By ruth Uncategorised 0 Comments

Ten tips before you start your renovation

 

Enlisting professional help will save you money in the long run and help keep you on budget

Joanna Roberts

1. Take a holistic approach
Before jumping into a renovation project, think about what you want to achieve. For example, rather than deciding you need new windows, think about the problem you need to solve. Do you want more light? More heat? Better garden access?

John Martin, director of the home retrofitting company Renova, says you should think holistically, taking into account walls, floors, roofs, windows, doors, electrics, heating and plumbing. “Consider everything and come up with a shopping list,” he says. “You can miss out on an opportunity if you don’t think things through.”

2. Enlist help
“The more professionals you employ to assist you, the better,” says quantity surveyor Patricia Power. “It saves you money in the long run and you know where you stand. The advantage of a quantity surveyor is that they will keep your bills on budget from day one. If you’re stuck on one aspect they will advise you on where you can save elsewhere.”

She says an architect is a must, and you will also need an engineer if you’re moving walls. Under the new building regulations, a registered architect, building surveyor or chartered engineer is required to act as a registered certifier for construction work that extends to more than 40sq m.

3. Take your time with design
While it may be tempting to skip on professional fees, Power recommends sitting down with an architect to help design your project. “They can bring in a whole new dimension and see stuff that you don’t see.”

An architect will also be able to give you a good estimate of cost so you can assess whether your plans are achievable with your budget before you apply for planning permission. “A lot of people get excited and want to get started. I have known people who have got planning but then realise they can’t afford it,” says Power.

4. Check planning permissions
If your renovation project includes an extension of more than 40sq m, you will need to apply for planning permission. Anything under that may qualify for an exemption, but you should double-check before you begin work. Undertaking work without the correct permission could result in a fine or create problems when it comes to selling your house. If in doubt, talk to the planning department of your local authority.

5. Secure financing
Some banks have announced funds to provide loans or mortgage top-ups to people who want to carry out renovation work. If you are taking out a bank loan to fund your project, make sure you include any extra repayments in your budget.

6. Take advantage of incentives
Homeowners may claim up to €4,050 in tax relief on renovations thanks to the Government’s new Home Renovation Initiative. Under the scheme, you are entitled to reclaim the VAT on projects that cost between €5,000 and €30,000 but you must use a builder who is tax compliant. Ask to see their Notification of Determination showing a zero or 20 per cent Relevant Contracts Tax rate.

The Better Energy Homes scheme run by the Sustainable Energy Authority of Ireland, provides grants for roof insulation, wall insulation, boiler and heating control upgrades and solar panels.

To avail of the grant, your house must be built before 2006, you must have the grant approved before work commences and the work must be carried out by one of the authority’s registered contractors. Note that a grant will reduce the level of your tax relief under the Home Renovation Initiative.

7. Include the detail
Include as much detail as possible when you go to tender so you can easily compare quotes. “I often see people who have gone out to tender on a drawing and spec basis only and can’t compare builders,” says Power. “It’s very hard to get parity until you’ve done a detailed schedule of work. I put everything in, from floor finishing, painting walls and tiling. Then you can be sure that the cheapest is the cheapest.”

A detailed tender will help you control costs as the project progresses and means you can easily adjust the quote if it is over budget.

8. Approach a selection of builders
When sourcing builders, get a mix of recommendations: a couple from your architect, a couple from your surveyor and a couple from friends.

“If a builder and a surveyor have worked together before then they get to know each other’s pricing,” says Power. Gathering recommendations from different sources will ensure a fair spread of quotes.

Power advises ascertaining whether a builder is genuinely interested in securing the work, by noting whether they ask questions, want to visit the site and send through a full schedule of work.

“If they have taken time to engage with you and show interest in the tender process then they are likely to be interested in the job.”

9. Make sure your builder is compliant
Currently anyone can set up as a builder, so it can be difficult to know if they’re reputable. In order to address this, the Construction Industry Federation is in the process of compiling a register of builders, the Construction Industry Register Ireland. This will provide a searchable database of builders who conform to certain standards and, in theory, raise the quality of construction projects.

Jimmy Healy, a spokesperson for the federation, says that while the register goes live this month, it will take some time to populate. In the meantime, you can ask a few questions to ensure your builder is legitimate. “You should see if they’re VAT registered or ask for a C2 cert. Ask if they have insurances in place, because a lot of them don’t. Ask about their health and safety qualifications.”

10. Be safe and be covered
If you’re using an architect, surveyor or engineer, they should have their own professional indemnity insurance. Builders should be covered for public liability, employer’s insurance and contractor’s all-risk insurance. People carrying out self-builds should consider taking out self-build insurance.

If your project is going to last more than 30 days then you must notify the Health and Safety Authority of the work. Where more than one contractor is on site, you must also appoint a competent project supervisor at both the design and the construction stage to carry out certain safety requirements and prepare a safety file, which you then pass on to anyone carrying out future works.

CHOOSING THE RIGHT PROFESSIONAL
Make sure your architect, surveyor or engineer is chartered or registered with their professional body. This will ensure they have the right qualifications, undertake continuous professional development and are up to speed with regulations.

The most important professional to get right is the architect. Talk to three or four, talk to their previous clients, and make sure you like the work they have done before.

Whether your architect or someone else manages the project, the interpersonal relationship is vital. Trust your instinct on whether you will work well together. Take your partner or a friend along for a second opinion.

Make sure they have professional indemnity insurance and have the capacity to take on your project with their current workload. Don’t use fees as your only criteria. The cheapest won’t necessarily give you what you want.

Under the building standard regulations (amendments), which came into force on March 1st and apply to any construction project of more than 40sq m, an assigned certifier must carry out inspections at the beginning, during and at the end of the project to certify that everything is on track and to issue certificates of commencement and compliance. Homeowners will need to sign the commencement certificate, appoint a certified builder, appoint a certified professional and notify the building control authority of any changes.

Certified professionals can include architects, building surveyors and civil engineers.

By ruth Uncategorised 0 Comments

Thinking of buying a second-hand car? Here’s what to keep in mind

Donal Byrne

Buying from a registered SIMI dealer gives you legal recourse, which is vital

 

So how is the second-hand car market these days? Good and bad, depending on who you ask. Dealers say second-hand

sales have slowed in the past few weeks, with cars valued at €10,000 or less selling well but cars above that not moving as well.

A major factor in the supply of second-hand cars is the value of sterling. We have long been big importers of used cars from Northern Ireland and the rest of the UK, so the value of sterling has a direct impact on their price here.

With sterling at its current high, imports have slowed noticeably. Motorcheck.ie says that registrations of imported cars were down 27 per cent in May and down 12.6 per cent over the course of the year. This trend compounds the stock shortage and means the buyer has a smaller selection to choose from. Motorcheck.ie adds that demand far exceeds supply; used-car prices remain high and bargains are hard to find.

But one Dublin dealer says he is routinely discounting cars valued at more than €10,000 by as much as €1,000 for a cash sale, so that he can reduce stock – a critical concern for dealers. So a car valued at less than €10,000 will not carry an attractive discount and the quality of cars on offer is not as high. Once you move above that price there are more attractive offers and better discounts, especially as dealers push 152-plate sales and attract better trade-ins.

What are the pitfalls of buying second-hand these days?

Potential buyers may look at advertising and feel there has never been a better choice, but buying a car is as fraught as it ever was. Sales are generally divided into three categories: buying privately, buying from an advertiser in the trade, or buying from a dealer.

Buying privately is always a gamble. You can be very lucky and find a private seller who has every document to hand, has looked after the car and has a full service history – plus the advantage of having a home address that you can visit. These days you may also find someone (who could be a car “trader” or private seller) who wants to meet you in a shopping-centre car park, asks you to bring cash or bank draft and is vague when answering your questions.

You don’t have to have scored highly in a Mensa test to figure out that this is a complete risk and that you are leaving yourself open to dealing with hucksters. Many of these are contactable only by mobile phone – known in the trade as a “ready to throw” phone. There will almost certainly be consequences. Certainly, you will have no guarantee and no realistic chance of a comeback in the event of a problem.

A more secure option is to go to dealer who is registered with the Society of the Irish Motor Industry. You will pay extra, but you then have recourse through the Simi mediation scheme, the courts and the National Consumer Agency.

Bear in mind that not all dealers are registered with Simi. One dealer with a Dublin premises is awaiting sentence on four convictions relating to the sale of two cars that were previously crashed and whose histories the new owners had no idea of.

Another Dublin dealer says he has dealt with three customers with relatives who had bought cars from the UK that had been written off by insurance companies. Running a check with a company such as Motorcheck.ie is vital before buying these days.

What about “mileage clocking”? And is a valid NCT certificate not a guarantee of roadworthiness?

Mileage clocking still happens, but it’s not as widespread as it once was. If you have been out of the car-buying game for some years, or you are buying for the first time, ask someone knowledgeable to come with you. There are ways for someone with specialised knowledge to check for oil leaks, internal leaks, possible gasket problems, excessive wear and tear, and timing-belt and other expensive issues. A main dealer should be offering you a year’s guarantee for a reasonably new second-hand car and six months’ guarantee for an older car, so that is a preferred option.

If you don’t have the services of a good mechanic, you should buy only from a main dealer. An NCT certificate – beware of fakes – proves only that a car is generally roadworthy. It does not guarantee that the engine is not ready to blow up or that the car has not been crashed and then repaired.

Where to start, then?

Do your research and know exactly what you want to buy before you set out to look for it. Be aware of things like the fact that the average mileage on a car ordinarily used should be less than 20,000km a year, have knowledgeable advice to hand, ensure you carry out a history check, do not meet people away from a home address or an established premises, tend towards a registered Simi dealer, remind yourself that if it looks too good to be true then it probably is, be aware of online “traders” posing as private sellers, demand all appropriate documents (again, beware of fakes), value a car’s service history (yet again, beware of fakes), don’t go to look at a car in the dark or in the rain, and, above all, maximise your options for legal recourse.

By ruth Uncategorised 0 Comments

Why PCP may NOT be the best way to finance your car. Here are some other options to consider

The Irish Independent’s Personal Finance Editor guides you through the alternatives and outlines the pitfalls to help save you money on buying a car

There are several options available when financing a car.1
There are several options available when financing a car.
Charlie Weston

Charlie Weston

The growing popularity of PCPs (personal contract plans) has obscured the fact that there are several other viable options for financing the purchase of your car.

This applies whether it is a new or used motor.

Motorists often spend more time shopping for a car than thinking about how to finance it.

Experts say this is a mistake.

The upturn in our economic fortunes means there are now plenty of good-value motor finance deals available.

Getting a low interest rate is the key to getting a good deal.

AA Ireland advises consumers to buy in cash but if that isn’t always possible, then look around for various credit options.

“The best way to buy a car is with cash. Easy advice to give but of course most of us will need to finance the car in one way or another.

“If you need to borrow part of the amount, don’t automatically take the dealer’s finance. “It’s always worth getting alternative quotes – preferably before you start viewing cars so you know what you can afford,” says Conor Faughnan of the AA.

However, surveys have shown that up to half of drivers admit they have no idea what interest rate they are paying on their current finance package.

Credit unions

Credit unions were traditionally where people went to for car finance. And they have plenty of money available, as most of them are under-lent.

Their rates are competitive, despite each one setting its own loans rates.

Car loan rates are often lower than other rates within the credit union, with some charging as little as 5pc.

The big advantage with funding through a credit union is that you own the vehicle, rather than leasing it, or effectively renting it as you do through a PCP deal.

To borrow from a credit union you need to become a member first and save with it.

To join your local credit union, you must be living in the area that it serves, but you might be employed in a company that has a staff credit union or a member of a professional body that runs its own credit union.

The process is much like applying for a loan with a bank in that you’ll need, in this case, three recent bank statements and three payslips.

Then it will discuss suitable loan amounts and the duration before processing your application. It will also ask permission to check your credit history with the Irish Credit Bureau.

You will also need to provide evidence, such as a sales invoice, that you bought the car.

This is to stop people pretending to borrow to buy a car, but then use the money for something else.

Hire purchase

Car buyers don’t always realise that the car finance they are offered in sales rooms is actually a hire-purchase agreement.

This was traditionally a forecourt favourite.

The key difference between a hire purchase (HP) agreement and a personal loan is that by buying a car with a personal loan you own the car as soon as you hand over your money.

With a hire purchase agreement, you do not own the car until you pay off every last cent on the HP deal.

At the end of the agreement, the finance company passes ownership of the car to you, provided you have made all the repayments.

Interest rates on HP deals are attractively low.

Ford charges interest rates of as low as 3.9pc APR (annual percentage rate) on some models.

This is very competitive compared with the interest charged for a personal loan by a bank.

But with HP it is worth remembering that you can have the car repossessed if you continually miss repayments, while they are a range of fees and charges built into the deals.

If you are having difficulties meeting the agreed monthly repayments you may be charged a fee of €60 if the lender agrees to change the terms of the agreement, according to the Competition and Consumer Protection Commission.

You can have a penalty fee imposed for missed monthly repayments. In addition to this you could have an interest surcharge added in.

You don’t have to rely on the dealer for a HP deals. Banks and finance houses are now offering them.

AIB has a fixed interest rate of 8.45pc on its hire purchase deals, with a typical agreement for more than four years.

First Citizen, which also offers deals through the State’s 1,100 post offices, is offering hire purchase deals, saying that typical interest rates are 8.5pc. A minimum deposit of 20pc is required.

Personal loans

Banks are back trying to tempt us to take out car loans.

AIB offers interest rates of 12.99pc for loans that are less than €10,000.

If you are borrowing more than this, the interest rate falls to 9.99pc.

Permanent TSB claims you can get approval in three hours as long as have a current account with the bank with your salary going into it.

It claims to be offering 100pc finance, with no balloon payments.

The interest rate depends on the age of the car you wish to purchase. This means that cars registered between 2011 and 2013 will have rate of 8.9pc.

Bank of Ireland offers loans for amounts up to €7,000. It says the interest rates can be as low as 7.5pc, but can vary depending on individual circumstances.

KBC offers a 2pc discount for current account customers. The rates depend on the amount you are borrowing, with lower interest rates on larger amounts borrowed.

Ulster Bank’s representative interest rate of 8.17pc is for loans of €10,000 over five years.

PCP

Personal Contract Plans (PCPs) are becoming dominant in the car finance market.

PCP is essentially a new twist on the old hire purchase agreement.

You pay a deposit, which is typically between 10pc and 30pc of the value of the new car.

You then make monthly payments, which will usually be for three years.

At the outset you agree the number of kilometres you are going to clock up over the period of the agreement. If you keep to this, the car will have a pre-agreed value at the end of the deal, known as the minimum guaranteed value.

At the end of the three years you have a number of choices. You can buy the car outright for the guaranteed value agreed at the start.

Alternatively, you can hand back the keys and walk away.

The option that most people take, and the one the dealer will be hoping you opt for, is to exchange the car for a new model. You finance this with a new PCP deal.

The agreed minimum value for the car you are parting with is effectively the deposit for the new one.

The key thing to remember about a PCP is that you do not own the car unless you buy it outright at the end of the agreed term.

The small print –

the bits to remember and watch out for:

* High mileage can mean a lower minimum guaranteed value.

* A lot of wear and tear may also mean you do not get the full value of the car agreed at the start of the deal.

* If you have a crash and the cost of the repairs is greater than 66pc of the original list price then you may also not get the minimum value you were hoping for.

* Because a lot of the repayments are deferred, the interest costs may be low initially, but the total ends up being high over the full length of the agreement.

* Dealers and car-company banks are able to offer lower interests rates on the deals for the first three to five years because they retain ownership of the vehicle, lowering their risk.

By ruth Uncategorised 0 Comments

Olympic Champions Gary and Paul O’Donovan unveiled as new Credit Union Youth Ambassadors

Olympic silver medallists Gary and Paul O’Donovan have been unveiled as the new Credit Union Youth Ambassadors for the Irish League of Credit Unions. The rowing champions were officially announced as Ambassadors at the ILCU’s Youth and Marketing Conference in Athlone on Saturday 25th February. Delegates from credit unions across the island of Ireland were in attendance to see the sporting heroes officially announced as ambassadors by ILCU President Brian McCrory.

Newstalk 106 FM presenter Chris Donoghue was on hand to interview the sports stars live on stage, while a video filmed for credit unions by the two brothers was also premiered at the event.

The overall theme of the youth conference was Digital Marketing and Social Media. There was a specific focus on how credit unions can develop their use of platforms such as Facebook, YouTube, Instagram and Snapchat to communicate with Millennials and Generation Z. Guest speakers included Zeminar co-founders Ian Fitzpatrick and Damien Clarke, Advertising Partner Manager at Facebook Lizzy Lillington-Lester, and Trendster co-founder Jack Cullen. A panel discussion on ‘Reaching the Next Generation’ was another highlight of the two-day event.

Speaking at the announcement of the Youth Ambassadors, ILCU President Brian McCrory said “Gary and Paul O’Donovan embody the spirit of co-operation and the ethos of working together towards a common goal which is so important to the credit union movement. Their accomplishments in rowing at global level and their achievements at the 2016 Rio Olympics make them ideal role models for young people in our communities, and indeed ideal ambassadors for the many youth programmes run by our credit unions. We very much look forward to working with them as we advance our social media and video outreach.”

Also commenting on their new role, Gary O’Donovan said “Our own credit union in Skibbereen has always supported us every step of the way and so we didn’t hesitate when asked to be the new Credit Union Youth Ambassadors. We’re very proud to be representing the movement, especially for the younger generations.”

Paul added “The support for us from all corners of Ireland has been overwhelming. Knowing we have such incredible backing from our own community and from communities around the country really makes a difference to us when we’re competing, and so we’re delighted to have this opportunity to work with a movement that gives so much back to the people in the local communities they serve.”

The ILCU offers a wide range of marketing support to credit unions to set up and run both established national youth initiatives as well as local youth schemes. National initiatives include the Clued-In Scheme (a personal finance resource for second level schools) and the popular All Ireland Schools Quiz and All Ireland Art Competition. Local schemes run by credit unions include School Savings Schemes as well as Bursaries and Student Loans. The ILCU also runs the Young People’s Network and the Young People Programme for the support and development of younger credit union staff members and volunteers.

The next port of call for the new Youth Ambassadors will be the ILCU’s annual All Ireland School’s Quiz final at the RDS in Dublin on April 2nd, where 100 quiz teams from primary schools across Ireland will compete for €4,000 in cash prizes for their schools.

Media Release: 27 February 2017

<< Return to 2017

Share
By ruth Uncategorised 0 Comments

Handy tips for buying a second hand car!


Bishopstown Credit Union
Handy tips for when you are buying a second hand car!

At Bishopstown Credit Union, we work to ensure our customers get the best value for money so, if you are looking at upgrading your car, we have compiled some handy tips which might help you through the process.  

When you have made your mind up ….just let us know and we will be there to help you with our best Car Loan package, tailored just for you. 

Email us on: info@bishopstowncu.ie or Call us on: 1890 924890 and we will be delighted to see how we can help to get you on the road in style!

This is where what’s on the outside really does matter! – External Bodywork

  • Check the body for mismatched paintwork and patches. Make sure the car is dry as it is much easier to see scratches, chips and colour variations.
  • Look under the hood, and make sure that the headlight and indicator light housings are secure and fixed in place
  • Open and close each door. Check the hinges to ensure the door is the original and that the door closes securely and easily without need for adjustment.
  • Check over the arch of each wheel for damage.
  • Open the boot, make sure that you see the spare wheel and check that it is in good order, as well as the jack and wheel brace.
  • Make sure you have a torch with you so that you can look for leaks and rust spots.
  • Bring another set of eyes also, to spot what you might miss.

 

Is beauty really on the inside?  – Internal Condition and Electrics

  • Sit into the car, switch on the engine and go through a functional check on the knobs and dials! Heater, A/C, adjustment levels, radio, stereo, and all lights such as indicators; hazards, fog, brake (ask your other set of eyes to verify the lights are working). Check the windscreen wipers, the up/down functional of each window and each internal window switch, the wing mirror adjustments etc..
  • Make sure all of the seat belts are working (rolling out and retracting and secure in their locking mechanism.
  • Check that the driver’s door and the boot can be opened with a key. Check that there are 2 sets of keys available.
  • Check that the Car alarm works or confirm if it has an immobilizer.
  • If the scent of a pine forest greets you when you sit behind the wheel, understand it is being used to mask a ‘burning’ oil or engine smell. Switch on the engine and rev it up and it should soon become clear.

Check the brains of the operation! – Engine and gearbox

Ideally, your helpful friend is a fully qualified mechanic.  But if not, there are still some things that you can check for to at least spot some warning signs.

  • Sit into the car and turn on and off the ignition a few times in quick succession. Any starter problems such as should be evident at that point.
  • Go for a test drive. Check the revs across each of the low gears and allow it to labour in the high gears by dropping the revs. The car should be responsive and recover fast on gear change and smoothly move across each gear position.
  • Check the functionality of the clutch by starting from a stopped position whilst in 3rd You will typically get a burning smell if the clutch is under pressure.  If the car can adapt to this, the clutch is probably in functional condition mechanically.
  • Dip it for oil. Make sure the minimum level on the dipstick is covered.  Don’t forget to wipe the excess oil off the dipstick before dipping to ensure you get an accurate level.
  • Check the car battery to see if it is in good condition, no corrosion, crack or obvious signs of wear and tear.
  • Check the exhaust emissions …you don’t want dirty big clouds of smoke!
  • Check if the Service book and the Car Manual are available.

People Sell to People! 

  • Don’t be afraid to ask for time to inspect the car without the owner. You can always say that you are happy to check it out and to come to them when you are finished with any questions you might have.
  • Ask questions. There is no benefit to making assumptions and if the seller doesn’t provide answers to your satisfaction then use your best instincts to ask more in-depth questions or walk away.
  • Use your common sense with regard to who you are dealing with and stay away from any arrangements that do not sound legitimate.
  • Don’t forget to get a receipt from the seller.
  • Beware of the finance options, watch out for hire purchase or personal contract plans. Be mindful of your loan term and interest rates.  We at Bishopstown Credit Union are here to help. At any time of year, whether you are buying New or Nearly New…  Email us on: info@bishopstowncu.ie or Call us on: 1890 924890 and we will be delighted to see how we can get you on the road in style!

Note:  The information provided herein is for informational purposes only and should not be construed as expert mechanical advice.

By ruth Uncategorised 0 Comments

Tips on buying a new home

Bishopstown Credit Union 

Tips on buying a new home!

The 9 most common first time buyers mistakes:

 

Buying your first home is an exciting and stressful time – with the backing of a mortgage lender you are on the road to owning your first home. However they’re a lot of things to be aware of when setting off, so here’s a check list of 10 first time buyers’ most common mistakes.

 

 

 

Dipping into their savings

Banks will want to see that you can save for a deposit, over and above your rent and will require evidence of such. It might be tempting to dip into your savings for a holiday or car, even if it’s only temporarily, don’t. Banks will want to see at least six months of uninterrupted savings proving that you can cover the repayments completely on your own.

Online gambling

It may be only an occasional flutter on the horses or a Premier League accumulator, but banks will take a dim view of online gambling habits. If they see four or five transactions with an online gambling site, they are unlikely to approve your mortgage. If you’re serious about saving for a house, cut out the bets.

Loyalty to their bank

People think that if they’ve been with the same bank since they were students that the bank will favour them, but in reality, their bank will not treat them any differently than if they simply walked off the street. The proof that you can present of your ability to make repayments is all that matters.

 

Getting into a bidding war

The worst thing you can do is to get into a bidding war with other buyers. You may really want the property, but the only person who wins in a bidding war is the seller of the property. Simply set your limit, judge what is the true, objective worth of the property and don’t deviate from that. You should asses the value of what you are buying, you demand value in everything you buy, so it should be the same for the biggest purchase of your life.

Not spreading costs

Some first time buyers see a 30 or 35 year mortgage as a life sentence and may be keener to reduce the term. However, you can change the terms of your mortgage at any time, the important thing is to get in the door and to ensure that you can easily make mortgage repayments even when rates inevitably go up or your circumstances change.

 

Stretching too far

Don’t stretch your finances to get your ‘dream’ home. A first home should be well within your budget and more often than not it will be a modest abode. Your first home will get you on the property ladder allowing you to trade up later when it’s time for you to move on.

 

Skipping the survey

You might fall instantly in love with a house and want it at all costs, but it can’t be overstated the importance of getting a qualified, independent structural surveyor in to assess the property. We’ve all heard of pyrite horror stories or tales of rising damp or flooding, don’t be one of those.

Fools rush in

Don’t make your first bid at or above the asking price, no matter how much you want the property, all you’ll do is drive the price up. Make a reasonable off below the asking price and at the early stages of a private treaty stage it is subject to a survey and far from binding. You can back out later if anything nasty turns up, even after putting down a deposit.