Buying A Home Checklist
Remember, buying a house is probably the biggest and most important financial decision you may make in your lifetime. So, before you sign any contracts to buy a house, there are many details that must be considered and carefully planned. There are two basic ways of purchasing a house, 1) by private treaty, and 2) at auction. Whether you plan to purchase a house by private treaty or at an auction, the following matters need to be attended to prior to purchase.
• Be realistic. Don't just look at the positive aspects of owning a house. Remember, when you borrow money, you must have the ability to make the monthly payments. So, take off the ‘rose coloured glasses' and consider your entire financial situation.
• Ask yourself the question: can I afford to make the monthly payments? When doing your calculations consider all the outgoings for you and your family. As a general rule of thumb, your monthly mortgage payment should not exceed one third of your monthly income. Also remember, if you take out an adjustable rate loan, the sad fact of the situation is that these rates tend to go up – not down, and that means your monthly repayment may go up.
• Plan financing to cover all possible expenses associated with the purchase. These expenses will include the purchase price of the house, stamp duty, legal fees and costs, Surveyor's costs, building insurance, and mortgage costs. If you have borrowed money from family or friends to help with the purchase, make sure you can afford to repay the loans. These days it is not unusual for parents to make gifts to their children to help with the purchase.
• Before making any offers, Make sure you have enough cash to complete the purchase. Get pre-qualified with a bank or other financial institution for the amount you need.
• Ask questions of all parties concerned, most especially, the Seller.
• Have a Surveyor inspect the property to determine the property's condition. The Surveyor should also ensure that there are no problems with the boundaries. Make sure that the property is serviced by the Local Authority and check that there are no outstanding problems with planning permission requirements.
• Make certain that you and the seller fully understand exactly what will be included in the purchase, i.e., chandeliers, curtains etc. Also ensure that the contract accurately enumerates and describes those items included in the sale.
This checklist is merely a brief outline of what you need to do. Contact a Solicitor to assist you.
A fairly usual question is: “Do I need a Solicitor? As far as this office is concerned, the answer is a resounding YES! Remember, you are talking about committing yourself to a loan for hundreds of thousands (maybe even millions, these days) of Euro. The legal costs, in relation to the value of the house, are minimal and a Solicitor can help you through any pitfalls. Obviously, we would prefer if you used the services of this office, but if not, please utilize the services of a competent Solicitor to help you. Good Luck!
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The solicitors at Damian Nolan & Co.,
Solicitors (incorporating William A.
James & Co.)
have more than 40 years of combined experience
in the following areas of law:
Residential conveyancing, commercial conveyancing,
criminal law, trial law, drink driving
representation, family law,
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law, defamation, civil litigation*, and
much more.
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