First Time Buyers

SET OUT YOUR OVERALL BUDGET

You need to set your own limits, because your personal budget and income has a big impact on your life. Carefully review your budget to see how much you can afford to spend on your mortgage repayments each month. Don’t forget to include the initial costs like the solicitor’s fees, surveyors or the stamp duty in your calculation.

GET ALL OF YOUR DUCKS IN A ROW

With some careful planning on your part, the house or apartment buying experience need not be stressful. Your search will be much more productive if you take care of things such as mortgage and insurance beforehand. You can apply directly to your bank for a mortgage or use a mortgage broker. Make sure you speak to the lending provider about the types of mortgages that are available to you. You should try to get mortgage approval in principle before you start looking at properties, so you have an idea of an accurate price range.

LOOK HERE, THERE AND EVERYWHERE

When you go out and search for possible homes, you gain essential experience, so look everywhere. Most of the time, you’ve no idea what it is you’re actually looking for, what you’re prepared to settle on, or what your deal-breakers are. You’ll soon become adept at spotting exactly what you love.

SOME VIEWING ADVICE

Before you set your heart on your potential new home, request the estate agent to answer any questions you have. You need to be as informed about the property as much as you possibly can. Concentrate on the factors that really decide a property’s price: location, size, condition, rental potential, and proximity to shops, schools and transport.

LOCATION LOCATION LOCATION

When certain locations are narrowed down, your search will be much easier. It is important to visit an area and the property you like multiple times. Talk to the neighbours in order to get an idea of what the neighbourhood is like. You can also look online for information.

PATIENCE AND PERSISTENCE

Do not be put off if your first few offers fall through, this happens to everyone. Stick at it. Keep looking on a regular basis and continue to search in the winter, when most viewers hibernate, as this is the best time to seize a property bargain!

BIDDING AND NEGOTIATING

Before entering into either negotiations or a sealed bidding process, decide on how much you really want to spend and think hard before exceeding that amount. Liaise with the Estate Agent and they’ll keep you updated regularly on the offers and interest expressed. Offers should always be submitted in writing and your agent should have a full PSRA (Property Services Regulatory Authority) Licence which is available upon request.

REACHING AN AGREEMENT

Any agreement reached needs to be perfectly clear so that you know what has been decided. Once your final off er is accepted, the property is considered to be sale agreed and you will need to pay a booking deposit to the estate agent. After the seller’s solicitor receives the sale details from the estate agent they will send the contracts for the sale of the property directly to your solicitor.

MOVING IN

This final process takes around 8/10 weeks to complete. Your surveyor will conduct a complete inspection on the property and issue you a full report. Scrimping on a structural surveyor is something some first-time buyers do, but is a huge no-no. After the balance of the funds has been transferred to the seller’s solicitor by the agreed closing date and time, everything is in order for closing and collecting the keys of your new home.

ENJOY YOUR HOME TOGETHER

Your first home is a big purchase, so as soon as the sale closes, arrange to insure the property immediately. As you are the owners of a valuable property now, it is also important to put a will in place. And here’s hoping you both live happily ever after in your new home!

Visit movehome.ie for more information