Auctioneer's flyer campaign focuses on benefits of buying

Padraig Smith Auctioneers, who have offices in Cavan town and Ballyjamesduff, have launched a new marketing campaign based on the traditional premise that rent is 'dead money' and property at the right price can be a long-term investment. Padraig Smith's have circulated batches of flyers around the town focusing on mortgage repayment information, breaking down in facts and figures the amount it will cost in the current conditions to buy a home. The flyer lists 25 properties in Cavan town or county, giving the address, number of bedrooms, house type, asking price, amount of a 90% mortgage and monthly repayments on it. All figures are quoted based on 90% mortgage, for a married couple, who are first-time buyers with full tax relief. The list is arranged in order of price and covers a broad selection of properties. The flyer also gives a 'quick reference' code for each of the properties listed, making it easier for prospective buyers to locate it on the auctioneer's website. A two-bedroom terraced house in Bramble Avenue, Cavan has an asking price of €125,000 on which a loan of €112,500 would currently require repayments of €376. At the other end of the spectrum, a four-bedroom detached house in Meadow Park, Cavan has an asking price of €258,000 on which a loan of €232,200 would need monthly repayments of €776. "The idea of the flyer is to give an idea of the value for money that's out there," says Raymond Smith, sales negotiator and valuer with Padraig Smith Auctioneers. "We're trying to emphasise that if someone is currently renting but can afford to buy, they may spend less monthly by buying. "It's about the long-term view. Why waste money on renting if you can afford to buy and there is a strong possibility of reaping significant benefits in the future." Mr. Smith said the main factors contributing to this situation are the current low interest rates and "the value that's currently out there in the property market". In terms of a general overview, Mr. Smith believes the property market in general is "ticking over". "There are transactions taking place and people are securing excellent properties at bargain prices," he comments. The flyer is in circulation around Cavan town and will be distributed in other parts of the county in the coming weeks. Those who want a copy are invited to contact the auctioneer. • Contact Padraig Smith Auctioneers, Cavan town at 049-4362244 or see www.padraigsmith.com.