If you’re not in the property business, then buying a property can be daunting, given the substantial investment required when purchasing a property.
Here are a few tips we’ve picked up over the years.
The Property Itself
Ensure that this is the property you want. Sounds obvious? Have your objectives been met with regard to the property? The most important consideration is whether the property is right for you.
Check out all the details you can about the property you’re interested in - website details, brochures and so on provide guidance only and you should double check for yourself everything you consider to be important.
Before embarking on the purchase of any property, ensure that you can afford it. If the interest rate increased, would that present a major problem for you?
Making an Offer
If you’ve found a property you like and are considering making an offer, make an informed, but realistic offer based on other property in line with market value.
Bidding at Auction
Auctions can be exhilarating and the thrill of being the top bidder can unsettle even seasoned professionals. See our article on Buying at Auction.
Set yourself an upper limit and try not to exceed this. Although, based on how desirable the property is, you might be willing to go that little bit further.
Make sure to take into account the amount of finance you can raise, your income, lifestyle, current financial commitments and future expectations. It is strongly recommended that you speak to a financial advisor before making a decision regarding your budget.
Martin Shortt Auctioneers handle property sales across Ireland – Dublin, the Midlands and northern Ireland. Check out our extensive property listing.