Deciding to buy a new home is a decision that should never be taken lightly. It is likely to be your biggest financial investment to date, so it is advised that you enter the transaction with your eyes wide open. If you feel bamboozled by brochure-speak and you don’t know your ventilation from your insulation, fear not – you just need to follow these simple tips and soon you’ll be thinking like a property professional.
Financial preparation
If you’re thinking about buying a home, it’s worth checking out any Government grants or schemes you might qualify for. Incentives such as the Help to Buy deposit scheme or the First Home mortgage scheme could give you a financial boost.
Next, you’ll want to get mortgage-ready by figuring out how much you can borrow and what you need to qualify. A great starting point is your bank or a mortgage broker, as they handle all the legwork for you. Both above steps will confirm your approximate budget, which will determine what houses or areas to focus your search on.
Once you’ve found a home you want to reserve, you’ll need to show proof of funds – this is usually in the form of your approval in principle letter from a lender.
It’s a good idea to shop around for the best interest rate, but keep in mind that your rate isn’t officially locked in until you draw down on your mortgage, which typically happens about a week before you get your keys.
When you place a reservation, you’ll also get an estimated timeline for when your new home should be ready – so you’ll have a better idea of when you can start planning your big move.
Legal up
When it comes to appointing a solicitor, if you don’t have one lined up when you reserve your home, ask the sales agent if they have a panel of solicitors. These solicitors are not affiliated with the agent or developer, but they’ve often worked on the scheme before, meaning they are familiar with the process and can handle contracts quickly, helping you stay on track.
Once you’ve chosen a solicitor, make sure they’re responsive and available to guide you through the contract process. You’ll want someone who takes the time to explain things clearly and answers your questions promptly – this can make a huge difference in keeping things smooth and stress-free.
A solicitor who’s easy to reach and proactive in handling paperwork will help ensure there are no unnecessary delays, so it’s worth doing your homework there too.
Also, keep an eye out for developer incentives. Many offer perks such as kitchen appliances if contracts are signed within a certain time frame, which can be a great way to save some money.
Be prepared for other associated costs with buying a newbuild: bank valuations, stamp duty, mortgage protection, home insurance, life cover and solicitor’s fees
Location, location, location
Location is a big deal when choosing a home. Ask yourself, are you already familiar with the area? Do you have friends or family nearby? Have you done your own research on what matters most to you?
If you’re not too familiar with the neighbourhood, take some time to explore. Spend a weekend there – grab a coffee, have a meal, take a walk and just get a feel for the area. See if it ticks the boxes for what you’re looking for in a home. After all, you’re not just picking a house, you’re picking a community too.
Make yourself known
Getting to know a few agents who are selling developments in an area where you are interested is a good move. If they know you’re actively looking and have finances in place, they’re more likely to keep you updated. Also, feel free to stay in touch with them yourself, don’t feel like you are annoying them. Some developments can have high inquiry levels, so make yourself known.
Register for developments, follow them on social media and keep an eye on property websites. Ask the agents if there is an option of reserving from the plans in advance of a show unit being ready. If that is an option, and you are comfortable doing so, let them know well in advance and, again, keep in touch.
Take a deep dive
Even with a new home, it’s worth doing your homework. Although you might not have to worry about things such as structural issues, it’s still smart to check out future planning in the area – things like potential new developments, road expansions or zoning changes.
Checking with the local planning office or council can give you an idea of what’s coming down the line. Plus, looking into things such as access routes, public transport and amenities.
If the developer has completed previous developments, take the time to visit their showhouses and see the quality of their work first-hand. Also, check online and read their brochures, going through the specifications. This will give you a good idea of what to expect and help you make a more informed decision.
Don’t be afraid to ask questions, seek reassurance and do your own research on the developer to ensure you feel confident. Visit completed schemes by the same developer and speak with current residents to get first-hand insights on build quality and overall living experience.
Online reviews can be helpful, but like anything, take them with a pinch of salt. Some people only leave reviews when they feel they have had a bad experience. Online reviews are also unregulated.
Try virtual reality
If you are buying off the plans, take your time to review the floor plans and site map carefully. Ensure you understand the layout, orientation and position of your home within the development.
It’s common for a first phase of a development to launch from plans, and developers generally provide detailed brochures, specifications and visualisations to help you understand what to expect.
Visit similar-sized showhomes that are open to the public. This will give you a better feel for the space and a real understanding of the square meterage.
Many developments offer virtual reality viewings and high-quality CGI (computer-generated imagery) visuals, which are accurate representations of what the finished home will look like both inside and out. Check with the agent whether these reflect the standard home or include additional features.
When buying off the plans, contracts still need to be signed within a specific time frame. Ask if there will be an opportunity to view a showhouse before signing – though in most cases, there won’t be – so ensure you’re comfortable with your decision to buy from plans. If you would prefer to wait for a showhouse, voice this to the agent and make sure you are kept updated on the showhouse launch, if there is one.
Manage expectations
If you’re buying a newbuild, it’s good to keep in mind that while you’ll get an estimated completion date when you reserve, delays can happen – especially with things such as ESB and Irish Water connections. Since these are handled by third parties, the developer can give you a general time frame, but they don’t have full control over the process.
So, to manage your expectations, just be aware there might be some delays along the way. It’s always a good idea to check in with your agent for updates.
Quality check
In Ireland, all newbuilds come with an A-rating and must meet strict building regulations, which is great for energy efficiency and sustainability. On top of that, before you can close on the property, a validated BCAR (Building Control Amendment Regulations) is required.
Think of it as a quality control system for newbuilds – it ensures your home meets all the necessary standards and is fully compliant before you get the keys. So, the good news is, you’re getting a well-regulated, energy-efficient home that’s been thoroughly checked before you move in.
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Apartment or house
Service charges and management fees are always something to ask about when buying an apartment, but don’t forget to check if there’s a management fee for a house too – it’s not always obvious. Make sure to ask how much the fees are and what exactly they cover.
Make sure you know if there is a parking space included with the price of your apartment. If you’re parking off-curtilage (outside your own property boundary), find out who owns the parking space and whether it’s allocated to you or shared.
For amenities and facilities in apartment developments, check if things like a gym, concierge or extra storage are included.
When it comes to ownership, find out if the property is freehold or leasehold.
And don’t forget heating and utilities – ask what system is in place and ensure you understand it.
Cut yourself some slack
Agents understand the pressure that buyers are under in this phase of their lives. We usually work with our buyers for months before they even reserve a home, so we build a strong rapport with them. We always keep in mind how stressful the market can be, so if a buyer comes across as a bit abrupt, we take the time to understand where they’re coming from.
Often, they’ve been outbid or missed out on homes before, and they’re just frustrated. Buying a home is a huge, exciting milestone, and we do everything we can to make the process as stress-free as possible.
