Housing is the biggest investment that we generally make in life, so we have to take into account a number of factors to make the right purchase. It is common for experts to recommend doing the calculations of the monthly mortgage payment or comparing the mortgage offers that are currently available on the market, but there is more to purchasing a house than simply the mortgage aspect.
Here are some key factors to consider before buying a house:
- Analyse your solvency: you must do the calculations well and be proactive if you need to take out a mortgage to buy a house. It is advisable to also calculate how the mortgage payment would respond to different economic scenarios. Remember, it is a long-term investment – you do not want to bite off more than you can chew! Also consider the maintenance costs of the property.
- How much cash you have: today for a bank to grant you a mortgage you need to have money saved, typically at least 20% of the value of the house, in order to access the best possible mortgage deals on the market, plus another 10% to pay the legal and other associated costs.
- Look for a house in various areas: you do not have to focus on a single area, but can expand the radius of your search. It is advisable to look at nearby areas that are well connected both by road and public transport and where housing might be cheaper. Would an extra 15-minute commute be worth it to get a larger property with more space for the same price?
- Look carefully at the opportunities: it is advisable to be aware of the latest housing developments such as maydenhayes.ie and make the effort to also attend real estate fairs, to make sure you have a good range of housing options at attractive prices from which to choose.
- Compare mortgages: you have to look carefully at which financial institution offers the best mortgage conditions, based on the house you intend to purchase: lower interest rates, waiver of certain commissions, and flexibility should all be considered before making a final decision.
- Take into account any renovations required: there are homes that can be quite inexpensive to purchase, but need quite a bit of renovation or remodelling work carried out. This would be an additional investment, so it must be taken into account.
- Get local advice: a local real estate agency will usually carry out an analysis of the needs of each buyer and know the prices of the local housing market. They know the conditions of the houses located in the area that you like and the price at which you can buy, depending on the budget you have. If you are unfamiliar with a particular area, local knowledge can be invaluable. Think of a real estate agent as a filter, to help narrow down the available options, and compile a short list of potential houses which you can view and consider before making a final selection.