O’Donnellan & Joyce auctioneers has reported that more than 200 first time buyers registered with the company when it had more than 20 houses, at major discount prices, open to the public last Saturday. Colm O’Donnellan of O’Donnellan & Joyce auctioneers said that first time buyers are now realising that with major discounts available on houses — semi detached homes available from €250,000 to €300,000 — that it is now cheaper with current interest rates to buy than to rent, especially when a large number of the houses throughout Galway city have been discounted by €50,000 - €100,000 off their original prices. With more than 20 houses on view 10 of the houses received offers and are currently under active negotiation.
If you buy a house at €300,000 and get a 92 per cent mortgage the repayment currently is €1,059 per month and when you take your tax relief available as a single person it brings it down to €887 per month. This makes a lot more sense than renting a house at €1,000 or more per month. In addition €10,000 per annum of rent accumulated from any room/rooms in a person’s principal residence is exempt from taxation under the rent a room scheme.
Now is an ideal time for first time buyers. O’Donnellan & Joyce will again open a number of properties this Saturday with major discounts available on all properties.
Open viewings this Saturday February 7:
11am to 12 noon: Carraigoran, Moneymore, Oranmore; Orchard House, Stradbally East, Clarenbridge.
12.30pm to 1.30pm: No 90 Tirellan Heights, Headford Road; No 73 Dangan Heights, Newcastle; No 3 Greenfields, Newcastle.
2pm to 3pm: No 76 Drisín, Ballymoneen Road; No 125 Slí Gheall, Ballymoneen Road; No 108 Liosmor, Cappagh Road; No 9 Rosedale, Taylor’s Hill.
3.30pm to 4.30pm: No 2a Fairhill House, The Claddagh; No 15 Arasáin na Mara, Salthill; Furrymelia West, Barna.
