Uncertainty about property values and borrowing capabilities is rampant in these tough economic times, so it is refreshing to see a builder taking on these issues and presenting a package that will calm the nerves and ease the transition from rental market to owner occupier.
Coffey Homes has put heads together with the Ulster Bank to organise a scheme known as ‘secure step’ finance. The purpose of this scheme is to allow purchasers in Coffey’s Tuam development, Carraigweir, to enjoy the benefit of 95 per cent finance (subject to terms and conditions ) while offering a bank guarantee of up to 15 per cent of the price of the property purchased. What this means is that the property is revalued in five years — and if the value is lower than the current purchase price by up to 15 per cent, then Ulster Bank will reduce the existing mortgage on that property by the reduced value, up to a maximum of 15 per cent. This offers a first time buyer built-in stability in the market value of the home.
Carraigweir has seen huge price reductions in recent weeks with four bed semidetached houses now priced at €180,000 for a 1,800sq ft, energy efficient home which comes with all floor coverings finished and with all electrics integrated in the oak fitted kitchen together with fully tiled bathrooms (three ) and fitted wardrobes. The three bed semidetached is priced at €140,000 and the same level of finish applies.
“This is a real boost to any serious home seeker in the current climate,” said Martin Gohery of selling agents Gohery Properties. “Lack of available finance and nervousness about the bottom of the market are causing genuine homeseekers to hesitate. This initiative offers security on both counts. Consider also that these homes are the cheapest per square foot in the county, the high level of finish, the excellent energy efficient heating system bringing down the cost of heating your home, and a superior build quality, and I think this development ticks all the boxes for anyone seeking a new home at the moment.”
Martin Gohery is available at (091 ) 767040/(086 ) 1730171 and the showhomes in Carraigweir, Weir Road, Tuam, are available for viewing by appointment. Call Gohery Properties today at (091 ) 767040.
