If you’re not in the property business, then buying a property can be daunting, given the substantial investment required when purchasing a property. Here are a few tips we’ve picked up over the years.
The Property Itself
Ensure that this is the property you want. Sounds obvious? Have your objectives been met with regard to the property? The most important consideration is whether the property is right for you.
Explore all the available information about the property you are interested in, including the website, brochures, social media and other sources. Please note that this information is provided as a guide only, and you should independently verify any details that are important to you before making a decision.
Finance
Before embarking on the purchase of any property, ensure that you can afford it. If the interest rate increased, would that present a major problem for you?
It’s a good idea to arrange finance in advance. That way, you can concentrate on searching for the right property.
Making an Offer
If you’ve found a property you like and are considering making an offer, make an informed, but realistic offer based on other property in line with market value.
Bidding at Auction
Auctions can be exhilarating and the thrill of being the top bidder can unsettle even seasoned professionals. See our article on Buying at Auction.
Set yourself an upper limit and try not to exceed this. Although, based on how desirable the property is, you might be willing to go that little bit further.
Make sure to take into account the amount of finance you can raise, your income, lifestyle, current financial commitments and future expectations. It is strongly recommended that you speak to a financial advisor before making a decision regarding your budget.
Martin Shortt Auctioneers handle property sales across Ireland, including Dublin, the Midlands and Northern Ireland, as well as Spain.
Check out our extensive property listing.
