Mortgage deposits and second hand sellers

Heard the one about the 20% deposit for a mortgage? Here’s how you can make the most out of it – whether you’re saving for a deposit or have household goods to sell on DoneDeal A proposal from the Central Bank of Ireland (7 October, 2014) suggests that a deposit of 20% will be needed for most home mortgages from 2015. This news will have many people saving for a deposit wondering when they’ll get to buy their own homes. For others there will be a rush to get mortgage approval before the end of 2014. Whether you’re one of these people or someone who it doesn’t affect, we’ve some suggestions about how you can benefit by selling second hand items on DoneDeal. Household goods seller’s market Your situation: You plan to change your sofa/fridge/kitchen over the next few months. You’ve inherited a house and want to clear it out. You’ve got stuff cluttering the house that you don’t know what to do with. The opportunity: The expected dash for mortgages before the end of 2014 could end up being a bit of a windfall for people sellers of white goods and household furniture on DoneDeal. Any money being put aside for new furnishings may have to go into the deposit, leaving a smaller budget for furnishings and white goods, pushing first time buyers to look on DoneDeal for bargains. What to do now: Take stock of what you furniture/goods you want to change/sell Look at the going rates for similar items on DoneDeal Photograph or video your items for sale Go to the DoneDeal app on your smartphone/tablet or DoneDeal.ie on your computer Place your ad including a good description of what you’re selling Savers and first time buyers Your situation: You need more money than you have right now. You were hoping to buy next year and are not quite there with the deposit you’d need to get a mortgage by the end of 2014. You feel there’s no way you’d raise a 20% deposit next year. You know banks like to see regular savings when considering a mortgage application. The opportunity: You could boost those savings by being ruthless about selling on belongings you don’t need or use or can live without. What to do now: Figure out the shortfall you have to make up and in how much time. Here’s some figures to get you focused: €60,000 property (20% = €12,000) €120,000 property (20% = €24,000) €350,000 property (20% = €70,000) Rethink your furnishings budget. Already have a budget made out for new furniture and white goods? Revisit it by looking at the average prices of second hand goods. It will make the overall amount you need to save towards smaller. Be really ruthless about what you can sell. Think very broadly. Clothes, gadgets, DVD boxsets, your car. Take stock of what you could sell Look at the going rates for similar items on DoneDeal Photograph or video your items for sale Go to the DoneDeal app on your smartphone/tablet or DoneDeal.ie on your computer Place your ad including a good description of what you’re selling Considering buying second hand furniture Your situation: You’re going to be able to get your deposit together, leaving you little money for the new furniture and all the mod cons you planned to put into your new home. The opportunity: Why buy new when you can shop from your anywhere on your smartphone for furniture and white goods at much lower prices? Get DoneDealing along with the rest of the country. What to do now: Get over the fact that you’ll be starting out with second hand goods. See it as new to you. Start browsing on your DoneDeal app or online at DoneDeal.ie. #Electronics #Finances #HouseampDIY #Property