THE PROSPECT OF buying a home can definitely be daunting, especially when you’ve never undertaken the process before. If you’re hoping to buy next year, you’re probably thinking about what’s to come, and wondering how to get started.
We wanted to alleviate some of that ambiguity by putting together a simple, step-by-step guide to buying your first home, so we had a proper chat with estate agent and expert Tony Deane of Moovingo. He gave us the inside scoop on the most important steps to take when purchasing your first home.
Understand the market – and talk to as many people as you can
Start by getting to grips with the current market. Demand suggested chatting with friends and family who have recently purchased homes to learn from their experiences. “Don’t be afraid to talk to estate agents and ask their advice,” he advised. He admitted that it’s a strong seller’s market at the moment, “But even if we’re in a hot seller’s market, buyers need to be really prepared.”
Plan your finances for the next two years
Getting mortgage approval is obviously a critical early step in the buying process, but Deane explained that many potential buyers don’t realise the costs they will accrue in addition to the cost of the house. “Between the solicitor and the stamp duty when you purchase the home, and then when you move in, the property tax, energy bills, home insurance, and potentially a management fee — you’re talking up to an additional 10k in the first year,” he explained, “You need to understand the costs down the line.”
Make the properties come to you
Setting up email alerts for property sites like Daft.ie is another early step you’ll want to take if you want to purchase a home in the new year. While it might seem unnecessary if you check the property sites regularly, Deane said he’s often surprised at how many potential buyers don’t have these set up. “Not every property would be relevant, but there might be one you haven’t seen.”
Get appointments for viewings — and second viewings
Setting up viewing appointments is an obvious step in the home buying process, but Deane pointed out that organising a second viewing lets the agent know you’re serious about the property — and it gives you an opportunity to ask more detailed questions about the home. Deane explained, “The people who come back to view a property a second time with a builder or parent or a family friend, they’re much more likely to be reliable buyers.”
Be ready for what happens after ‘sale agreed’
“We have potential buyers who, even though they’re mortgage approved, they’re still not prepared in terms of going sale agreed,” said Deane, “Once they go sale agreed, then they ask for recommendations on solicitors and surveyors.” While agents are able to give suggestions, having the solicitor and surveyor already lined up can speed up the buying process significantly. Asking friends and family who have recently purchased homes can be a great way to get an introduction to a solicitor who can help move your first home from sale agreed to sold.
What does the market for first-time buyers look like for 2022?
We’ll give you a head start on understanding the 2022 property market with a bit of insight from Martin Clancy, Glenveagh Homes Marketing Manager.
If a new home is on your wishlist in the new year, rest assured that buyers should see an increase in new build supply – with a broader range of locations covered. The shift to remote working, said Clancy, has created a shift in what buyers are looking for in their property searches. “Locations that may not have been top of mind for first-time buyers before are now becoming increasingly popular choices with the need to be in the office reduced.”
The Help To Buy scheme will remain in place for the coming year, Clancy said. “In a nutshell, first-time buyers who qualify can avail of relief of up to €30,000 toward the purchase price of the property.” He reminded first-time buyers that the scheme also applies for once-off new builds as well, offering another avenue to securing a home.
Looking for help? The Glenveagh Homes finance calculator is a helpful tool when calculating a buying budget. There is also a useful first-time buyer guide available for free download here.
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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