This article originally appeared in our Autumn 2023 Property West Cork supplement – read the full supplement by visiting southernstar.ie/epaper
BUYING a home is undeniably an exciting time in anyone’s life, but it can also be a daunting process, especially with the complexities of the property market and the shortage of supply. However, fear not! With proper preparation and guidance, you can navigate this journey with ease. Majella Galvin, director of DNG Galvin estate agents and a homebuyers coach, offers some top tips to ensure a successful home-purchasing process.
The dos
Consult a mortgage broker
Your first step is to work out your budget accurately. Consult a mortgage broker who can help you assess your financial situation and determine how much you can afford. Include all costs
like stamp duty, legal fees, and other related expenses in your budget.
Obtain a mortgage in principle
Having a mortgage in principle means that you have pre-approval from a lender based on your financial status. This gives you a strong position when making offers on properties and shows sellers that you are a serious buyer. Gather all necessary paperwork for the mortgage application process.
Conduct thorough research
Now that you know your budget, it’s time to research the property market. Create a list of your needs and wants, differentiating between what is essential and what would be nice to have.
Talk to local estate agents who can provide valuable insights into the market and recent property prices in the area. Register in their databases to receive updates on new properties.
Get recommendations for professionals
Once your offer is accepted, you’ll need a solicitor and engineer to handle legal and structural aspects. Get recommendations for reliable professionals to speed up the process.
Explore available schemes
Check out various schemes that may assist you in the buying process, such as the Help to Buy scheme or the First Home scheme. These can offer financial incentives or support to first-time buyers.
Consider future needs
Look beyond your current situation and consider your future needs. Think about factors like family size, lifestyle changes, and long-term plans. Choosing a home that aligns with your future requirements can save you from having to move again soon.
Inspect properties thoroughly
Don’t skip property inspections and it’s prudent to get an engineer to inspect the property for you. An inspection can reveal potential issues that may affect your decision.
Stick to your predetermined budget. It can be tempting to stretch beyond your means, but doing so may lead to financial strain in the future.
The don’ts
Don’t rush the process
Take your time throughout the home-buying process. Rushing can lead to impulsive decisions and regrets later on. Be patient and wait for the right property that meets your requirements.
Avoid making drastic changes
During the buying process, avoid making significant changes that could impact your mortgage approval. Changing employers, making large purchases (such as buying a new car), or accumulating new debts may affect your eligibility for a mortgage.
Stay within your budget
Stick to your predetermined budget. It can be tempting to stretch beyond your means, but doing so may lead to financial strain in the future. Be disciplined in your spending.
Don’t let emotions rule
While buying a home is an emotional experience, try to remain objective when evaluating properties. Don’t let your emotions overshadow practical considerations, and always keep your budget in mind.
In conclusion, buying a house can be made smoother and more successful by adhering to these dos and don’ts. Preparation is key, and with the guidance of reliable professionals, you can find the right home that fits your needs and financial situation.
Remember to be patient, stay within your budget, and keep emotions in check during the process. By doing so, you’ll be well on your way to owning your dream home and creating lasting memories. Happy house hunting!
Majella Galvin is a chartered surveyor, estate agent and registered valuer at DNG Galvin Auctioneers Bandon with over a decade in the property sector. She is distinguished as one of the few Homebuyers coaches in Ireland, and holds a BSc in Real Estate & Valuations from the University College of Estate Management, Reading. She is Chairperson of the Society of Chartered Surveyors Ireland (Southern region), a member of the Royal Institution of Chartered Surveys and the Society of Chartered Surveyors Ireland. For more by Majella, see www.dnggalvin.ie
