Brought to you by permanent tsb
Being a first-time buyer isn't exactly straightforward...
If you're looking to secure your first home, chances are you'll encounter at least one or two speed bumps.
To help make sure you're as prepared as you can be for what lies ahead, here are our five tips for being a first-time buyer:
Money, money, money…
It’s not even funny! You’ve finally managed to get your deposit together and then you realise that you’re not quite at the finish line yet…
You’ll also have to factor in a whole load of extra expenses like Stamp Duty, survey and valuation fees, legal fees, property tax, mortgage protection and home insurance, all of which could add up to roughly €8,000+ on a €300,000 mortgage. But, what’s another €8,000 between friends, eh?
Deep breath! Luckily, all of these are not needed at the same time and some are not due until the end of the process (which can be pretty lengthy!), so you still have time to save. Some mortgages offer you cash back at drawdown so if you have some money set aside for decorating, you could use this and get it back later.
Not jumping the gun
Once you’ve finally got all the cash together, it can be tempting to jump in headfirst and start viewing properties. But, you could be wasting time and setting yourself up for disappointment unless you have a chat with the bank first.
Make sure you have Mortgage Approval in Principle before you go house hunting so you have a rough idea of how much the bank is prepared to lend you. There’s nothing worse than having your heart set on a Champagne property, only to find you actually have a Bucks Fizz budget.
Managing your expectations
So you want a four-bed detached house with a south-facing garden in your dream location, within a 10-minute walk to work? Join the queue. A big part of the house-hunting journey is learning to manage your expectations.
Make a list of your must-haves and then work out what you’re prepared to compromise on. Something’s got to give so brace yourself, that walk-in wardrobe or man-cave may have to go!
Realising your negotiating power
As a first time buyer you may underestimate the strength of your position but you do have some bargaining power so make sure you use it to your advantage. You are actually a very attractive buyer (and we don’t just mean your youthful good looks), as you don’t have to sell a house, so it’s worth making this known to the agent.
If you’re bidding against someone who has to sell their property before they can buy, your final offer might be more attractive to the seller, even if it’s lower, especially if they’re looking for a quick sale and don’t want to get caught in a chain.
Not counting your chickens
A lot can happen between going “Sale Agreed” and getting your keys so best hold back on the housewarming invites for a bit. There are many reasons a house sale can fall through, like issues with surveys and valuations, problems with buyer chains, people getting cold feet and, worst of all,
gazumping.
Don’t pop that champagne cork until you’re home and dry and be prepared to pick yourself up and dust yourself off if the worst happens.
Check out our ‘Home Buyers HQ’ from saving to sale agreed, everything you need to know. If you're looking to start your own home buying journey you can book an appointment with the permanent tsb team today.
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Brought to you by permanent tsb 
