Inside Track

Top 10 Tips for First-Time Buyers in Ireland

Taking that initial step as a first-time buyer doesn’t have to be a daunting experience. See our Top 10 Tips for First-Time Buyers here, securing your first home. 

1. Gather Your Savings

Taking out a mortgage is often required to secure one’s first home. A key component of obtaining this loan is to have prepared a deposit – usually at least 10% of the value of the house.

At this point, managing your expectations is important so that you can effectively budget towards the right home for you. Our finance advisors can help here.

It won’t come straight away, but in time you will have the savings needed for your deposit.

  • First-time buyers may be eligible for the Government’s Help to Buy (HTB) Incentive, running until 31st December 2021, which helps towards the cost of your home.

2. Consider Your Needs

Buying a home is likely to be one of the biggest decisions you will make in your life, so taking time to reflect on your needs is vital.

Just several things to consider when buying a home are location, family requirements, proximity to ameneties and budget.

  • Whitebox homes offer 21st century solutions to the needs of Irish families. To view our current and upcoming developments, click here.

 

3. Talk to a Mortgage Specialist

Before you go about approaching your bank, speak to a mortgage specialist or mortgage broker.

  • Our own mortgage advisors offer a range of resources to help you secure a Whitebox home.
  • With our network of lenders (who already have the details of Whitebox homes), we can save you hours of form filling and partner you with the best rate for your circumstances.

4. Prepare Your Documentation

Providing your own personal documentation is essential to securing your first mortgage, as this will be required by all mortgage lenders.

This includes six months of bank statements, proof of address, a certificate of income, three months of payslips and other financial records information.

 

5. Ensure Protection

Buying a house is a large investment, so making sure you have sufficient insurance cover in place in the event that something happens to you is worth considering.

If this happens, a lump sum to pay off the mortgage will be allocated to your family. By being proactive, you can make sure this cover is in place in good time.

 

6. Try Not to Be Overwhelmed

Purchasing your first home is a lengthy process for all, so don’t worry if you feel you have encountered some hurdles.

You may need to review some documentation, or provide some additional ones, but you will get there in the end.

 

7. Ask Plenty of Questions

As this investment is no small matter, we’d advise asking plenty of questions so that you understand everything that is involved with the house, and your financial arrangement.

Carefully read the terms associated with your contract, and consult with your solicitor to have any elements explained to you which you do not understand.

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8. Apply for Your Mortgage

Once you have had your mortgage pre-approved, and have made an offer, apply for your mortgage.

You may be able to negotiate the terms of the contract, such as by getting a percentage or fixed amount cash return, legal or valuation fees etc.

 

9. Conduct a Structural Survey

In order to confirm that the value of your mortgage is in line with the value/condition of the property, you will need to have a structural survey conducted and obtain a Mortgage Valuation report.

10. Finalise the Purchase

Once all of the above has been completed, the end is in sight. After getting your solicitor to cast a final eye over the purchase, you then sign two copies of a legal agreement to buy the property.

After the seller receives this and your deposit, they will sign and return one copy of the agreement and a closing date will be confirmed – at which point you will receive the keys to your new home.

 


Buying a Whitebox home means streamlining your buying process.

Our extensive network of property specialists are on hand to provide you with a seamless, stress-free experience every step of the way.

Get in touch today to speak with one of our property consultants, or contact us via (051) 310 304 / catriona@whiteboxltd.ie

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