Rent to buy housing

[Ooompa]

Does such a thing exist in Cork? There are empty houses in almost every area of the city, is anything being done with them?

 

[Jim Comic]

i think some developers had a scheme where you could rent for two year and then if you decided to buy then the rent already paid would come off the purchase price.

don't know if anyone went for it though

 

[MissRedSocks]

Does such a thing exist in Cork? There are empty houses in almost every area of the city, is anything being done with them?

hi, i think you could approach a few developers, ive seen some in maryborough woods. 3 bed town houses, tiny out though, cant remember the price but i remember thinking, what a rip off, at the time

 

[Direct Hit]

Check that the walls aren't made of Corn Flakes boxes first.

 

[RutlandStreet]

I don't think they make much sense, if you have a developer involved you can be sure they benefit the most.

They should look at shared ownership in conjunction with a social landlord, that works fairly well here.

 

[Dookey]

Jacobs Island do it.

 

[Paddy Wagon]

BAD idea! Avoid like the plague!
Friend of mine has just surrendered hers on her solicotors advice! She had it with two years and had agreed a fixed price(which they all do) first day! This price was fixed at something like €250k AFTER paying two years rent on top of that and kitting it out top to bottom! Turns out the house 3 doors down recently sold for €168k at a push.
She had to walk away from it and move back in home while the developer is chasing her for walking away from the contract!
I'd warned her about this exact eventuality first day but she refused to listen and is now up shit creek having signed the contract and pumping a fortune into kitting out the house!

 

[Macoitir]

Jacobs Island do it.

Just saw the sign about 3 minutes ago

 

[RutlandStreet]

BAD idea! Avoid like the plague!
Friend of mine has just surrendered hers on her solicotors advice! She had it with two years and had agreed a fixed price(which they all do) first day! This price was fixed at something like 250k AFTER paying two years rent on top of that and kitting it out top to bottom! Turns out the house 3 doors down recently sold for 168k at a push.
She had to walk away from it and move back in home while the developer is chasing her for walking away from the contract!
I'd warned her about this exact eventuality first day but she refused to listen and is now up shit creek having signed the contract and pumping a fortune into kitting out the house!

This is the biggest pitfall, with a shared ownership you buy a percentage and step up to eventually own the property when it suits you. You buy any extra at the current market value and if you sell you get the profit for the percentage you own.

You have to pay rent on the bit you don't own but its still cheaper than buying outright and you dont have a huge deposit to find.

 

[Ooompa]

Cool. Chhers for the info folks.