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Buying a house that requires some renovations

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  • 25-09-2016 12:33am
    #1
    mooneyd
    Registered Users Posts: 599 ✭✭✭


    Hey everyone I was wondering if you could clear something up for me as a young first time buyer I don't know what the process is.

    When people buy a house and they need to make renovations. (double glaze windows and new floors.) what is the process? Can I add this onto my mortgage is it a separate loan? Are all renovation loans max 5 year terms?


    Thanks,
    Dan


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    #2
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    mooneyd wrote: »
    Hey everyone I was wondering if you could clear something up for me as a young first time buyer I don't know what the process is.

    When people buy a house and they need to make renovations. (double glaze windows and new floors.) what is the process? Can I add this onto my mortgage is it a separate loan? Are all renovation loans max 5 year terms?


    Thanks,
    Dan

    Generally the mortgage offer is related to the purchase price rather than purchase price plus renovation costs. You may need a seperate loan for the renovation costs which may have a higher rate and shorter term. Usually buyers use their own money for this and factor that into what they can pay for the property. Bare in mind, renovations/refurbishment always costs more than you think so give yourself an extra €5-10k of wriggle room, if it's an old house, the more you do the more you find.


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