Category: buying real estate

Generation rent

Generation rent is a generation of young adults who, because of high house prices, live in rented accommodation and are regarded as having little chance of becoming homeowners.

Doesn’t this feel like flushing money down the toilet?

First time buyers in England are not having it easy.

Before they can get a foot on the property ladder they may spend many years renting and end up spending more than 50,000 Pounds in rent.

Figures from the Association of Residential Letting Agents show that tenants will be renting for an average of 13 years and in 2015 spent 22% of their wages in rent. Continue reading Generation rent

Property transactions costs comparison between the US and Europe

I recently read an article which indicated that transaction costs for US property average between 9 and 10%. This seems staggeringly high to someone like me who is more used to costs around 2%.

The seller has to pay the majority of the US transaction costs and the largest part by far is the Real Estate Broker fee which is typically 6%.

Similar costs in Northern Europe are between 1.5 and 3%. Other overall costs are pretty comparable and consist mostly of taxes and legal fees.

Continue reading Property transactions costs comparison between the US and Europe

Property viewing – what to look out for when buying a home?

Property viewing is vital to check on the construction quality, property boundaries, and energetic condition. When you like to buy a house there are a lot of things to check and consider.

Quality of life is the most important goal when buying a home. To make buying a home a worthwhile investment in the future, you need a cool mind and ideally the advice of an expert.

Property viewing is of immense importance.

You get a first impression of the property already when seeing some photos of it. But this can never replace a real property viewing. You would not be able to see the smell or see the noise of a nearby road on the photos. Continue reading Property viewing – what to look out for when buying a home?

The lack of a single European Property Website

Most countries have a main property website or two that covers the whole country.

The US also has a couple of major sites which appear to cover the all states (www.realtor.com being the one I have used).

One thing that seems to be missing in Europe is a joined up property website.

One that  summaries all properties for sale throughout the whole European area.

Continue reading The lack of a single European Property Website

Should I become a Landlord?

After writing many blogs stating the advantages and disadvantages of being a Landlord it seemed natural to talk a little about whether it is a good idea or not to become one in the first place.

There are several factors that this depends on.

The first might seem a surprise but I think it so important: your age! Why might you ask? Well in my opinion the job of a Landlord needs energy. As a younger man I loved the challenges associated with it: fix this, write a reference, unblock a drain…. all the usual things. Continue reading Should I become a Landlord?

Moving back with the parents to save up for a deposit

There is really no way around it, if you are planning to buy a home you will need to have enough for a 10% deposit.

The way things go, you will need to save at least 20k to 30k before you can dream of getting a place you can call your own.

Now the tricky part, unless you have a good “parents bank” to back you up, this sum may take years and years to put together.

In the meantime, you need to live somewhere and as we all know, rents can be quite hefty. Continue reading Moving back with the parents to save up for a deposit

Can’t afford to buy a home? What about Shared ownership?

If you are thinking about buying a home, the first thing you need to do is to put together enough money for a deposit – typically 10% of the selling price and them be able to demonstrate that you can pay your mortgage.

Easier said than done; it may take many years of savings to come up with enough money for a deposit…and as property prices continue to raise the chances to borrow the amount you need may get slimmer and slimmer.

Here is an idea: What about Shared ownership?

Continue reading Can’t afford to buy a home? What about Shared ownership?

Buying a home with a friend

High property prices and hefty deposits meant, for many first-time buyers, putting off the dream of owning their first home. But here is an idea – why not to join forces with a friend or two to get your foot on the property ladder?

That’s exactly what more and more young professionals are doing.

Soaring property prices and stagnant wages meant that just over a quarter of those aged between their mid-twenties and mid-thirties can manage to own their own places. Continue reading Buying a home with a friend

Where do you want to live? Suburbs or city center?

Do you like it Green and quiet or you are rather in the middle of the action?

Suburbs or city center, close to the park or the shopping center: Before choosing to buy a property, you need to choose the right location.

Families are drawn to the outskirts or suburbs

On the outskirts and in suburbs are the typical development areas with charming terraced houses, as well as detached houses of developers. Continue reading Where do you want to live? Suburbs or city center?

Irish government affordable mortgage scheme

In the last few weeks the Irish Government launched a mortgage scheme to help low and middle income families (with salaries up to €75k per annum) get their first home.

The scheme offers very attractive lending rates (as low as 2% fixed for 25 years). Also, applicants do not need to adhere to the strict central banks rules for income.

The mortgage scheme will be open to new, second hand, and even self build homes.

Continue reading Irish government affordable mortgage scheme