Buying a home for the first time is a big job, both from a cost and a psychological point of view.
In the current market, the psychological aspect continues to be significant as a number of factors continue to play havoc in the decision-making process, including property prices and employment stability.
Only time will reveal when both will settle down.
Here is much of what you need to look out for and prepare for, according to Frank Conway of Irish Mortgage Corporation:
So, if you pay a monthly rent to your landlord, forget cash and use the bank. That way, you will have a full record of paying the rent.
Mortgage lenders are looking for those in permanent employment.
A first-time buyer couple can get tax relief on up to a maximum of €10,000 in interest a year. This relief is given at 25% for year one and year two.
In other words, €417 per first-time buyer couple is available for buyers in 2012.
For mortgages taken out in between January next year and December 2012, there will be a 15% rate of relief for first-time buyers.
On a mortgage of €200,000, with an interest rate of 3.5% (an average standard variable rate, 30-year term), the repayment would be €898 per month.
Mortgage rates are generally expected to increase (except for those on fixed-rate loans).