| |
|
BUYING
YOUR OWN HOME
|
|
|
| Buying your home is probably the biggest financial decision
you will ever make. So take time to consider whether it is the
right choice for you. |
| |
|
What costs are involved?
You need to take the following costs into consideration:
|
- mortgage repayments
- mortgage protection insurance for if you fall ill or
lose your job
- life assurance to enable your family to pay off the
mortgage if you die
- contents insurance against the risk of theft, fire,
flood or accidents
- Oil, electricity, telephone, etc
- Other service charges may apply |
|
| |
|
The process of buying a house is also costly,
as you may need to pay for:
|
- a solicitor or licensed conveyance
- an independent survey
- the mortgage to be arranged
- the Land Registry fee
- Stamp Duty www.revenue.ie |
|
| |
First time buyers
Over the past few years, the property market has been moving
very fast and this has led to significant increases in property
prices. This has made it very difficult for many people to afford
to buy a home. This is a problem particularly faced by first
time buyers, as although they may be able to raise a mortgage,
this will often fall far short of the cost of a property. |
| |
Getting on the property ladder
It is, however, still possible for first time buyers to get
onto the property ladder and there are actually some advantages
to being a first time buyer: |
|
- interest rates are at their lowest for more than 30 years
- first time buyers are more appealing to sellers because
they are not in a chain
- first time buyers are much sought after by mortgage lenders
|
|
When you find a property that you would
like to purchase you will be advised of the following:-
|
1. You need to pay a booking deposit to secure the property.
If you decide not to purchase the property before signing
the contract of sale this deposit is fully refundable.
2. You need to find a solicitor to act for you for the
purchase of the property. It is advisable to discuss with
the solicitor the fees they will be charging you.
3. You may want to get an Engineer to carry out a survey
of the property.
4. At the stage of signing contracts you will have to
pay 10% of the purchase price. When you have signed the
contract you are not in a position to back out of the
sale, you are legally bound to complete the property purchase.
5. The whole process of buying your home usually takes
a minimum of six weeks, unless a different timescale is
requested by either yourself or the seller. However if
the purchase is subject to planning permission it could
take a minimum of 3 months |
|
| |
