LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: WESTMEATH
15th May 2024
Restoring a distressed repossessed house involves a systematic approach to address various issues and bring the property back to a habitable and marketable condition. Here are steps you can take to restore a distressed repossessed house:
Assessment and Planning:
Conduct a thorough assessment of the property's condition. Identify structural issues, plumbing and electrical problems, and any necessary repairs.
Develop a detailed plan outlining the scope of work and prioritize tasks based on urgency and budget.
Secure the Property:
If the property is not already secure, ensure it is properly boarded up or fenced to prevent unauthorized access and protect it from further damage.
Clear Out Debris and Unwanted Items:
Remove any debris, trash, or unwanted items from both the interior and exterior of the property.
Clearing out the space will make it easier to assess the extent of repairs needed.
Structural Repairs:
Address any structural issues, such as foundation problems, roof leaks, or compromised walls.
Hire a qualified contractor or structural engineer to assess and perform necessary repairs.
Plumbing and Electrical Systems:
Hire licensed professionals to inspect and repair plumbing and electrical systems.
Upgrade systems if necessary to meet current safety and building code standards.
Roof Repairs:
Repair or replace the roof as needed. This is crucial to prevent further water damage and ensure the property remains weather-tight.
Windows and Doors:
Repair or replace damaged windows and doors.
Ensure that all windows and doors are secure and properly sealed.
HVAC System:
If the property has a heating, ventilation, and air conditioning (HVAC) system, ensure it is in working condition.
Replace or repair components as necessary.
Insulation and Energy Efficiency:
Assess the insulation in the property and upgrade it if needed to improve energy efficiency.
Consider energy-efficient upgrades, such as new windows and doors.
Interior Renovations:
Renovate the interior space, addressing issues such as damaged flooring, drywall, and fixtures.
Consider an open floor plan or other layout improvements to enhance the property's appeal.
Kitchen and Bathroom Upgrades:
Upgrade the kitchen and bathroom spaces, as these areas often have a significant impact on the property's value.
Consider modernizing fixtures, cabinets, and appliances.
Paint and Finishings:
Apply a fresh coat of paint to both the interior and exterior of the property.
Upgrade finishings, such as lighting fixtures, trim, and hardware.
Landscaping and Curb Appeal:
Improve the property's curb appeal by landscaping the front yard, trimming overgrown vegetation, and maintaining a tidy appearance.
Compliance with Building Codes:
Ensure that all renovations and repairs comply with local building codes and regulations.
Obtain necessary permits for major renovations.
Professional Inspection:
Hire a home inspector to conduct a final inspection to ensure that all repairs and renovations meet safety standards.
Marketing and Sale:
Once the property is restored, work with a real estate agent to market and sell the property.
Highlight the improvements made during the restoration process.
Throughout the restoration process, it's essential to stay organized, budget carefully, and work with qualified professionals. Obtaining the necessary permits and complying with local regulations are critical to ensuring the property meets legal and safety standards. Consider consulting with experienced contractors, architects, and real estate professionals to guide you through the restoration process.
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
Why switch your mortgage?
If you’re on a fixed rate mortgage you’ll be moved to the lender’s standard variable rate when the term ends, which is more expensive.
The main reason for remortgaging is to get a better interest rate and save money.
Mortgage switching can help you:
Lower your monthly repayments
Save thousands of euro in interest
Reduce your mortgage term
How much could you save?
You could save thousands of euros over the duration of your loan if you switch to a cheaper mortgage.
You’ll have to pay legal and valuation fees, but choosing a cashback deal or similar could offset those costs.
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Get preapproved for a mortgage from multiple lenders. This process involves the lender reviewing your financial information and providing a preliminary loan amount. A preapproval letter can strengthen your position when making an offer on a home.
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Understanding your timeline helps the broker determine the appropriate strategy and loan products for your needs.
This may include preferences for working with a particular lender, specific terms, or features you are looking for in a mortgage.
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Are any of these loans to be re-finanaced /redeemed as part of your mortgage loan?
Name, Account Number, Present Balance & Date Account Opened
Lender
Amount Present Repayment Repayment Purpose To be
Account Borrowed Balance frequency amount of loan re-financed
Name and Address of Bank/Building Society
Sort Code
Account Number
Do you have a Laser Card?
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Get References:
Ask the broker for references from past clients. Speaking directly with people who have worked with the broker can provide valuable insights.
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What does it cost to remortgage?
Fees vary depending on the lender and solicitor you use. If you stay with the same lender costs will be lower, but savings may be smaller.
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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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There are various types of mortgages, such as fixedrate, adjustablerate, FHA, VA, etc. The broker will inquire about your preferences to match you with suitable loan options.
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IrishHouses: Mortgage Debt, Arrears and House Repossession
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