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Wednesday 17 September 2014

House for sale, offers over €1 considered

Brian McDonald

Published 02/09/2010 | 05:53

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For Sale: New four-bed bungalow. Private sale. Offers over €1 considered. It's not a joke. Michael Dempsey is so disillusioned after trying to sell the property near Moylough, Co Galway, for the past two years that he will literally consider any offer.

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Truck driver Michael (48), a single man, built the bungalow partly as a hobby and partly to provide himself with an income in retirement. He used direct labour in the construction of the house on a site between Moylough and Mountbellew.

It would have been worth €320,000 at the height of the boom, but the collapse in the economy has wrecked his plans to sell or let the bungalow.

"It's a beautiful new house with four bedrooms. It's a shame no one is living in it," he said.

Michael added: "When I decided to build it banks were giving out money all over the place. I went in at one stage looking for e25,000 and came out with €50,000.

"They ended up lending me 10 times my income, but it seems they were doing that to everyone.

"But the loan was secured against the house I live in, so I'm free to sell this house for any price. I have the deeds to it and am genuinely willing to consider any offer over €1.

"I didn't think things could get this bad in this country, but they have and this highlights it."

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