Buying a new home or property is possibly one of the most daunting tasks out there, especially for first-time buyers or international buyers. There are many regulations to keep in mind, and here is just a small list of actions to take that will make this process so much easier.
1: Builder: Contact a local builder and request them to look at the prospective property. They will be able to tell you how much additional work needs to be done for the property, and generally advise the state of the property.
2: Electrician Check: If you have the contact, call in a favor from an electrician to check the wires for issues and maintenance.
3: Structural survey: This will be an investment, and you’ll be surprised at the number of faults this check can find within a property, no matter how pretty the house may look from outside. The usual cost is around €1.5k, but worth it in the long run, if you are to meet large issues.
4: Deposit: Buying international means that you may have to put in a larger initial deposit. The general range for international buyers is anywhere from 30-50% of the mortgage as an initial deposit.
5: Set your limit: The market price of properties is very clear, but rarely is that the actual selling price of these properties. People who understand the market usually bit from 10-15% below the asking price but can vary depending on geography. For example, properties in large cities like Dublin can actually go over the asking price depending on demand for said properties. In that case, ask yourself what would be your max bidding price?
6: Confirm listing: Always make sure to confirm that the property is listed both internally and externally, as a listed property can bring certain limitations on design and changes to be made to the house.
7: Compare prices: Search up the sale of other properties of the auctioneer, as well as prices of houses near your prospective property. If you cannot find these, then ask for them. See if you are being asked too much for the property compared to other houses or if you’re grabbing a steal!
8: House insurance and life assurance: If looking for a mortgage, you’ll have to have house insurance. Make sure to do your research to find the plan that fits your budget best. There will be many options, but make a decision on the length of the mortgage as well as the type of housing you are looking for.
Lucas Zhang was a Finance major at Ohio State University. He writes about finance, mortgages, and technology for Irish Mortgage Brokers.