Hi,
I'm interesting in purchasing a house that requires renovation prior to making it habitable.
I've 250k approved with AIB (in principle).
I've 150k cash.
The house cost is 300k
The renovation cost is 75k
Thus, I would need to borrow (300k + 75k) - 150k = 225k.
Would the bank readily lend my 225k to buy this house or might they shy away because it requires renovation?
What hoops do I need to go through to get them to lend me the money?
How can I compete with full cash buyers in this situation?
Thanks for you advice.
I'm interesting in purchasing a house that requires renovation prior to making it habitable.
I've 250k approved with AIB (in principle).
I've 150k cash.
The house cost is 300k
The renovation cost is 75k
Thus, I would need to borrow (300k + 75k) - 150k = 225k.
Would the bank readily lend my 225k to buy this house or might they shy away because it requires renovation?
What hoops do I need to go through to get them to lend me the money?
How can I compete with full cash buyers in this situation?
Thanks for you advice.