LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: CLARE
15th May 2024
When considering the purchase of a repossessed house, it's crucial to thoroughly inspect the electrical, plumbing, and structural aspects of the property to ensure it meets safety standards and identify any potential issues. Here's a detailed guide on what to look for in each area:
Electrical Inspection:
Electrical Panel:
Check the electrical panel for the age and type of wiring.
Verify that the panel is properly labeled, and all circuits are identified.
Look for signs of overheating, such as discoloration or a burnt smell.
Wiring:
Inspect the wiring throughout the house for any visible damage, fraying, or outdated materials.
Check for the presence of aluminum wiring, which may require special attention.
Outlets and Switches:
Test outlets and switches to ensure they are functioning properly.
Look for loose or damaged outlets and switches.
Light Fixtures:
Check the condition of light fixtures and ensure they are securely mounted.
GFCI Outlets:
Identify the location of GFCI (Ground Fault Circuit Interrupter) outlets, especially in kitchens, bathrooms, and outdoor areas.
Electrical Code Compliance:
Assess whether the electrical system complies with current building codes.
Consider consulting with a licensed electrician for a more detailed inspection.
Plumbing Inspection:
Water Heater:
Check the age and condition of the water heater.
Look for signs of corrosion or leaks.
Pipes:
Inspect both visible and accessible pipes for leaks, corrosion, or damage.
Verify the material of the pipes, especially if the house is older.
Water Pressure:
Test the water pressure in faucets and showers to ensure it's adequate.
Low water pressure could indicate plumbing issues.
Drainage:
Inspect sinks, showers, and tubs for proper drainage.
Look for signs of water damage around fixtures.
Toilets:
Check for leaks around the base of toilets.
Ensure toilets flush properly without clogs.
Sewer System:
Consider hiring a professional to perform a sewer line inspection, especially for older homes.
Structural Inspection:
Foundation:
Inspect the foundation for cracks, settling, or other signs of structural issues.
Look for uneven floors, doors that don't close properly, or windows that stick.
Roof:
Assess the condition of the roof for missing or damaged shingles, and signs of leaks.
Check for the age of the roofing material.
Walls:
Look for cracks, water stains, or bulging in interior and exterior walls.
Check for signs of water damage or mold.
Windows and Doors:
Ensure windows and doors open and close properly.
Look for signs of water infiltration around windows and doors.
Attic and Crawlspace:
Inspect the attic and crawlspace for signs of water damage, pests, or insulation issues.
Termite Inspection:
Consider a termite inspection, as these pests can cause significant structural damage.
Building Code Compliance:
Verify that the property complies with local building codes and regulations.
For a comprehensive assessment, it's advisable to hire licensed professionals, such as electricians, plumbers, and structural engineers, to conduct specific inspections. Their expertise can help identify potential issues and provide estimates for any necessary repairs, aiding you in making an informed decision about purchasing the repossessed house.
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
Minimum Requirements: Different lenders may have varied requirements, such as a minimum time in employment or specific visa requirements. Choose a lender whose criteria align with your situation.
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Depending on your timeline, consider investing a portion of your savings in lowrisk, liquid assets. Consult with a financial advisor to determine the best investment strategy based on your goals and risk tolerance.
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Mortgage brokers are typically knowledgeable about the mortgage market and can provide guidance on the best loan options based on your financial situation and goals. They can explain complex terms and conditions.
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The demand and supply dynamics of the housing market in Ireland can also influence mortgage rates. If there is high demand for housing, lenders may adjust rates accordingly. Additionally, the stability of the housing market and the risk associated with mortgage lending can impact rates.
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Check for Red Flags:
Be cautious of brokers who pressure you into making quick decisions or those who make promises that sound too good to be true. Transparency and honesty are essential.
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Security Location/Type: The property you intend to purchase can affect your mortgage terms. Lenders may have preferences for certain locations or types of properties. Be aware of this and research how your property choice aligns with your lender's criteria.
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Stable Employment: If possible, avoid changing jobs during the mortgage application process to demonstrate stability to lenders.
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Don't assume a temporary increase in salary, such as a bonus or commission, will be considered in your ability to repay your mortgage. Other income, such as rental income, should also be mentioned.
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IrishHouses: Mortgage Debt, Arrears and House Repossession
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