Purchasing a property can seem daunting on first thoughts.
Our team are here to make the process as simple as possible for you
Buying a property is arguably the biggest purchase a person will make in their lifetime. Whether you’re a first-time buyer, downsizing, an investor or trading up, it’s important to be prepared & know what you can afford.
The first step is to know how much you have to spend and if you’re in fact in position to proceed with purchasing a property. Majority of property purchases in Ireland are made via mortgage approval.
If you’re dependent on mortgage, you will be required to receive mortgage approval in principle before being considered as a potential purchaser. In this case it’s advised to contact your bank to set up an appointment with a mortgage advisor. Additionally, a good option is to contact an independent mortgage broker. They’ll be able to search for the best mortgage options for you.
Under current regulations borrowers can lend 3.5 times (with exemptions) a purchasers income while a deposit between 10% (FTB) and 20% is required for the purchase of second hand properties.
It’s recommended to appoint a solicitor at this early stage as they’ll be required to conduct the conveyancing, which is the legal process to transfer ownership of the property from the seller to the purchaser. Having one appointed early will allow a purchaser to be in a quick position once sale agreed on a property. Solicitor fees can vary per company/individual so should be confirmed at the start in order to factor into budget.
Once mortgage approval in principal is obtained, a person is now in position to house hunt for their desired property & to submit bids. It’s important to be realistic in what you can afford but also be sure that you’re purchasing a property that you like.
To help ensure this, it’s recommended to research what’s available in your price bracket in certain locations and determine if they are of further interest.
Once you’ve viewed a property you like contact the selling agent to submit an offer. They’ll require that you confirm your buying position with a proof of funds, hence the importance of having mortgage approval in principle in place. However, it’s also important to confirm details such as preferred timeframes for completing on sale.
If an offer is accepted the purchaser is granted exclusivity in order to put down a holding deposit (This is refundable & subject to the exchange of contract) & confirm solicitor details. Once done, the conveyancing process can begin.
O’Donnellan & Joyce have over 38 years of proven auction results.
We are Ireland’s Largest Independent Auction House and we are here to guide you through the auction process. We guarantee the best possible results for your property
When you start thinking about buying a property, it’s important that you have a support team to help you through the process. Buying a property can be complicated but at O’Donnellan & Joyce, our 40 years of experience goes a long way towards making the process simple and enjoyable for you.
If you are interested in this property, contact our sales agents today and give them some information about yourself, your buyer status and what you wish to do. Our team are on hand to guide you through the buying process and make sure that this purchase is one that you remember for all of the right reasons!
With over 38 years of experience, our team of property professionals can answer any question that you may have. If you are thinking of selling or just looking for advice, pick up the phone and call our office today or send us an email.
We are waiting to help you!
Owning a home is a keystone of wealth… both financial affluence and emotional security.