Buying a home is one of the biggest decisions you will ever make, so a little planning goes a long way.
Before you start viewing properties, make a list of what matters most to you. No house is perfect, but the right one should meet your key needs. Some of the most practical factors which should be taken into account when purchasing a property are:
Location! Location! Location!
It might seem like a cliché, but the location of a property is a significant factor to consider when bidding on a property.
Ask yourself: Are local services suitable for your lifestyle? How accessible are shops, schools, and transport? Will this location still suit you in a few years?
Different people will have different requirements, so it is vital that you decide if the location will satisfy your needs.
Look to the future
Investigating any developments that may be planned for the locality is essential. You certainly don’t want a busy road outside your front door if your dream house is a small cottage in a quiet country setting! That peaceful view today could change quickly, so it’s worth checking with the local planning office about any planned developments in the area to make sure it continues to suit your needs.
The day you buy is the day you sell!
It’s easy to focus on the present when buying a home, but it’s also worth keeping the future in mind. Even if you’re not thinking about selling, a good property should continue to hold its value and remain a smart choice over time.
A good purchase today should still be a good investment tomorrow.
Know your budget
It might seem obvious, but can you afford the property you want? The “price tag” on the property may not be the amount of money you will need to move into your new home.
You’ll also need to factor in additional expenses such as legal fees, stamp duty, survey costs, registration fees, and any renovations the property may need.
Getting mortgage approval in place early is also essential to ensure a smooth purchase process. See Tips for First-Time Buyers
Don’t forget the “hidden” costs
When purchasing a property, it’s important to remember that the purchase price is only one part of the overall cost. There are a number of additional expenses that you should be aware of throughout the process.
- Stamp Duty: Stamp Duty is payable on all property purchases and is generally 1% of the purchase price up to €1 million. In the case of a dwelling house situated on more than 1 acre of land, the first acre is typically charged at residential rates, with any excess land potentially subject to a higher rate of Stamp Duty. For new build properties, Stamp Duty is not charged on the VAT element of the purchase price.
- Search Fees: Solicitors must carry out specific searches on a property to ensure there are no skeletons in the closet which may come to haunt you in the future. Search fees will vary depending on the extent of enquiries to be made.
- Solicitors’ Fees: Legal fees will vary depending on factors such as the purchase price and the nature of the property title.
- Surveyor Fees: A survey is strongly recommended to assess the condition of the property. It helps identify any structural or other issues that may not be immediately visible but could lead to significant costs in the future.
- Registration Fees: These are payable to register your ownership of the property with the Land Registry.
- Insurance: Buildings insurance must be in place from the date of completion. The seller is responsible for maintaining insurance up to closing, after which responsibility passes to the purchaser. Mortgage providers will also require mortgage protection insurance, which ensures the mortgage is repaid in the event of the borrower’s death.
BER Ratings
A BER Certificate is required for all properties being sold and sets out how energy efficient the property is. Properties are rated from A to G depending on their level of efficiency.
When buying a property, it is important to consider the BER rating, as it can have a direct impact on energy costs, comfort levels, and the overall running expenses of your home.
These ratings are likely to become even more important in the future as energy efficiency and environmental standards continue to evolve.
Before you complete
To help ensure a smooth purchase process and avoid any delays on completion, it is important to have your finances fully in order well in advance. If you are taking out a loan, make sure all lender conditions have been satisfied, including arranging home insurance and life assurance before completion.
If you are buying or selling a property, talk to Lynch Solicitors today. Our wide experience and long involvement in the market can help you save time and money and make sure that your investment is secure.