TIPS ON BUYING YOUR NEW HOME - NEW BUILDS
TO BUY OR NOT BUY
Searching for your dream home can be time consuming and sometimes frustrating so to help you on your journey Liam Hargaden of Jordan Auctioneers would like to share his 30 years experience in the property market by identifying some key ‘Tips’ below which will help you make that big decision on whether to buy or not to buy.
This week Liam will be focussing on New Builds giving you some insight into the process of buying a brand new home.
1. FINANCES
The most important tip is to ensure your finances are sorted. With the current demand for property all Estate Agents will look for proof of funds. No Estate Agent will go ‘sale agreed’ with a buyer without the matter of proof of funds been furnished.
If you are a first time buyer you can apply for the Help to Buy Grant Scheme where you can avail of up to €30,000 of a tax rebate dependant on your tax contributions over the last four years.
Top Tip:
Make sure you are aware of the period of the loan offer and that it is still in date.
2. DECIDE ON YOUR PREFERRED LOCATION
Don’t make the mistake of looking all over for your perfect property, this is both exhausting and confusing! Decide in preferential order all new housing developments and areas you would consider and work through the list to see what is available.
3. RESEARCH
Once you know your spending power it is important to do your due diligence and research as much as possible;
Search the internet for new housing developments in your preferred area or contact your Local Authority to see what developments are due to be built.
View other developments built by these developers to give you an idea of their quality and finishes.
Check out amenities in the area and road infrastructure.
Request brochures when available which will give you an idea of the overall layout of the development and house details.
4. ASK QUESTIONS
Ask the Selling Agent as many questions as possible and if they don’t know the answer ask them to find out. This is all part of the due diligence process that needs to be carried out before you hand over a deposit. Here are a few examples;
What is included in the sale ?
Is there a 10 year Homebond Guarantee ?
Will gardens be landscaped, seeded ?
How many houses will be in the development ?
Will there be public green areas ?
5. FEES
Don’t forget to account for the other ancillary fees and costs associated with the purchasing process such as:
Stamp Duty
Legal Fees
Bank Valuation Costs
Moving Costs
6. PATIENCE
The last and perhaps most important tip is to be patient. This process can take some time so try stay focused on getting what you want within your budget. Competition is intense for properties in the current climate but being organised, targeted and smart can result in you finding your perfect home.
LIAM HARGADEN
DIRECTOR , FRICS, FSCSI
Liam is a Fellow of the Society of Chartered Surveyors Ireland and has been working in the property business since 1989. Liam a native of Carlow was educated at Newbridge College and is a Director of Jordan Auctioneers having previously worked with Paddy Jordan in C.B.A Estates. Liam has acted for many developers and private individuals bringing enthusiasm and exceptional negotiation skills to each transaction with particular areas of specialisation including residential & country sales, valuations & development land.