Top 10 tips for next time buyers
So you need more space, a garden and a quieter location to house your expanding family? Here are our top tips for next time buyers.
When you got the keys to your first home you were over the moon, you finally had a place to call your own. Much as you love the place that was your very first home, your family has grown, you need more space and it’s time to look for a bigger place. Here are a few tips if you’re thinking about next time buying.
Make sure it makes sense
Your family may have grown and your personal circumstances might have changed, but perhaps your financial circumstances haven’t? Have a good think about whether you can afford to trade up. Can you afford to pay more every week? Maybe your home is worth less than you paid for it. Make sure you can comfortably support a next time buy before taking it further. Your new home will be financed with a combination of the proceeds of the sale of your current home, current savings and a new mortgage, make sure you have all three.
Find the value
Have your home valued by up to three recommended estate agents so you can see if you have funds left over after you pay off your loan. As first time buyers face new road blocks in the amount they can borrow, first time buyer’s homes aren’t moving as quickly as they were a few months ago. Be sure you know what your home is worth in the current market.
You may think you’ve put the saving for a mortgage period of your life behind you, but you’ll need savings in order to get a new mortgage. Selling and buying a home is an expensive business and there will be significant costs that you haven’t foreseen. Make sure you have some room for manoeuvre. Additional fees will include: Valuation fees for a report on your house, which is given to your lender, legal fees to your solicitor, surveyor fees to look over the house before you buy, stamp duty, repairs, decoration and furnishings as well as storage and moving fees.
Go through your household budget and see if there are any savings you can make on your outgoings. The whole family will have to make sacrifices for the chance of a better home, not just Mum and Dad.
Selling your home
The right agent
Choose your estate agent carefully and get their honest opinion on what what the value of your home is. Get opinions from at least three and don’t just go with the one with the highest valuation rather look at their fees and any hidden costs that might be attached to their services. Get recommendations from your friends and family.
Don’t overestimate the value of your home. Homes that stay unsold on the market for an extended period of time can get a reputation and become difficult to shift. Get an average value of homes in your area and try and stay close to it.
Know the key selling points
Don’t expect an estate agent to know the key selling points of your home. You do however. You know which room gets the sun, what kind of boiler you have, what your neighbours are like, the nearest schools and so on. Make a list and make sure he’s well aware of them.
Best foot forward
Get an objective opinion on your décor, while you may love it, it might not be to everyone’s taste and could put buyers off. Try neutral colours, but if you’re going to paint make sure you do it well in advance of selling. A ‘lived in’ home look is good thing, so don’t go too minimalistic.
Fit for purpose
Make sure the rooms are furnished for purpose. If the home is on the market as a two bedroom apartment, make sure there’s a bed in each room and not an office in one of them. Buyers want to be able to see themselves in the home on offered.
Make sure you have your solicitor lined-up in advance of the sale and agree the fee involved so there is no delay in closing. You may be part of a chain so you want to keep the process running smoothly.
Thinking of buying your first home in Ireland?
Don't forget to check out the EBS First Time Buyers Guide.
You can also use our mortgage calculator to find out how much you may be able to borrow.
And to chat through your mortgage options book a 30 Minute Mortgage today!
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