What is a booking deposit and is it binding? Is it worth putting solar panels on my semi?
Q Should a booking deposit be a certain percentage of the price? Does it bind either the seller or the purchaser in any way? How does it differ from the normal 10 per cent figure called "the deposit"?
A A booking deposit indicates your interest in a property. It is paid to the estate agent and is not based on the price of the property. It can be as low as €3,000 and there is no hard rule on how much it should be. In large new developments they are usually pitched quite low, at the €3,000-€5,000 mark.
It is fully refundable right up to the point at which contracts are signed and does not bind the buyer or the seller in any way. It is not unusual for buyers of new apartments to put down more than one booking deposit to give themselves time to make a decision. After a booking deposit is made the next step is the contract deposit (usually called the deposit). This is around 10 per cent of the price (less any booking deposit), is paid over at the signing of contracts and, once contracts are signed, the sale is usually, legally, binding.
Q Where do I get information about solar panels? I've started getting quotes - one was "in the region of €5,000" but was told that it might vary depending on installation costs. How do I figure out what is good value? I am considering making my home (a three-bed semi built in 1975) more energy efficient and getting free (solar) hot water seems a good way to start.
A There are so many suppliers of sustainable energy products that it can be confusing for consumers.
Your best option, before you go to a commercial supplier, is to get some unbiased advice, not just about solar panels, but on where to start to make your home more energy efficient.
Two Government-sponsored sites: www.change.ie and www.sei.ie (Sustainable Energy Ireland) will guide you through the options and give calculators to help you figure out the pay-back time for any technology. The estimated payback period for solar panels for hot water heating is between eight to 20 years but you can get a more accurate idea for your own circumstances by contacting SEI.
Solar panels are at the showy end of eco-home technology but, when you consider the investment, the payback period and the practicalities you may discover that increased insulation (1970s insulation standards were pretty low), or double glazing might be the better place to start. Cultivate, an organisation dedicated to sustainable living (www.cultivate.ie), is also a good source of information and know-how. It is running a course showing how to make your own solar panel (in Dublin, June 29th), which promises a working solar panel can be made from recycled materials for as little as €50.
Your questions
Send your queries to Property questions,The Irish Times , The Irish Times Building, 24-28 Tara Street, Dublin 2 or email propertyquestions@irish-times.ie. Unfortunately it is not possible to respond to all questions. This column is a readers' service and is not intended to replace professional advice. No individual correspondence will be entered into.
