Thanks to the internet, the buying of property is now an easy process in Ireland. There is plenty of information that is available for you whenever you wish to undertake a research on the process of buying a home. Despite this being the case, many people in Ireland fall into common traps. This posts aims to highlight five major things to avoid so that you can purchase your next property in a stress-free manner.
- Ignoring the math
Without a doubt, the most important step to take when considering to buy a home is working out exactly the amount of money you will have to spend to purchase it. While this can be very obvious, a majority of people do not often work out the amount of money they would need to spend, and this leave many of them facing serious financial shocks later down the line. One of the most common mistakes is concentrating only on both the deposit and the purchase price without knowing that there are other fees like survey fees, solicitor’s fee, and Stamp Duty. The point is, over-estimate instead of leaving yourself short.
- Looking for a home outside your range
While dreaming can be fun, looking for a home which is out of your financial range is a joke. It is better to just concentrate on the property that is within your price range. Always ensure that you have calculated all the possible costs and that you have done your homework. This will enable you to understand both your existing income and expenses, and therefore you will easily know your price range. With the solid figure on your hand, you only need to stick to it.
- Being unaware of the current market conditions
Markets tend to change regularly and this change is often highly unpredictable. This means that it is always very important for you to be aware of the current state since it can help you determine how you are supposed to act. Despite the fact that the property market is more stable as compared to other types of investment, it is important to be keen on the current performance in the city or region you want to invest. Being well informed will allow for much quicker decision making whenever necessary.
- Relying solely on the internet
The internet has become one of the leading place for anyone who is looking for a home. However, this convenience has now led to a new problem for individuals who want to buy homes. Many of them end up searching for homes only on three to four property websites, and this see them fail to find better opportunities from independent sales agents who have a very good understanding of the local area and the right prices.
- Searching outside the intended geographical location
Many prospective home-buyers are too broad when it comes to the location search criteria. Looking for a house in the whole of Ireland will give you a headache as compared to a systematic search. You need to make a decision on a small geographical area like Dublin or Galway and then go deeper into those areas instead of being too broad in the search for a new home.
All in all, buying a home is simple but there are some avoidable traps. By following all the advice mentioned here, you will save yourself bucket loads of headache and stress, while ensuring that you stay ahead of the pack.