9 great tips for first time home buyers

Buying a home can be real minefield. There are so many hoops to jump through and so many risks involved, it’s easy to get overwhelmed by the whole process. Here are some simple tips to help you on the way. Hopefully you’ll be settling into your new house in no time at all.

1. Don’t buy if you’re planning on moving again soon

Many first time buyers make the mistake of investing in a property, even though they know that they’re not planning on staying there long term. They think that getting on the property ladder is a good thing no matter what, and they’ll have no problems renting out or selling the house when the time arrives. Unfortunately, there are no such guarantees in the property game. Try to wait until the right home becomes available.

2. View as many houses as possible

It’s difficult to know exactly what you’re looking for until you actually go out and see it. Viewing multiple properties will help to refine your perfect home in your mind so that when you do find the right place, you’ll know.

3. Stick to your budget

When dealing with large sums of money it can be easy to lose sight of what €5,000 or €10,000 actually means. If you get a preapproved mortgage it will force you to stick to your budget by giving you a maximum spend.

4. Get your paperwork ready

As with any major deal, you’ll need all the relevant documentation. To get your mortgage you must have six months of bank statements, proof of address, a certificate of income from your employer and three months of pay slips. It’s best to have all of this ready before you go out mortgage hunting.

5. Sort out your life insurance

You must have life insurance to get a mortgage. With life insurance your loved ones will receive a lump sum in the event of your death, providing the necessary funds to pay off your mortgage.

6. Location, location, location

When it comes to choosing a property, this is the one factor you simply cannot overlook. You can change virtually everything about your house over time - the interior, the exterior, even the size – but you can’t pick it up and move it somewhere better. Even if everything else about the house is perfect, don’t settle for a bad location.

7. Choose the right aspect

We probably all think we’re familiar with the concept of south-facing homes but what kind of south-facing home is best? Sometimes you might see two houses on opposite sides of the same road both advertised as south-facing. While neither claim is false, you’re looking for the property with its back facing the south. This is because your garden and most likely main bedroom and kitchen/living area will be at the back of the house.

8. Don’t be afraid of fixer-uppers

Although they’re possibly not for everyone, great value can be found in properties that need a little TLC. If you’re the type of person who has the time, patience and creative spark necessary to turn a run-down house into a stylish home, this kind of project could be right up your street.

9. Give it the once over

You should be as diligent as possible when buying a property and hiring a professional to carry out a thorough inspection is a hugely important step. Even if the house seems to be perfect, it’s better to be safe than sorry. It could save you a lot of hassle in the long run.

Happy hunting,

The Team at GMIB.ie