There is almost unanimous agreement among the estate agents we spoke to on what is most important for first time buyers, and it can be summed up in one word: Finances.
Co lm Ruane of Remax Property Partners, Eyre Square, advises buyers to narrow down the area where they are looking to live, and focus on this location.
Colm has seen people looking in a number of different locations, who are still not quite sure what they are looking for. He also advises buyers to look at properties which may need cosmetic work, especially if they can do some of it themselves. These properties are less likely to be in bidding wars than ones in better condition.
Liam Farragher of Keller Williams, Headford Road, advises buyers to ask themselves two simple questions, and if the answer to either is ’no’, then walk away. 'Can I see myself living here for the next 10 years, and can I afford the repayments'. If you can answer ‘yes’ to both of those questions, then you can move forward.
Maureen McKeown of Mc Keown Estate Agents Ltd., Barna, also warns of the dangers of not having your finances in order prior to viewing and says it can be ‘heartbreaking to lose out on a property you have fallen in love with’, and ‘you will be up against people who are ready to go’.
Olivia Lynch of Lynch Auctioneers, Eyre Street, recommends saving as much as you can the year before buying your property, though she accepts this can be difficult, especially if you are renting. In this year, ‘cut down on outgoings as much as possible’, as it is important be able to show an ability to save when looking for a mortgage. Olivia also stresses the importance of location, ‘houses can be restyled and renovated, but you cannot change the area’.
Keep an open mind on location
Martin O’Connor of DNG Martin O’Connor Auctioneers, Moycullen, recommends keeping a more open mind with regard to location, as ’there can be better value available in areas further from the city’.
Martin Gohery of Gohery Properties, Oranmore makes the same point, ’sometimes you need to spread the wings to find the level of comfort you require in both the quality of the property and the price bracket’, according to Martin.
Tony Kavanagh of Sherry Fitzgerald, Forster Street, appreciates the importance of ’the biggest investment decision you make’, and advises buyers to arm themselves with all the information they can. Tony believes the supports available to fist time buyers are very impressive, and they should 'talk to the estate agents in their area about their expectations in terms of new and second-hand stock that will be coming to the market’.
John Joyce of DNG Joyce Auctioneers, Tuam, advises buyers to have a good chat with an auctioneer or solicitor at the start of the process, it will be well worth it in the long run.
Colm O’Donnellan of O’Donnellan & Joyce, Mary Street, Galway sums up his advice succinctly, ‘get your mortgage approval first and then do your research as to where you want to buy’.
