Confused? 7 tips for First-time buyers

First-time buyers can find the process daunting, but now is a great time to buy and get on board the property ladder.

According to, the figures show that ‘the prolonged increase in housing prices is, in many parts of the country and for the time being at least, over.’

Inflation in listed housing prices nationwide was just 0.1% in the third quarter of 2019, while in Dublin inflation was negative, with prices 0.6% lower than a year previously!

Look out for first-time buyer events happening in Dublin like these previous ones

First-time buyer event

We recommend that all first time buyers attend some sort of first time buyer events as they take you through the entire process of getting onto the property ladder and receive insider tips and advice from our industry experts in every stage of the process, architects, interior designers, property professionals and mortgage managers will all be in attendance of these events.

View many and often

There are loads of styles of home out there and many have idiosyncrasies that can either add charm or frustration based on your own personal tastes. the more homes you see, the better your appreciation of style, layout and building quality on homes that you view.

This can help you avoid costly mistakes when you finally come to pick your first home.

Location, location, location……where do you want to be in the future?

When you are planning your first home, it’s tempting to look for locations that suit your current or past lifestyle, but don’t forget, times change! Buying a home is a costly and timeconsuming process, so you don’t want to be moving too often.

Consider where you are going to be in the future, are you likely to be in your current job for a long time, or should you need more flexible travel options.

If you’re planning on having kids, don’t forget that location will affect school choices, so make sure you’re happy with the schools in your area

Finance is key

Your biggest potential stumbling block is your mortgage, so speak to a financial advisor as early in the process as you can. Not only will this help with budgeting, as you’ll know what your target price is, it’ll also help you understand what the process is and what else you need, like life insurance, survey and BER.

Get a structural survey

There are different types of surveys available ranging from simple valuations to more expensive structural surveys, and it’s tempting to just go for the cheapest that your mortgage provider will accept, but this is a false economy. A structural survey helps you avoid costly problems in the future so are a worthwhile investment.

Get organised before you start

According to Caroline O’Callaghan, who specialises in first-time buyers for Castles Estate agents “If you are thinking about making an offer, there are a few things you need to get sorted first, especially as you apply for your mortgage. To help you get your documents together, I’ve created a First-Time Buyer Checklist:”

You will need the following for a mortgage application.

  • Photo Identification
  • Pay Slips – six most recent
  • P60 for the previous year
  • Certificate of Income – must  be completed and stamped by employer
  • Current Account Statements – for the last 6 months
  • Saving Account Statements – for the last 6 months
  • Credit Card Statements – for the last 6 months
  • Loan / Mortgage Statements – for the last 12 months.

Don’t give up! Finding the perfect home is a lengthy and sometimes frustrating process

Don’t be put off if your first few offers fall through, this is totally normal and essentially it happens to everyone. Stick at it and try to remember that what’s for you will not pass you!

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