|What to Buy? |
The first thing you need to decide is what sort of property do you need. If you're young free and single, perhaps what you need is a one or two bed apartment with a good size living room for entertaining. If you have children, you will probably need more bedrooms. If your are retired or infirm maybe you want a bungalow with easy access and a smaller garden. Dou you need a garage, a big bathroom or workshop.
Think about what facilities you need nearby - shop, schools, Church, post office.
Some of these might not be important to you now but what if you expect to have children in a couple of years.
Its easy to start looking at properties and only find out what you can afford after you have put a lot of time and effort. It is important that you do your homework first so that you know what you can afford.
Strictly speaking you dont need to get loan approval until you have found the property you want to buy. However you would be well advised to get loan approval in principal at the outsed. What this means is that the lender tells you how much they are prepared to lend, based on your income, your credit record and your employment record etd
The approval in principal is not binding on either you or the lender so you have nothing to lose by getting it at the outset and you may save yourself a great deal of trouble later on. It could be enough to tip the balance in your favour where there is another buyer competing to buy the same property.
NOW YOUR READY TO START LOOKING FOR A PROPERTY.
Once you've found a suitable property its now time to make an offer. The agent may tell you what is the highest offer they have. Be clear about what your offer really is. If it is subject to conditions, say so. If your offer is for the property, including carpets and curtins say so. Otherwise you may find that you are asked to pay an additional sum for these later if you want them. Usually your offer will be subject to contract and survey. This means that if your survey turns up a problem which you didn't know about you can revise or withdraw your offer.
In any case there is no binding obligation on either side until contracts are exchanged, but it is best to be clear from the outset.
You may be asked to pay a booking deposit at this stage, usually a few thousand pounds. This is an indication that you are serious and is refundable in full if the sale does not proceed to exchange of contracts for any reason.
If you haven't already got one now is the time to appoint a solicitor to act on your behalf.
If you are buying with a mortgage , your lender will insist on a survey, usually by one of their approved surveyors. You pay for this survey generaly €100 to €150 including vat, and you should get a copy of it.
On receipt of a satisfactory valuation report your lender will write to you with a loan offer.
Your solicitor will agree a date with you and the vendors solicitor for exchanging contracts.