BUYING YOUR FIRST home is an exciting time – but it is also a time when big decisions come thick and fast.
This autumn and winter, we set out to understand how first time buyers in Ireland felt about a range of topics with a survey on Daft.ie and a series of interactive polls on TheJournal.ie. You shared your feelings with us on everything from house prices to location to the design features you wanted in your new home.
Over the next few weeks, we’ll be picking out some of your biggest questions and concerns from the results, and sharing informed advice from Irish experts.
We’re starting at the beginning, with four big buyer questions about sticking to your budget and separating your needs from your wants. Here to help is buyer’s agent Breffnie O’Kelly, who regularly helps house-hunters on the journey to finding their dream home. Let’s start with that all important list of priorities…
1. How do I separate my needs from my wants?
Lots of shops and schools nearby, more than one bathroom, parking for two cars… In our interactive polls, participants rated their confidence at being able to find a budget-friendly home that suited their needs at a relatively low 4/10.
The key, says O’Kelly, is to figure out what you absolutely need in your home, but also which areas you can compromise on. It helps to divide things up by category:
There are four levers that the buyer has in their hand: location, house size, house type, and the condition of the home you’re buying. For example, you might know that you definitely want to live close to family. That’s an essential for you. And so you might be willing to buy a slightly smaller place than planned if it meant living in the right location.
Once you’ve pulled out your essentials – and figured out the things you’re happy to budge on – you’ll be in a much better position to begin your house hunt.
2. Should I be trying to build in some flexibility with my budget?
In our Daft.ie survey, a huge 69% of people said they’d spend more than their agreed budget for the right house. But figuring how how flexible you can be with your budget takes some forward planning, says O’Kelly.
Some first time buyers might be lucky enough to have a relative who’s willing to help out, or some shares at work that they can cash in, in order to stretch their budget. But what’s the absolute maximum you’ll be able to add to your starting figure? It’s worth getting everything down on paper early on.
If financial help from a relative is an option, there are some questions you should be asking at this point, she adds. “Would it be a gift or would you be paying it back? Does the offer come with conditions – for example, that you’d buy in a location near your family home? And finally, do you feel comfortable accepting the help?”
Another way to build in some budget flexibility is to apply for the Help To Buy scheme, which allows buyers to claim up to €20,000 on the purchase price of a new home. You’ll find more on that here.
3. What are the things I shouldn’t compromise on for a lower price?
A top-quality build, living close to family or work and good local amenities were all features that first time buyers rated 7/10 or more in importance when it came to their list of house hunting priorities. O’Kelly agrees with this list, and says that for her, local amenities usually come first:
Once you have your neighbourhoods in mind, you want to find a good ‘centre of gravity’ in the area. For me, that means a group of shops, maybe a park, basically a hotspot of services. If you can find a home in your price range that’s within walking distance of that centre of gravity, that’s a great start.
When it comes to judging the build quality and how comfortable you’d be in a home, a high BER is usually a good sign. “If I see a low BER, I automatically think ‘cold.’ With a high BER, you’ll know the home is more likely to be in good condition inside. It’ll be well insulated.”
4. What’s the first thing I should look out for when viewing a house?
Buyers rated the overall design and appearance of a home at 6/10 in importance when house hunting. But aside from curb appeal, what are some of the first things you should be checking out when you step inside – either in person or virtually?
Head upstairs and look out the windows, says O’Kelly. “Are you staring at a brick wall or right down into someone’s back garden? You’re not just buying the house, you’re buying the view, so be clear on what you’re getting.”
The overall layout of the house is important too, as are the access points. “If you have the choice between an end-of-terrace house and a mid-terrace one, I’d go for end-of-terrace because you have the benefit of side access. In terms of interior layout, take a walk around and make sure it fits your needs and lifestyle. Are there enough bathrooms, for example? Are they in the right place?”
Whatever your dream home looks like, the more clarity you can get on your needs, your wants and your budget, the smoother the house hunt will be. “The more limitations you have, the better, because you’ll be able to figure out very quickly if a home is right for you,” says O’Kelly.
At Glenveagh Homes, our vision is that everyone should have the opportunity to access great-value, high-quality homes in flourishing communities across Ireland. We understand that buying a home is possibly the biggest decision you will ever make in your life – but we want to make it your easiest. Click here to find out more about Glenveagh developments.
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