6 Ways to fund your own Irish Cottage dream

Some of us have always had a yearning for our own little Irish cottage where we can wile away the hours in contentment, taking long walks, reading a book, enjoying the local sociable pursuits then being snug and warm by the fire. Is there a way to fund this? Yes is the answer and here are 6 of them:

Each of these are possibilities and with expansion potential. 1) Refinance / 2nd Mortgage / Equity Just what is says on the tin - straightforward financing dependant on your current financial viability and if you have any worth left over in your current property. Lot smake an income from doing this with copious amounts of properties, but with added risk with each additional property. 2) Business Loan Think you can turn this into a letting or lease opportunity? are there outbuildings or accompanying land that can achieve a financial return? can a section of the property be for lodgers? endless possibilities but requires some research as what works for the property, your situation and the area. 3) Refurbishment Mortgage As with advance payment mortgages, you can add and extension or completley refurbish the property under a particular mortgage product. They'll want guarantees of course and due diligence and up front cost projections are likely to be wanted. Watch out for thatched properties as these are particular building control watchables 4) Bank Loan Depends on the amount of work to be done. Ok for the cosmetic and/or minor works but unlikely if requiring a huge sum 5) Crowdfunding Winner especially if you can touch on the hearstrings of a beauty spot or a place of historical note. Who wouldnt want to save the likes of Pearse's cottage from ruin? 6) Fractioning / Fractional Ownership Funding For those unaware of this, it is the practice of dividing the ownership up into fractions, and these can be any number eg 2, 5, 7, 21, 55 etc etc. Best to set up as a company with rules for exiting/entering the agreement and the asset ownership is more 'liquid'. Rules are agreed between the owners (sometimes through a 3rd party) as to allocated weeks that you can stay in the property through out the year. This is not a timeshare - you have a partial legal ownership of the property. Some target exclusive properties, others target low sum areas. It can be set up in a number of ways and those who enjoy it sometimes do it with the same group for holiday homes in other locations eg cottage in Donegal, villa in Marbella, ski cabin in Chamonix etc etc. It works very well and gives variety. If one person doesnt want to 'organise' it can be put into a management company hands who organises and maintains the vacations.... even down to sorting your clothes and equipment so you never have to bring luggage with you. Care to know more? Get in touch