Secrets of Buying

Buying Secret 1. Get Pre-Approved for Your Home Loan.

Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy so you are not running around looking at houses you can’t afford. It also gives you the opportunity to shop around for the best deal and the best interest rates.

Buying Secret 2. Budget Your Monthly Finances.

The difference between renting and home ownership is the hidden costs. Most people just focus on their mortgage payment, but they also need to be aware of the other expenses such as property taxes, water rates, utilities and homeowner-association costs. New homeowners also need to be prepared to pay for repairs, maintenance and furniture. Make sure you budget for hidden costs so you’ll be covered and won’t risk losing your house.

Buying Secret 3. You’re Buying a House – Not Dating It.

Buying a house based on emotions is just going to break your heart. If you fall in love with something, you might end up making some pretty bad financial decisions. There’s a big difference between your emotions and your instincts. Going with your instincts means that you recognise that you’re getting a great house for a good value. Going with your emotions is being obsessed with the paint color or the backyard. It’s an investment, so stay calm and be wise. Get a Brochure of the property and take a few pictures yourself it’s always good to have pictures to refer to later on especially when you are viewing multiple properties.

Buying Secret 4. Do Your Research.

View the property at least twice before you commit to buy, it’s best to view the property at different times of the day as daylight will show up any issues with property and evening will give you a feel for the neighbourhood when most people are home. Take a walk around the surrounding area and neighbourhood which will give you an idea of what your potential neighbours are like – are the houses near by well maintained, Is there load music coming from a house.

Ask Questions

  • Why are the Vendors selling?
  • Is there any subsidence in the area?
  • What is being built in the area?
  • What’s included in the sale – curtains, light fittings, electrical appliances?
  • What renovations if any have been done?
  • How old is the boiler, when was it last serviced?
  • What year was the property built?

Buying Secret 5: The Secret Science of Bidding.

Your opening bid should be based on two things: what you can afford (because you don’t want to outbid yourself), and what you really believe the property is worth. Make your opening bid something that’s fair and reasonable and isn’t going to totally offend the seller. A lot of people think they should go lower the first time they make a bid. It all depends on what the market is doing at the time. You need to look at what other homes have gone for in that neighborhood and you want to get an average price per square foot. Sizing up a house on a price-per-square-foot basis is a great equalizer. Also, see if the neighbors have plans to put up a extension, something that might detract from the property’s value down the road.

Buying Secret 6. Avoid a Border Dispute.

It’s absolutely essential to get a survey done on your property so you know exactly what you’re buying. Knowing precisely where your property lines are may save you from a potential dispute with your neighbors.

Buying Secret 6. Be Prepared.

Contact your Solictor and find out their fees and if the property will be subject to Stamp Duty? What is the current Property Tax Band? Get a Survey of the Property, it may cost a few hundred Euro’s but may save you in the long run. Contact O’Mahony Walsh Insurance Brokers to obtain a house insurance quote for your potential property.


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