Tipperary 'Starter Homes' at €40,000 below market value
Three-bed semi-detached homes are to be made availlable at around €310,000 each
Four ‘Starter Homes’ at a cost of about €310,000 are to be made available at Lakeview in Carrick-on-Suir through Tipperary County Council’s ‘Starter Home Scheme’ (formerly known as the Affordable Home Scheme).
Three of the homes are valued at €350,000 on the open market, but are being made available at a price of €309,362. The fourth is valued at €365,000, but will be offered through the council at €310,326. The fourth, more expensive property, includes a bay window.
All four houses are three-bedroom semi-detached properties, at about 105 square metres.
Through the Starter Homes Scheme, properties for successful applicants are sold at a price lower than the market value. In return, Tipperary County Council will take a percentage equity interest in the home equal to the difference between the open market value of the home, and the price paid by the buyer.
Applicants must be a First Time Buyer or meet the exceptions under the Fresh Start Principle, and applications close on September 30th. Applicants are obliged to maximise their mortgage capacity (four times the gross household income).
Applicants will be required to demonstrate their inability to secure Standard Mortgage Capacity, but some exceptions apply.