New Buyers Guide

Purchasing a new home for the first time can be a very exciting process that has life changing implications. To assist you in your New Home selection, we in Castlethorn have devised the following 10 steps that may be of benefit to you in your decision making process.

1. What matters most to you?

Write down the all the key attributes that you require in your new home and rank them in importance to you. For example:

  • Price Range
  • Location – near work, transport, family or schools
  • House, duplex home or apartment
  • Number of bedrooms?
  • Specification
  • Detached vs. semi-detached or terrace
  • Parking
  • Garden/Patio/Balcony space & orientation
  • Green space/ parks/ playgrounds
  • Developer reputation / history

2. Budget

As you commence your new home search calculate how much you can afford to spend on your new home? Amounts that need to be considered include:

  • Mortgage amount – how much can I borrow. Speaking with your own bank or independent mortgage advisor will point you in the right direction, even before you begin to shop around
  • How much savings do you have? Typically you will require 10% of the purchase price of your new home as a minimum to support your mortgage application
  • You may need to allow for stamp duty
  • Legal fees
  • Furniture for your new home

3. Search for your new home

Now the search can begin in earnest. Nothing beats getting around to see show homes that you have identified as meeting your needs best while at the same time falling within your budget. Property searches often start by reading the property pages of the national and local papers and can be supported by excellent website searches on myhome.ie and daft.ie

4. Booking Deposit

Once you have selected your new home you can reserve if by paying a booking deposit, usually in the sum of €5,000. This is a fully refundable deposit prior to the signing of formal contracts (usually within 21 days of the contracts issuing). The booking deposit is handed to the sales agent and is normally paid to the builder’s solicitor or to the sales agent. A receipt will be issued to you stating the amount of the deposit, the purchase price and the address of your new home.

5. Solicitor/ Contract Signing

You need to appoint a solicitor who will look after all the legalities in relation to your home purchase. Should you not have a solicitor there is usually a panel of solicitors provided from which you can choose one.

Contracts will be sent to your solicitor who having examined them will ask you to sign them so they can be returned to the developer’s solicitor within 21 days. At this stage you will normally be required to pay up to 10% of the purchase price less the booking deposit already paid.

6. Completion Notice

When your new property is completed the developer’s solicitor will forward a Completion Notice to your solicitor. This gives you 14 days to complete the sale of your new home.

7. Snag List

On receipt of the Completion Notice your builder will be in touch with you directly inviting you to complete your Snag List. Your Snag List must be completed in writing and submitted within 7 days.

8. Final Inspection/ Cheque Drawdown

Inform your mortgage provider/ broker that your new home is ready for “Final Inspection”. After the Final Inspection, has been carried out by the valuer, your lending institution will forward your loan cheque to your solicitor pending a closing date.

9. Checking the Snag List

When the builder completes the Snag List you will be invited to re-inspect. If you are satisfied that the house is ready you can inform your solicitor to make a closing appointment

10. Closing the Sale

This is the day you get the keys to your new home. The closing normally takes place in the developer’s solicitors office. You may not have to be present provided you have signed all the legal documentation in advance in your own solicitor’s office. After the closing is Complete, you can then collect the keys to your New Home!

Wishing you many years of happiness in your New Home!

For great value New Homes visit http://www.castlethorn.ie