23 October 2020
When you’ve done the hard part of saving for your deposit, figuring out your budget and completing your application, now the exciting part starts, searching for your dream home. It’s easy to get distracted by ugly carpets and gaudy bathroom sets, so to help you stay focused, we’ve outlined some tips and information below. Remember we’re here to support you throughout your home buying journey so should you have any questions along the way or need to check back in if your circumstances change, our mortgage team are always on hand to support you.
We all have that dream home in mind, one that has a huge open plan kitchen, a big south facing garden, cinema and even a swimming pool (as if!). As much as we’d love all of these things, you’ll need to prioritise your needs and consider them against what you can afford within your price range. When you begin your home buying journey and see what’s on the market, you may need to re-look at the items on your list. To help set your priorities, check out our tips from Buyer’s Agent Liz O’Kane on what’s worth compromising on and why.
One major decision for buyers is whether to go for a new build or a fixer-upper. It’s worth considering a second hand home if you’re interested in taking on a property in need of some love and often you can get a lot more house for your money and the gardens tend to be on the larger side. That said, if you’re tempted by a sparkling new house, then remember it too has many advantages. One plus of new homes is the BER energy rating, which means you’ll save on heating bills and won’t have to put up with cold drafts during the winter. Another advantage is that you may be eligible for the government’s Help to Buy Scheme. This scheme is designed to help first-time buyers to get a deposit together but only applies to new homes. If you’re a first-time buyer and want to buy or build a new home to live in, you could be eligible for a refund on tax paid over the last four years up to a value of €30,000 or 10% of the purchase price of a new home. Make sure to check if you qualify on www.revenue.ie.
Another aspect to consider is deciding on and getting to know the neighborhood you’re looking to buy in. If you’re considering buying in an area that you’re not familiar with, it helps to do your research to find out things such as whether there’s a supermarket nearby, what are the schools like or most importantly is there a good spot for coffee? Find out more over on our blog what to look for in an area you don't know.
With recent changes due to COVID-19 restrictions, many Estate Agents have adapted to our ‘new normal’ and are offering virtual viewings to help you find your new home. While we understand how important it is to get a feel for the house in person, virtual viewings are also a convenient and immersive way to see key features of the property so we’ve put together Our Top Tips for Virtual Viewings to help you be as prepared as possible. Also don’t be afraid to ask your estate agent the nosy questions about the property, for example how long has it been on the market? Has the house changed hands recently?
We’ll do all we can to support you in your home search, that’s why we’ve put together some top tips to help when house hunting:
When you’ve found that dream home, you’ll need to start thinking about making a bid, this is another way Estate Agents are using technology as many have moved their bidding process online. Online bidding platforms allow you to make bids online and also see the latest offers on properties which can help you gain insight and understand whether it’s worth getting your hopes up.
To help you navigate the bidding process, check out our Bidding for Beginners guide to help you face the competition. From using the property price register to understand what properties are worth in the area to bidding tactics to help you get your final bid over the line.
Once you’ve found your dream home and your bid has been accepted. There are few things that’ll you’ll need to consider before committing to the purchase.
Firstly you will need to get a valuation of the property. We can work with you to get your new home valued by Property Valuer. This is for your own financial protection and is also needed for your mortgage application. It’s also a good idea to have a professional carry out a structural survey of the property before committing to the purchase. This will help you detect if there’s any defects and tell you everything you need to know about the house.
You will be required to take out mortgage protection insurance (a type of life insurance) and in some cases building insurance when getting a mortgage to buy your home. This is something we can help you with or you can obtain a policy from another provider if you prefer. This will come as an extra cost so it’s worth bearing in mind when you’re adding your figures together.
At this stage, you’ll also need to find a solicitor to look after the legal aspects of buying your new home, you could ask a friend or family member to recommend someone they’ve used before and trust. We will issue your solicitor with all the loan information you need to complete the purchase. Once all the contracts are signed, your solicitor will agree a completion date with the house seller and arrange the transfer of funds and collection of the keys to your new home.
Product eligibility criteria applies. Lending criteria, terms and conditions apply. Security and Insurance required. permanent tsb p.l.c is regulated by the Central Bank of Ireland.
The content of this blog does not constitute advice and is for general information purposes only. Readers should always seek professional advice before relying on anything stated in the blog. Some of the links above bring you to external websites. Your use of an external website is subject to the terms of that site.