Buying a new home is an exciting time; however, it is also a big decision with many things to consider. This may be your first purchase or perhaps you’re trading up or downsizing. At Quillsen, we have helped thousands of people buy and sell their homes over the years. It’s important to consider a couple of key factors which will help you make the right choice and will help the whole process go far more smoothly for you.
The first step is to work out what your budget is. Your bank or an independent mortgage broker can help you obtain mortgage approval so you will know how much you can afford to spend.
Don’t forget to factor in solicitor’s fees and stamp duty, as these will be in addition to the purchase price. If your new home needs renovation or repair work, get reliable estimates of the costs involved.
When you’re looking for your new home think about where you want to live. How long will your commute be? Is there a train line, bus or Luas route nearby? What schools are nearby? What facilities are within walking distance? Think about sports facilities, supermarkets, coffee shops, pubs or playgrounds? Visit the neighbourhood at night and at the weekends too. That way you’ll get a real sense of it.
Remember if it’s important to you, it will also be important to anyone you may be selling your home to in the future. As the saying goes, the day you buy is the day you sell!
Now is the time to begin your search and this is the fun bit. View lots of properties and think of each as a blank canvass. You don’t have to do it alone either. Bring a friend or family member for a second opinion. It’s always best to visit a property at least twice before deciding to buy.
Have a think about the space you need now and in the future. Can it be reconfigured to better suit your needs? Switch off the lights to see what the house looks like in our natural Irish light. And don’t forget about the outside. When does the garden get the sun? Is there space for an extension? Do you have side access or where can you put the bins? Do you have a driveway?
You should have your mortgage approval in place so that once you have found the right property, you are in a position to make an offer. There will usually be a series of negotiations including possible counter offers from all interested parties. It’s important to remember that buying a home can be an emotional process so try not to pin all your hopes on just one property.
If your offer is accepted by the vendor, the property will be sale agreed to you. The estate agent will request a booking deposit (usually in the region of 2% of the purchase price), which is refundable until contracts are signed. The seller’s solicitor will then issue the legal contracts to your solicitor who will review them.
Once everyone is happy, you will be invited to sign the final contract. The remaining deposit (10% of the purchase price) is paid and is non-refundable. Contracts are usually signed within 4 to 6 weeks of going sale agreed. A final closing date (the date you pay the 90% balance and get your keys) is agreed by you and the seller. This is usually agreed for a date approximately 3 weeks after the contracts are signed.
That’s it, you are now the owner of your new home. Congratulations! And remember we’re always here to deal with any queries you may have.