The ins and outs of buying a property

Discussion in 'Mortgages and buying and selling homes' started by irishman, Nov 14, 2017 at 6:05 PM.

  1. irishman

    irishman New Member

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    I'm planning to buy a property soon with a cash purchase so can anyone here tell me what exactly are the ins and outs of purchasing a property? The only type of property that i would not be interested in is an apartment so it would be a semi detached house,bungalow or cottage.I would really appreciate any advice that i'm given here.
     
  2. noproblem

    noproblem Frequent Poster

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    You don't say if it's for yourself to live in or rent, the area you live in, are you married, children, etc. However here's a few pointers. Purchase money within easy reach, new or 2nd hand, private sale/auction, estate agent review, future property tax amount, BER Cert, solicitor in place to oversee title, paid bills, etc, engineers report, crime free area, schools, shops, public transport, neighbours, car parking, furnished/unfurnished, garden, kerb appeal, etc, etc, etc, etc, and much more. This will start you off.
     
  3. elcato

    elcato Moderator

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    First question you ask yourself. Can I see myself living here ? Then decide on what you are willing to pay for a property Have a solicitor ready. Don't believe anything the estate agent tells you, check yourself.
    Property checklist:
    Structure. any unusual extensions which may not have PP.
    State of the floors, walls, windows - any leaks, moss, dampness
    Noise from all four directions ?
    Neighbours ?
     
  4. cremeegg

    cremeegg Frequent Poster

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    It is a big purchase don't cut corners.

    Get a solicitor and put everything through them.

    Get an engineer to do a survey, be sure they check the boundaries, any planning issues, and any future proposed developments, as well as the structure of the house. Get the solicitor to read the engineers report.

    When you agree to buy you will be expected to pay a booking deposit, this is usually €5,000 you can pay this directly to the estate agent. At this stage you can still change your mind and get the money back.

    Then the estate agent will send a contract for you to sign. Make sure they send it to your solicitor. Your solicitor will read it and explain any issues there might be.

    You then sign the contract and pay the rest of the deposit up to 10% of the price. There will be a coming date in the contract and perhaps some conditions. After this you cannot change your mind.

    The main issue is that you get what you expect when you pay your money. The engineer will assure you that the house is in good condition and that the boundaries are correct and the solicitor will ensure that you get a good legal title to the property.
     
  5. Futurelookin

    Futurelookin Registered User

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    Light!!! The longer I live, the more important I think it is. Getting a property which either has lots of light or the ability to access it - installing large windows, sliding doors, a bright garden or outdoor space to sit in when weather allows are all really important IMHO. I love cosy country cottages etc, but I couldn't bear living somewhere with tiny windows and dark gloomy interiors and perhaps planning restrictions on opening up rooms to light and aspect.

    It's really important on bright sunny days and even more important on dark wintery days.
     
    elcato likes this.
  6. Leo

    Leo Moderator

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    There are probably two distinct areas of focus here, 1. deciding on the property that is right for you, and 2. the purchase process. Are you looking for advice on one or both topics?
     
  7. irishman

    irishman New Member

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    Hi everyone and thanks for the feedback. The property is for myself to live in.At this point i would like to say that i'm single age 48 with no kids and I have lived in a housing estate in Dublin all my life and i would like to move to a rural village or country town anywhere in the 26 counties but takeing into account i can only afford a cheap house and one that does not require a lot of refurbishment.I'm currently residing in the family home.I would like any advice on the actual purchase process.Cheers
     
  8. noproblem

    noproblem Frequent Poster

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    If it's rural then one of your most important things to look for, along with all the above is, THE SEPTIC TANK. I cannot stress to you how important this is/will be. If the house is in a town you'll probably be on the main sewer so shouldn't have any problem.
     
    NicolaM likes this.
  9. irishman

    irishman New Member

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    The property will most likely be in a town. Supposeing i find a property online that i like and then i contact the estate agent to arrange a viewing so if i like the property do i make an offer there and then? and if that's the case do i contact a solicitor at this point?
     
  10. noproblem

    noproblem Frequent Poster

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    Tell the EA you're interested but would like to get an engineers report done on it. Get in touch with a solicitor, tell him what you're proposing and also ask him what his fee might be.
     
  11. mf1

    mf1 Frequent Poster

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  12. irishman

    irishman New Member

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    Thanks everyone and especially posters noproblem and mf1. The information will be very useful to me.Cheers
     
    noproblem likes this.
  13. Bronte

    Bronte Frequent Poster

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    Why are you moving to a rural village or town? Seems a drastic step for someone who has lived all his life in Dublin?

    I agree about the light being important, I live in a very sunny south facing house that has a very happy feel to it, immensly valuable to me.

    Do you want a large garden. How big a house do you want. I suggest two bed for a single person is perfectly adequate. Too big a house and you have crazy heating bills and empty rooms or rooms full of 'stuff'.

    I would say contrary to posters above that if I were a cash buyer an extension without PP wouldn't bother me if I liked the house enough.
     
  14. Buddyboy

    Buddyboy Frequent Poster

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    And, when you see the house - Don't let your heart rule your head. Until everything is signed, be prepared to walk away, or for the possibility that you will be outbid, gazumpted, or the seller will pull out. It can happen, and for your sanity, be prepared for it.

    Of course, once the contracts are signed, jump for joy and do the happy dance. :) But it can be a long road before you get there.
     
  15. Leo

    Leo Moderator

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    Things can still go wrong at that point, as the final searches can throw a spanner in the works.
     
  16. irishman

    irishman New Member

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    Why do i want to move to a rural village or town? well because its always been a dream of mine to live in the countryside and i love the countryside and i really want to get away from a built up area. I heard about getting gazumpted but i read somewhere that the buyer can make a pre contract agreement with the estate agent which involves paying a percentage of the property and the seller does the same and if the seller pulls out of the deal the buyer keeps his percentage as well as the sellers percentage,is that true? So once the contracts are signed and if something goes wrong after that will i get my money back and the property wont be mine?
     
  17. noproblem

    noproblem Frequent Poster

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    I live just outside a small town in the west of Ireland and where I come from you won't get gazumped. There's some great houses for small money, you'll be surprised at what you can get and the quality. As for lifestyle? I wouldn't change it for the world, ever.
     
  18. irishman

    irishman New Member

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    Noproblem that sounds great but what if the house i'm interested in purchasing is in the midlands or the south? Is there a bigger chance of getting gazumped in those areas and is there anything i can do to cut the risk of that happening?
     
  19. noproblem

    noproblem Frequent Poster

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    Believe it or not but outside of Dublin, Galway, Cork and Limerick cities I personally think there's no big rush to buy property. The midlands i'm not so sure about apart from Longford which is one of the cheapest places in Ireland to buy. Beside a lake, a seaside or tourist attraction can be a different prospect entirely though.