1. Know the Process
Buying a property [house or site] can be broken down as follows:
- Find the property you wish to purchase and pay a booking deposit to the Auctioneer.
- Before contracts are signed it is important you have your financing in place and have also had the property surveyed to your satisfaction.
- Contracts will then be signed and the balance deposit is paid. You should then insure the property.
- The closing date will have been set out in the Contract for Sale . You will need to pay all fees and outlay in advance such as Solicitors fees, Stamp Duty and Property Registration Authority fees.
- Once the purchase has completed your can move into your new home and the Solicitor will pay the Stamp Duty to the Revenue Commissioners and afterwards apply to the Property Registration Authority to have you registered as owner.
2. Finances First
Work out your budget and keep in mind that first time buyers can borrow up to 90% of the value of the home, second time buyers and everyone else can only borrow up to 80% of the value of the home. At the present time there is the Help To Buy Scheme which assists first time buyers with the deposit needed for a new home or apartment, up to 5% of the purchase price is potentially available but this is capped at €20,000.00 As well as the purchase price there are other costs ; Legal fees; Stamp Duty, Property Registration Authority , Surveyors fees; searchers fees. It is important you discuss these with your Solicitor at an early stage to avoid any unwelcome surprises down the line.
3. Instruct the Right Professionals
It is important you ensure you instruct a Solicitor who you can trust , but also who addresses all your concerns and explains the process to you from start to finish in simple language leaving you with no doubt as to how the system operates. This is what sets a quality professional service apart from a good professional service. It is the elimination of stress and worry that can make a purchase of a property an enjoyable experience for you.
Never, ever, under estimate the importance of a surveyor, especially with second hand homes. A good surveyor will inspect the property on your behalf before you have committed to signing a contract and who will be the one to tell you of any nasty surprises you need to know about before you put pen to paper. Admittedly it’s an extra expense, but an expense well worth paying.
The time required to complete a purchase is quite often outside of your Solicitors hands as there are numerous parties involved in the entire process. Generally speaking a conveyancing transaction will complete in a matter of weeks and not months.
5. Enjoy It
By making the right choices, particularly with what is set out above, it’s highly probable that the process will be an enjoyable one free from the stress and anxiety many people fear it will be. There is nothing like the feeling of collecting keys to your new home, it’s something the average person will only do a couple of times in their lifetime. It’s important to enjoy it and enjoy the thoughts of the future you are going to make there. The weeks leading up to collecting your keys should be weeks where your only worries are what colours you will put on the walls or what furniture you want to buy, and not ones of worry and confusion. It can’t be stressed enough how important it is you instruct a Solicitor who will ensure this is going to be a positive experience and one you will enjoy.
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