The housing market in Ireland has slumped as a result of a lack of house construction. There has been a lot of red tape over the years that have hampered the mass building of homes that happened between 1999 - 2008.
Today I am going to give you a quick overview of the process involved in buying a new home.
1) Check out Real Estate Listings
There a numerous listings on Irish websites for properties, if you simply use a search engine simply search for "houses for sale {your area}" and you will get directed to listings of houses for sale.
From there you can choose the area you want to live in or by price.
If you see a house that you like, make a call to the estate agent to view the property.
Always take photos of the property, check for discrepencies, go away and think about it. Here are tips to stay productive.
2) Get Conveyancing Rates
It is so important to get conveyancing rates and have a conveyancing solicitor on hand so that you can get the process moving quickly so that someone else doesnt get in with a higher offer should your offer be initially accepted.
Conveyancing rates will also vary between lawyer to lawyer and from their replies you will also get a gauge as to which solicitor is the right fit for you.
I use a solicitor in Letterkenny for my house purchase in Ireland.
3) Make An Offer
When you are satisfied with the property and would like to proceed to making an offer, commicate, your offered amount to your agent and wait to hear back from the decision by the vendor. If the vendor accepts you can proceed to the next stage.
If your offer is below the asking price the vendor might wait to hear more offers from perspective buyers.
If you really like the property consider going close to the asking price to improve your changes of having the offer accepted.
Make sure that you get a building surveyor or engineer to do a building survey on the property to make sure there are no structural or underlying problems.
4) Approach your Lawyer about Conveyancing
When you get confirmation from your agent, you should go and talk to your solicitor about getting the transaction moving towards the completion.
Make sure you have your engineers report for your solicitor too.
5) Apply For Mortgage
If you need a mortgage you need to make an application with a bank. For a mortgage you will also need:
- A building surveyors report
- Property valuation report
- Home insurance
- Mortgage protection
6) Lawyer completes transaction
When your bank approves your mortgage application it is your lawyer who handles the rest of the transaction, assesses boundaries and registers the property deeds.
7) You get your keys
When all is approved and transaction is finished you will get the keys to your home from your solicitor or the estate agent you dealt with when making an offer for the property.
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