Hunt for homes in Galway City below new loan limit
First time buyers who want to purchase property in Galway city have a reasonable selection of options that fall on the €220,000 mark and under.
It was announced last week that banks will be able to lend up to 90% of the value of the home to first time buyers who purchase houses up to a limit of €220,000. Loans also cannot exceed 3.5 times a household’s annual income.
This means that first-time buyers will need a 10% deposit for the first €220,000 of their property's cost but if they choose a property in excess of this they will have to stump up 20% of the balance.
Already potential first time buyers are trawling through the property websites to see what is out there. Obviously most will be hoping to source a new home that requires the lower deposit.
In terms of Galway city there are a number of options out there, but unfortunately first time buyers who want to keep in this bracket have little chance of getting a detached home.
Most of the properties on offer for the €220,000 mark are semi-detached homes, end-of-terrace houses or two and three bedroom apartments – some of these located close to the city centre.
Obviously the spending limit would realise a much more substantial property the further the buyer goes from the city, but when it comes to location, the dwellings are not as upmarket.
But at the same time O’Donnellan and Joyce are offering a three-bedroom townhouse at College Road for the magic €220,000 price as well as a four-bedroom semi just off the Western Distributor Road in Knocknacarra.
However, it is mainly three bedroom semi-detached houses or apartments that fall within this price bracket in the city.
However, a five-bedroom detached house at Knocknacarra being sold by the same auctioneers comes within the limit. It is less than a mile from Salthill prom.
Another property which caught the eye is a five-bedroom detached home at Monument Road, Menlo which is being sold by Sherry FitzGerald Galway. This carries a €215,000 price tag and stands on a site in excess of half an acre.
But for those who wish to start off by owning a home slap-bang in the city centre then there is a three bedroom apartment at Hynes Yard for €220,000 which overlooks the Docks and Galway Bay.
Another four bedroom apartment at Hynes Yard is being sold by Allman Reynolds Auctioneers for a very affordable €200,000 while a two bed apartment at New Docks is being sold by Gormally Auctioneers with an asking price of €210,000.