Whether it’s buying your first home or moving somewhere new, we’re here to help. We’re committed to making the journey as seamless as possible for you. To help you on your property buying journey, we’ve put together this step-by-step guide for new homeowners
This step-by-step guide will take you through the process, letting you know exactly what’s involved, and setting you on your way to buying your new home.
Save for your deposit
First time buyers will need to save approximately 10% normally for their deposit however if you are eligible for the Government ‘Help to Buy Scheme’ this tax rebate will fund your deposit required to purchase your new home. Those who previously had a mortgage will need to save approximately 20% of the purchase price in order to gain mortgage approval.
Help to Buy Incentive eligibility
Check your eligibility for the Help to Buy Incentive on Revenue.ie as you could be entitled to a tax rebate of up to €30,000 to fund the deposit required to purchase your new home. You could also avail of the Rebuilding Ireland Home Loan Scheme. See our full Help to Buy Incentive Guide for further information.
Speak with a Lender or Broker
You can get mortgage approval in principle before you start to look for a home. This lets you know how much you have to spend. You can also see if you are eligible for an exemption at this point. You will get formal mortgage approval before you sign the contract for your new home.
Appoint a Solicitor
A solicitor takes care of all the legal aspects of the home-buying process. You will need to engage a Solicitor to carry out the conveyancing process. Remember to shop around for the best rate and make sure you find one that specialises in conveyancing. Speak with family or friends who may be able to recommend someone.
Once you have all of the above in place you are in a position to begin the procurement process. Our Selling Agents, Property Partners Daly Ó Sé And Sheamus Fitzgerald are on hand to help you find the home that best suits you, and advise you on your options of house type, give insights to the locality, and steer you through the purchase process. . Click here for details
Once you have agreed the purchase with the Selling Agent, you will need to pay a booking deposit. The amount of this booking deposit can be confirmed by the Selling Agent.
Issuing of contracts
Once the booking deposit has been paid and you have confirmed your Solicitors details with our Selling Agents, we will arrange for the contracts of sale to be issued to them.
Once your Solicitor is satisfied that all queries have been answered they will arrange for you to sign the contracts of sale, before returning the contracts to us for counter-signing.
On signing the contracts you will be required to pay the balance of the deposit due. Your Solicitor can confirm the amount to you. If you are availing of the Help to Buy Incentive, your refund will be applied at this point.
Once your home is complete you will be invited to snag. A snag appointment is an opportunity for you, or a person appointed by you, to inspect the home and create a list of any items that may need to be addressed before you close the sale. Once our team have addressed the items on the list, you will be invited back for a final inspection ahead of closing the sale.
Once your home is ready and all of the documents are in place, a Completion Notice will be issued to your Solicitor notifying them the sale is due to complete within 14 days. This will serve as official notification to arrange the drawdown of your mortgage and arrange for the balance of funds required to complete the purchase of your new home.
Drawdown of your mortgage
Your Lender will confirm to you that they are in receipt of all necessary documents in order for you to draw down your mortgage funds. We recommend that you arrange your mortgage protection, life assurance and home insurance in advance to avoid any delays at this point.
Once the mortgage funds are in your Solicitor’s account, they will notify our Solicitors that everything is ready to close the sale. The sale will typically close 24-48 hours after your Solicitor receives the funds from your Lender. Once the sale is closed, you are officially a new homeowner!
Handover of your keys
Once the sale has closed our Team will be in touch to arrange handover of the all-important keys to your new home and answer any final questions you might have.
The contents of this document are intended and provided for information purposes only. Barraduff Homes ltd has attempted to ensure that the resource is current and accurate but cannot guarantee this. The resource is provided on the basis that persons accessing it undertake responsibility for assessing the relevance and accuracy of its content. Barraduff Homes Ltd does not accept any liability to any person or body for the information (or the use of such information) which is provided in this resource.