A brief guide for First-time home buyers

Cox and Walsh Estate Agents have put together this handy resource to help first-time home buyers in Ireland:

Understanding the Process

Before you start looking for a property, it's essential to understand the process of buying a home in Ireland. You should research the various aspects of home buying, such as mortgage lending, legalities, and taxes. The Citizens Information website has an excellent guide on buying a home in Ireland that can help you get started.

Mortgage Approval

Getting mortgage approval is a crucial step for first-time buyers. Before you start looking for a property, it's important to know how much you can borrow. You should speak to different mortgage lenders and compare their offers. A mortgage broker can help you with this process.

Saving for a Deposit

Saving for a deposit is one of the biggest challenges for first-time buyers. You should aim to save at least 10% of the property's value, but 20% is ideal. There are government schemes, such as the Help to Buy scheme, that can help first-time buyers save for a deposit.

Researching Properties

Once you have mortgage approval and have saved for a deposit, it's time to start looking for a property. You should research different areas and neighborhoods to find the best location for you. Websites such as Daft.ie and MyHome.ie can help you find properties in your preferred location.

Property Viewings

When viewing a property, make sure to ask questions about the property's condition, its location, and any potential issues. It's important to get a property survey done to check for any structural issues. You should also consider the property's energy efficiency rating, as this can impact your bills.

Making an Offer

If you find a property you like, you can make an offer. Your offer should be based on your budget and what you think the property is worth. Your estate agent can help you negotiate a fair price.

Legal Process

Once your offer has been accepted, the legal process begins. You should hire a solicitor to help you with the legal process, including conveyancing, searches, and contracts.

Closing the Sale

The final step is closing the sale. You will need to pay the deposit and sign the contract. Your solicitor will handle the transfer of ownership, and you will receive the keys to your new home.

Remember, buying a home is a significant investment, so take your time, do your research, and seek professional advice when needed.

Good luck with your home-buying journey! If you need any assistance, please do not hesitate to contact us at 0719658600.