We were mentioned recently in the Irish Times by Frances O’Rourke in a piece about first time buyers.
Mortgage broker Karl Deeter is just as certain of the trend towards houses: “The overwhelming majority of our clients, over 90 per cent, are not looking to buy apartments.” He doesn’t think people are – or should – make a decision to buy on the basis that their mortgage repayments would be similar to their rents.
Many people will stretch a little to pay the mortgage on a house they plan to live in forever “or at least the foreseeable future”. (He also reminds would-be buyers that mortgages taken out next year will get a reduced rate of mortgage interest tax relief before it disappears after 2012.)
There are two important points covered in this piece in terms of what we are telling our clients. Firstly is that buyers are not after apartments, in fact, a lot of renters are not either – and in the apartment space there is huge supply versus the semi-d supply, this is true of virtually all areas. The other point is about TRS being severely reduced, something we covered over in MyHome.ie on their blog in a post about that very topic!
The difference to a buyer by not availing of TRS may be large in terms of cost so it is worth checking out to see how it may or may not affect your situation.
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