17 Apr 2019 | 10.59 am
Home For Life Taps O’Dwyer Real Estate Management
Contract could be worth up to €30m
17 Apr 2019 | 10.59 am
Home for Life is the first private operator authorised to operate a mortgage to rent scheme by the government, aimed at people who live in a home but are unable to pay the mortgage. Applicants can sell the property on to Home For Life, which will rent it back to the local authority which in turn will sublet, at an affordable rent, to the dwellers.
HFL was established in 2018, and its contract with O’Dwyer REM will see the latter provide the valuations, surveys and inspections HFL will need to operate the scheme. O’Dwyer will also arrange and oversee any remediation works which need to be carried out on the properties.
Chief executive Paul Cunningham said: “Before a homeowner joins the scheme, any necessary repairs will be carried out to make it compliant with local authority rental guidelines. The scheme, through O’Dwyer, will provide tenants with 24/7 property maintenance support on behalf of the local authority. Of course, if a family’s fortunes improve, they will have the opportunity to buy back the property in the future.”
Potential applicants must be eligible for social housing to take part in the scheme. With around 28,000 families in unsustainable debt, HFL expects between 500 and 1,000 cases to be completed before the end of 2019.
O’Dwyer REM chief executive Siobhan O’Dwyer added: “This scheme is all about giving families a new start, but most importantly giving them that new start in the comfort and security of their own homes. We recently appointed Martin Gilsenan as our head of facilities management and he will play a key role in ensuring the smooth operation of the scheme.”
Gilsenan worked for the London and Quadrant Housing Trust for five years, where he was responsible for maintenance and facility management of approximately 6,500 residential units across north east London and a repairs budget of £3m plus.”
Established in 1988, O’Dwyer Property Management Ltd increased turnover by 22% to €6.5m in the year to June 2018 and booked a net profit of €477,000 as trade debtors more than doubled year-on-year from €667,000 to €1,543,000.
The company employed 48 people in 2017/18 and five directors shared €527,000 in remuneration and €187,000 in pension payments.
Photo (l-r): Martin Gilsenan, Siobhan O’Dwyer and Paul Cunningham