Hi,
I'm looking to buy a property (prob. worth €350k) off my parents. The house is in need of complete renovation. I, as a single applicant can only get a mortgage for approx. 200k.
Can anyone tell me:
Q
i have also posted this on the mortgages thread, but have had no response.
I'm looking to buy a property (prob. worth €350k) off my parents. The house is in need of complete renovation. I, as a single applicant can only get a mortgage for approx. 200k.
Can anyone tell me:
- If i buy the house from them at 200k, how do i go about funding the renovations ? which, i presume between plumbing, roof, rewiring, extension etc will cost around 100k. Do banks give an extra amount, which isn't calculated into the mortgage amt for renovation costs?
- Does anyone know of a way that i can get it valued in the state its in, but not buy it from them till its renovated (so i'm not paying mortgage during the rebuild?, and the value, from their tax point of view is less)
- Anyone know of the tax implications of this from their point of view, and mine? It's not their primary residence.
- Would the diffence ie the €150k that i can't give them, should they put a clause into their will to say to leave me 150k short, or would it be put into some other agreement? (just to keep other siblings quiet).
Q
i have also posted this on the mortgages thread, but have had no response.