Buying a property is a very significant step and milestone in anyone’s life. It can be a little daunting to the uninitiated.
The very first step is to establish what is your budget. There are essentially two things to keep in mind here: deposit and repayment capacity.
Daft.ie and MyHome.ie are the two websites in Ireland on which you will find the full range of properties for sale. There is a lot of duplication between the two sites as the vast majority of agents will list their properties on both. Having said that, from time to time, you will find a property for sale on one website that is not listed on the other so it is best to check both just to be sure that you don’t miss out. DNG Wall Tuckey lists all our properties on both Daft and MyHome.
Logging onto Daft and MyHome on a regular basis to check if there are any new properties that are of interest to you can be quite time consuming. Thankfully Daft & MyHome both allow you to set up email alerts whereby you can input your criteria and you will automatically receive an email alert any time a new property is listed that fits that criteria.
When setting the parameters of properties you want to be kept in the loop on, cast quite a wide net. For example, if you are looking for a 4 bed property for less than €400,000, be sure to include alerts also about 3 bed properties and push your price limit out to let’s say €450,000. The reason for this is that you might find a 3 bed with a very nice attic conversion that might be useful to you as a fourth bedroom and a property listed beyond your budget may be willing to accept an offer below the guide price if there isn’t strong interest at the current guide price. It’s better to get a few emails about unsuitable properties than to set your criteria too tightly and miss out on a property which you would have been interested in buying. For instructions on how to set up email alerts on MyHome, see here and for Daft, see here.
Once you see a property that you are interested in, the next step is to attend a viewing. Many estate agents will host open viewings at the weekend and you can just pop along without registering in advance. Some agents only conduct private viewings so in this instance, you will have to call to arrange an appointment. When attending a viewing, if possible, arrive 30 minutes to an hour before the actual viewing is scheduled to start. Take this time to have a walk around the area to get a feel for it. If some local people are in their gardens or walking to their car, explain that you are considering buying in the area and would be interested to hear their views on the location. Be sure to arrive at the viewing itself a few minutes early.
Many estate agents will host 30 minute viewings so maximise your time onsite by showing up on time. Take the time to have a good look around the entire property and back garden if there is one. Ask yourself would you be happy coming home here everyday.
Once you have found a property that you would like to buy, now you need to think about making an offer. Contact the estate agent by email and place your offer. Once you have placed and offer the landlord will notify you of any counter offers.
Acceptance of Your Offer
If the vendor (seller) decides to accept your offer, you will be asked to make a booking deposit in order to move to sale agreed. More and more often the estate agent will require proof of funds to demonstrate that you have the capability of paying the agreed sale price. This can be in the form of a mortgage approval letter or bank statements.
Once your offer is accepted and you have paid your booking deposit, the agent will mark the property as sale agreed and issue the sales advice notice to both parties’ solicitors. The solicitors take over the process from here. At DNG Wall Tuckey we do our utmost to remain updated throughout until you receive your keys.
If you are relying on a mortgage, the lender will require that a valuer values the property before they will release the funds. The purpose of this is for the bank to satisfy itself that the buyer is not overpaying for the property. The bank will then issue a letter of offer – this is legally binding and more concrete than mere approval in principle.
It is strongly recommended to have a qualified engineer inspect a property before signing to purchase it. If there are any issues with the building, it is better to know these in advance.
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