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10 Steps To Buying Your Dream Home

Finance for Homes Limited

Unit 4, Block D, Tyrrelstown Town Centre, 

Tyrrelstown, Dublin 15                        

Telephone: 089-615 92 82                                      

Email: sarah@financeforhomes.ie

(1) Chat to us: The first step is to find out how much you can potentially borrow. Call, text, or email us anytime to take advantage of our FREE service and we can start the journey together – we are flexible and work at a time that suits you. We will help you at every step of the process, guiding and advising you along the way. 

(2) Apply for a mortgage: We will work to get you the best deal for your circumstances and even help you complete the application forms! We will give you a checklist of the documents you will need, tailored to your unique circumstances. 

(3) Receive your Approval in Principle: Your application is assessed by the bank/banks that best suit your needs. If/when you are approved for the mortgage, you will receive an ‘Approval in Principle’ (also known as AIP) letter which means you can go house hunting with confidence. The AIP will be valid for 6 months and most Estate Agents will request a copy of this, plus your savings/balance of funds before agreeing to view a property. If you have concerns about this, we can give you guidance on how best to proceed. 

(4) Find your new home: Once you know how much you can borrow and receive your AIP; you can focus the search for your new home within your budget. This may take some time, between finding a suitable property and potentially bidding against other buyers (usually for Second-hand properties only).  

(5) Pay your deposit: Once you have your bid accepted, you are classed as “Sale Agreed” on that property. You will then have to pay a booking deposit of between €5,000 and €10,000 depending on the Estate Agent and price of the property. This deposit is refundable, if for example you change your mind, or your circumstances change. If you are fully committed to purchasing the property, the Estate Agent will arrange for the Sale Contracts to be sent to your chosen solicitor. 

(6) Choose a Solicitor: They will look after the legal process of buying a home. This is called the conveyancing process, and they also carry out searches to ensure there is nothing that could undermine the value of the property. Later in the process, your solicitor will go through the Sale Contract and Loan Offer documentation with you to ensure you fully understand all the finer details. When you sign the Sale Contract (usually approximately 4 weeks after you have gone Sale Agreed) you will then pay a non-refundable 10% deposit. Your solicitor and the seller’s solicitor will exchange signed contracts nearer drawdown stage and will work to agree the closing date of the sale, a date that is convenient for both you and the seller when purchasing a second hand home, or based on the completion of your new home. 

(7) Get the property valued: The bank will request you pay for a valuation on the property you choose, this will confirm the agreed purchase price is fair. This will need to be conducted by a panel valuer and we will help you arrange this. The valuation usually costs between €150 - €185. If the property you are purchasing is Second-hand, particularly over 10 years old, we would encourage you to arrange a Structural Survey. While it costs in the region of €350-€500 it is something we highly recommend. This survey will ensure there are no major issues which would cost more money down the line. Some banks may request a structural survey regardless of the age of the property, or where the valuation indicates a structural survey must be completed.  

(8) Loan Offer is issued: Once the valuation and structural survey (if required) are satisfactory, we arrange the Loan Offer (also sometimes referred to as Loan Pack or Letter of Offer) to be sent to your solicitor. You then arrange to sign the Loan Offer and the Sale Contracts as noted above, in the presence of your solicitor. 

(9) Take out Insurance: All banks require you to have appropriate Life Cover and Home Insurance to protect both you and the property. We recommend you arrange this as early as possible, for instance, once you have decided to proceed with the purchase of the property and requested Sale Contracts to be sent to solicitor, as Life Cover may take some time to arrange, particularly if you have any underlying health issues. 

(10) Mortgage Drawdown: This is sometimes called Cheque Issue / Funding Stage and it is when the bank issues your mortgage funds to your solicitor, who then in turns transfers it to the seller’s solicitor and this can sometimes take up to 2 weeks to completion. If you are purchasing a new build, you may be called to snag the property at this point. Once your solicitor receives the payment and contacts you to confirm all is in order, you collect the keys to your new home from the Estate Agent. CONGRATULATIONS…. enjoy this next adventure! 

Regards,
The McPeake Team...
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Another precious feedback!

We, at McPeake Auctioneers value your feedback & use your comments to improve our standards. Here are some more recent responses Hilary Cummins received! Hilary would be glad to help you with any questions you have regarding your property! Call us on 01 8272300 or email info@mcpeakeauctioneers.com #feedback #compliment # property #appraisal

Regards,
The McPeake Team...
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Key findings and recent surveys.

Dear Reader,

As a valued reader of McPeake Auctioneers blog we would like to present you some key findings:

• According to new figures from the Central Bank Ireland had the second highest mortgage interest rates across the euro area in December, coming only after Greece.  The average interest rate on new mortgages in Ireland stood at 2.76% in December, compared to the euro area average of 1.29%. 
•  House prices jump 7.4% in 2020 which is the largest such increase in three years. Homes have increased by almost €20k in one year, on average. The average sale price nationwide in the final quarter of 2020 was €269,522, up from €250,766 a year ago.
•  Housing stock levels were on the floor coming into 2020 – 25% fewer houses will be sold this year than last. The total number of properties available to buy on December 1st was less than 15,400, the lowest figure for stock nationally in almost 15 years. Housing supply won't meet demand until 'at least' end of 2023, BPFI chief economist Ali Ugur said. Only 20,000 new homes will be completed this year, short of the 35,000 annual units that are required.

The survey of more than 1,000 adults living in Ireland which was conducted by Censuswide on behalf of Esri Ireland shows that 43% of those surveyed said they would not want to return to the office at all, with 51% saying they would like to be able to work from home at least part-time.

• More than three-quarters of respondents say the cost of renting or buying a property is a key consideration, making it the number one factor.
• Other top considerations include proximity to work, chosen by 59%, and distance to shops, cited by half of adults.
• 21% of survey participants said the pandemic had increased the importance of living space and facilities for them while for 14% of consumers, their importance had decreased.
• The survey reveals that living conditions were more likely to have increased in importance for those on higher incomes.

Regards,

The McPeake Team...

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DUBLIN RENTS FALL 3% IN 2020, BUT RENTS ELSEWHERE UP 5%

As a valued reader of our Blog we offer you the most recent Daft Rental Report 2020 Q4 highlights which shows that: 

• Average national rent in Q4 is again higher than a year previously and is now €1,414 - but is lowest rate of inflation since 2012
• Rents in Dublin fall by 3.3% in one year and is now €1,984
• In Dublin 1, Dublin 4 and Dublin 6, rents in the final three months of 2020 were 6% lower than a year previously, while in Dublin 2, they were 7% lower
• Supply in County Dublin is up 64%
• Outside of Dublin rents increase 5.4%

The average rent nationwide in the final three months of 2020 was 0.9% higher than a year previously.  

In Dublin, rents fell 3.3% during the year 2020, with rent declines concentrated in the second and fourth quarters of the year. Covid-19 has had the opposite effect, with the number of homes being advertised to rent up 64% on February 1st, compared to a year previously. With the increase in homes being advertised, active demand for homes to rent has also soared, up 40% compared to pre-pandemic. But the greater liquidity of the market has helped bring rents down slightly. Nonetheless, rents in the capital – and in Ireland’s other main cities – remain at twice their level a decade ago. The average monthly rent stood at €1,414 in the final quarter of 2020, up from a low of €742 per month seen in late 2011. 

In the rest of the country, however, rents rose by 5.4% on average during 2020, with only a modest fall in the second quarter lockdown and an increase during the final three months of the year. The different trends in rents reflect changes in the availability of rental homes. In Dublin, there were 2,600 homes available to rent on February 1st, up from fewer than 1,600 on the same date in 2020. In the rest of the country, however, the number of homes available to rent has fallen sharply – from almost 2,000 on 1st February 2020 to just 1,139 a year later.

To find out how your county is performing please access the latest Rental Price Report 2020 Q4 on Daft.ie 

Regards, 
The McPeake Team...
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Irish house prices forecast to rise by 4% as supply struggles to meet demand

The Society of Chartered Surveyors Ireland (SCSI) found that two-thirds of 250 chartered agents surveyed in December expect property prices to increase this year, ranging from a 3% advance in Dublin to 6% growth across Connacht and Ulster. 

Experts had estimated that property values would decline by as much as 12% in 2020 because of the pandemic.

However, the market has defied expectations, as ongoing supply shortages were compounded as construction came to a standstill during the spring lockdown.

“2020 was dominated by Covid-19 and this led to a stop, start, surge property market …Given the recent introduction of new restrictions, it’s very possible we could see a repeat of that stop, start, surge pattern in 2021,” said TJ Cronin, vice-president of the SCSI.

Read full article: IrishTimes.com

Regards, 
The McPeake Team...
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