heavy are they?
* How high above ground level is the work be done?
* How much moving around horizontally will be necessary at an elevated position?
* What kind of access equipment is available?
* Is any additional equipment required for safe and economic working?
* Is it necessary to use a hydraulic platform?
* Are suitably trained and experienced personnel available?
* How much supervision will be required?

The work method must be discussed with all personnel and documented in a method statement.

The equipment to be considered could include:

* Trestles
* Ladders
* Hydraulic working platforms
* Mobile tower scaffolds
* Safety harnesses

All equipment should be inspected prior to use and used only in accordance with the standard operating procedures. Items such as hydraulic working platforms should only be used by trained personnel. All equipment should be included in the risk assessment documents and signed off by all users in the method statement.

The risk assessment should include a careful examination of what harm could be caused from working at height with a view to taking the effective steps to reduce the likelihood of this harm occurring, either through avoiding the activity or, where this is not reasonably practicable, by carrying it out in a safe manner using work equipment that is appropriate to the task and the level of risk.

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