How to Prepare to Buy your New Home – General Advice from a Conveyancing Solicitor in Cork

With help from a mortgage advisor, you can determine how much you plan to invest in your ideal home.
You can review your personal savings, decide what type of property you would like, and get an idea of the location you wish to live in can enable you to plan the best route to getting your new home.
You may discover that your deposit amount ought to be several thousand more than you had envisioned at this stage. Having this information at the outset could save you unnecessary stress, wasted efforts, and anxiety in searching for your ideal property.

Engaging an independent mortgage broker as early as possible in the process will help to make the overall process smoother. Mortgage brokers are invaluable in their knowledge and understanding of lending criteria and current market conditions. They will guide you towards a realistic goal and advise you on steps to take to ensure you are more likely to be granted the loan you apply for.
At this stage, you should have an idea of market values in your desired location and its surrounding areas. Your advisor should be able to advise whether you need to save more prior to your application for pre-approval.
When your broker feels that you are mortgage-ready, you can apply to your lender. Your lender will give you a rough idea of a range of funding you can expect based on your personal finances.

Finding your ideal location is worth putting time into. You should consider your social connections, family requirements, lifestyle, your budget, and the future potential for change while choosing your location.
You may find that you are compromised by what you can afford but with careful consideration, you might find that choosing a home outside of your ideal location may be better suited to your needs – ie a new development with mod cons outside of your ideal location may be more financially logical than a second-hand home with work needing to be carried out within your ideal location. It is worth weighing up these options.
Conventionally, it is wise to choose a house with the potential to sell, renovate or expand in the future. Although that may not seem relevant in the present, these are important factors to consider. A conveyancing solicitor Cork may have some insight into any potential issues in a particular location too. You can always ask them if they know of any structural issues within the area.

Becoming familiar with the additional costs of a conveyance strongly recommend. “Hidden Costs” consist of Stamp Duty, Land Registry Fees, Engineering Fees, Legal Fees, etc. These are all a part of buying a property and does not cover by your mortgage. A good conveyancing solicitor in Cork should always advise you of these costs prior to starting the conveyance process. If not, you should always ask.