BEING A FIRST-TIME buyer is scary. We want to make it less so. Each week during our new Home Truths series, we’ll speak to an expert at the heart of the house-buying process, giving you the vital information you’ll need to take that first confident step on the property ladder.
This week, first-time buyer and homeowner Ruaidhri McCabe, 29, shares his experience of jumping on the property ladder for the first time.
I moved into my own home in Louth towards the end of 2016, and I’m living there with my partner. It’s an end-of-terrace place on an estate with around 60 other houses, with three bedrooms and a pretty spacious attic. There’s a large kitchen/dining area which opens into the main sitting room.
Out front, there’s parking for two cars, and out the back there’s a garden that’s half-paved, half-lawn. We’re close to the motorway and around 30 minutes from Dublin airport. I wouldn’t rule out trading up one day, but right now, it’s totally adequate for our needs, space-wise.
I made the call when I was around 25. I know some might see that as quite young, but I had a good job so I reckoned it was as good a time as any. From there, it took three years of groundwork before I finally had the keys to my own place in my hand.
One thing that worked was completely avoiding cash day-to-day, in favour of card. It’s much easier to track card purchases, and when you look at your statement, you can spot those times when you’re overspending.
The biggest piece of advice the bank gave me early on in the process – and one I would pass on to others – was to use a standing order for saving money. Banks want to see that you can stick to a set saving schedule, and that’s more important than how much you’re saving. You can still dip into those savings if needed, but it looks better than saving bits here and there with no set schedule.
Overall, I only viewed four houses, and all of them were in the same 10 – 12 mile radius. The first two viewings were very quick, in-and-out, almost as if it was a rental viewing. Before the third and fourth houses I did a lot of research on the area, the estate they were in, management company fees and all of that.
With a few hours work I was able to pull up things like management company accounts and planning applications for the housing estate, which was important because that information wasn’t always readily available during viewings.
I had a list of ‘needs’ in mind for the property, like the type of house, transport links nearby, all of that. You can get very obsessed with ticking off all of the things on your wishlist, but you have to make compromises along the way.
My advice would be to aim for maybe 60 per cent of the ‘must-haves’. That might sound very low, but it means you won’t get fixated. For example, my end-of-terrace house isn’t semi-detached like I had originally envisioned, but it fulfils plenty of other ‘must-haves’ from my list.
I was actually quite set on another property first, but after doing some research on the management company and the fees I’d be paying, I pulled out of the sale. For the house I eventually went with, I waited around two weeks after viewing it before putting in my bid.
During that time I did all my homework, which included paying a surveyor to check the whole place out. I didn’t want any hidden surprises so I had everything checked: the ventilation, the attic space, the quality of the block work, the fittings. Luckily the survey confirmed that the house was in good shape.
It took nine months before the keys were in my hand because there was a problem with misaligned boundaries. I was so ready to go and wanted to close quickly, but the whole thing was out of my control and there was no option but to wait. Around the seven month mark, I did strongly consider pulling out, because I was spending money on rent with every month that passed. Luckily it got sorted fairly soon after that.
Two things. Firstly, don’t over-rely on the many experts and professionals who will guide you through the process. Their advice is extremely helpful, but it’s you who’ll have to pay for, own and maintain the house long term, so don’t be afraid to double-check items you may have concerns about.
Secondly, when you move in, take a breather and don’t rush into decorating. Just do enough to make it liveable. That way, you’ll learn which parts of the house you can adapt, which things need changing and what you need to buy.
Getting your first home can be a complicated process. Bank of Ireland is here to help you through every stage of your journey, making it quicker and easier. Talk to them over the phone, online or in person. One of their mobile mortgage managers can even call out to meet you at a time and place that suits. Find out more at bankofireland.com/mortgages.
Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages and The Mortgage Store is regulated by the Central Bank of Ireland.
To embed this post, copy the code below on your site
have your say