Buying property can be difficult when you’ve never done it before and have no knowledge of what the process involves. Getting the right property as a first-time buyer is certainly important, so here’s a bit of advice if you’re planning on property hunting soon.
Figure Out Your Criteria
Firstly you need to figure out what you want from a home. Everyone’s preferences are different so a big garden might be a critical feature for one person, but perhaps it’s the big open-plan living room space for another. So, whether you are planning to purchase a property with your partner, friend or family member, note down everything you’d like to have in a home. Make sure the criteria is listed as most important to least important.
This will also make your estate agent’s job a little easier in finding the right property for you, instead of wasting both yours and their time looking at properties that aren’t the right fit.
Be Strict With Your Budget
It’s important to never spend beyond your means because if you’re looking at a property that’s way above what you can afford, you’ll be greatly disappointed if you fall in love with it. Your budget should factor in the cost of the property, what you’ll need as a deposit and all the legal fees that come with it. As it’s your first property, make sure that you give yourself a bit of leeway when it comes to the top end of your budget. Tell your estate agent a lower budget and play hardball. That way, if the right property comes along and you’re in a bidding war, you’ve got a little extra help.
You’ll Never Get It Perfect First Time Round
Unless you’re lucky, you’ll never get the perfect property the first time around. With so many criteria to think about, there will likely be one or two things missing from your list of must-haves. Sometimes that’s just the way it is, and you’ll be so keen to put down a deposit on somewhere that you won’t really care if this property doesn’t have that kitchen island you were after. Buying property is something that might happen more than once, so the experience you have the first time will make you more prepared for the next one.
Ask For Advice From Those More Experienced
Asking for advice isn’t something to be sniffed at. Getting help from parents or friends that have already been through the process, can help you with the dos and the dont’s of property buying. You may also want to think about seeing a financial advisor as this can come in handy when it’s time to figure out mortgages and which lenders are the best ones for your financial situation. So, whether it’s tips for property development in Ireland or working out the legal jargon, ask!
Buying your first property is certainly an exciting experience so take your time and enjoy the process, even if it does get a little stressful along the way.
