Being a first time home buyer can certainly be a scary experience, especially with the current state of the world. But at the same time it’s an exciting step in any young adult’s life. There’s lots to know, so before jumping head first onto Zillow or another online property browser, there are some important steps you should know first.
The first step should be to meet with your bank and a mortgage broker to find out just how much you can afford to spend based on your current financial situation. Based on the information you receive you should determine the amount you should start saving for a deposit to put down on the house. The deposit for a first-time buyer is 10%, so be aware of the price range of houses you are searching for. It’s also recommended that you stow away at least 5,000 euros for extra fees that come along with home buying in Ireland such as the solicitor’s fee and stamp duty, that will eventually accumulate.
Next comes the exciting part of actual house hunting. Real estate brokers can be of some use, but more often than not they will only show you houses they have listed and not listing from other brokers in the area. There are plenty of sites online to help narrow your search, which is especially advantageous during the time of COVID-19, such as the aforementioned Zillow and Perfect Property, where you can even take online house tours from the comfort of your own home. Allowing you to narrow down your search to location, budget, and desired home features, these are powerful tools for any home buyer.
Finally comes the toughest decision of deciding which property is right for you. Make sure to consider all factors up to this point and what you really value in a home, including the school system if you have kids or are expecting, the quality of the neighborhood, the value of your house, and how long it may take to pay off your mortgage if you plan on staying there long term. If you are interested in the real estate market, inquire with your mortgage broker about possible options of buying multiple properties in your surrounding area as you may know it best from the research you’ve done for buying your own house. Remember that if you decide to buy the property at an auction you must immediately sign the contract for sale, so be prepared to make the decision if you know the property is highly desired by many potential buyers.