By Louise Devlin
Buying your first home in Ireland can be a daunting experience due to the rates as well as the demand to supply ratio in the Irish market. It's a significant investment, and you want to make sure that you make the right decisions throughout the process. With the current property market in Ireland being highly competitive, it is important to be well-prepared and informed before taking the plunge.
Here are some tips to help you plan on buying your first home in Ireland.
1. Determine your Budget!
Before you start your property search, it's important to determine your budget. This will help you narrow down your search to properties that you can afford. You can use online mortgage calculators to estimate your borrowing capacity and monthly repayments. It's also advisable to consult with a mortgage broker who can provide you with more accurate information based on your financial situation. Also make sure you leave enough to keep as savings and now might be a good time to take keep a close look at your spending habits if you haven’t yet. These small checks can help keep you financially secure for a rainy day.
Also check out the government’s Help to Buy (HTB) scheme which is essentially for first time buyers in Ireland. To know more about this scheme, you can read the Citizens Information website which has lots of useful information when taking out a mortgage to buy a property in Ireland.
2. Choose the Right Location
Location is key when it comes to buying a property. Consider factors such as proximity to your workplace, safety, public transport, schools, and amenities, and a good community. Also, research the area's crime rate and property values to ensure that you are making a sound investment.
Make sure to also know all the details of the property. Your estate agent should be able to answer any questions you might have. Some to consider would be:
1. What are the site boundaries of the property?
2. When was this property constructed?
3. Are there any management fees included?
4. What all amenities & features are being provided?
5. How long has the property been vacant?
6. Does the property have any approved planning permission?
7. Has there been any building work carried out on the property?
8. When was the plumbing and wiring last inspected?
9. Are there any current bids on this property?
3. Get a Pre-Approval for a Mortgage
Getting pre-approved for a mortgage before you start your property search can give you an advantage in this current competitive market. It shows that you are a serious buyer and have the financial backing to make an offer on a property. It can also give you an idea of how much you can afford to spend.
4. Work with a Reputable Estate Agent
Working with a reputable estate agent can help you find the right property and navigate the buying process. Look for an agent who has experience in the area you are interested in and has a good track record of helping buyers find their dream home. Some of the leading agencies in Ireland include DNG, Sherry Fitzgerald, Lisney and Savills.
5. Don't Rush into Making an Offer
It can be tempting to rush into making an offer on a property, especially if it's in a desirable location. However, it's important to take your time and do your due diligence. Have a professional inspection done on the property to identify any potential issues. Also, research the local property market to ensure that the asking price is fair.
6. Have a Contingency Plan
Buying a property can be a complex process, and things can go wrong. Have a contingency plan in place in case the sale falls through or there are unforeseen issues that arise. This can include having a backup property in mind or having additional funds set aside for unexpected costs.
By following these tips, you can make informed decisions and find the right property for your needs and budget. Remember to be patient, do your research, and seek professional advice when needed. When you do finally get your hands on the keys to your new place, Arachas is here to guide you through the process of insuring your home. You can check out our blog on what you need to consider when insuring your new home or call our team on 01 582 7108 & one of our customer agents will be more than happy to guide you through the process of taking out your home insurance policy.