Buying

There are typically two types of buyers, those who are lucky enough to be cash purchasers, and those who will be funding their purchase via a mortgage.

In a very competitive property market, which currently exists the selling agent will expect from potential buyers, either proof of cash funds or be able to demonstrate availability of a mortgage which in the initial stages will take form of a letter from mortgage provider confirming ‘approval in principle’ which will later convert into a formal letter of offer.

Once funding has been dealt with the next step is to consider carefully where one wishes to live.

Issues to consider here will include;

• distance to and from work and time spent travelling.
• availability of transport
• schools and other amenities
• neighborhoods either rural or urban which will govern lifestyle.

Once you have decided where you want to live the selection of an individual property is that location is the next focus of attention.

You will have certain criteria which you will be expecting your new home to fulfill, and all the boxes may not get ticked depending on budget and location however your checklist should include;

• Size and layout of the property
• Ground condition and cost of upgrades you might consider necessary.
• Energy efficiency and heating costs
• Light, orientation, size and condition of garden
• Items included in sale and cost of replacing items not included

Once you have selected a property and agreed to purchase a property the next items to be considered are as follows;

• A booking deposit will need to be paid to the Agent to secure the property. This will normally be in the region of 2 to 5% of the agreed purchase price. This deposit is paid subject to contract and is fully refundable right up to the time the contracts are signed and exchanged.
• Nominating a solicitor in the next step in the process. Many people will engage the use of a family solicitor who is already known to them. In other cases, you may have been referred to them from a friend.
• Once you have selected a solicitor and agreed terms and conditions the Solicitor will outline the information, he or she requires from you. Your solicitor’s job will then be to investigate the title of your proposed purchase and ensure that all matters relating to the contract for sale are in order.
• On signing of contract, you will then be asked to pay over a full 10% of the purchase price less the initial deposit which you have paid.
• Most contracts will be signed subject to a satisfactory survey being carried out on the property and subject to the drawdown of funds from the bank in case of mortgage finance.
• You will then need to engage the services of an Engineer who will inspect the property and furnish you wish a report. The general cost of typical house survey will range between €300 and €500.

Your bank, in case of a mortgage, will also instruct a valuer to carry out a valuation on the property to ensure that the bank's position in relation to value is protected. This cost is usually in the region of €150.

When all the previous issues have been dealt with the last element is the ‘closing of the sale’.

This will include a final walkthrough of the property, a final check on title by your solicitor known as closing searches, exchange of information relating to gas and ESP issues and payment of outstanding monies by your solicitor.

The final act is then the handover of keys to your new property by the selling agent.

The entire process usually takes about 6 to 8 weeks.