Buying a home is often mentioned as one of the most stressful undertakings that people experience in their lifetimes and on average most of us only do it a couple of times. Therefore, it is wise to put a good deal of thought into the process and which factors might influence your decision making. At Hunters Estate Agent we meet many prospective purchasers both at viewings and in our local offices in Foxrock, Dalkey, Donnybrook and Rathfarnham. We are often asked for our advice about what factors to consider when starting the search for a property. The following are some of the areas that we advise people to consider in their decision making;
- Budget:
First and foremost, you should decide how much you can afford to spend on a new home. Your income level, savings and any existing debts or financial obligations should all be factored into these calculations. Future circumstances such as whether you or your partner may take a career break to have a family or any other situation that could affect your income should also be thought through.
- Location:
Location, location, location is the mantra of estate agents! However, many of us cannot afford to live in our preferred location and therefore it’s important to research various locations to ensure you have plenty of buying options and that the area is suited to your needs and preferences. Factors such as accessibility to work and schools, proximity to family and friends, local amenities and transportation should be considered.
- Size and Layout:
It’s important to determine the size and layout of the home that will best accommodate your lifestyle and future requirements. Consider the number of bedrooms, bathrooms, living spaces and any specific requirements or preferences you may have.
- Condition of the Property:
Assess the condition of the property, including when it was built and any necessary repairs or renovations that will be required. Consider engaging the services of a professional to thoroughly evaluate the property before making an offer especially if there appears to be a lot of remedial work needed. The cost of engaging contractors for upgrades to a property have increased in recent years so this has never been more relevant.
- Resale Value:
Consider the potential resale value of the property. Look at recent sales and market trends in the area to determine if the property is likely to appreciate in value over time and if the price being sought represents value for money. If you want to get on the property ladder but do not intend to remain living at that property forever, this is an important factor to consider.
- Neighbourhood:
It’s always a good idea to do a little research of the neighbourhood and local community of properties you view. Consider factors such as crime rates, schools, amenities, and the overall atmosphere and vibe that you get. It’s important to establish if it’s a community that you can see yourself settling into.
- Compromises you are willing to make:
It is unlikely that you will be able to tick every box on your wish list so consider compromises you’re willing to make and the items which are non-negotiable. For some people it may be a sunny aspect or for others a good BER rating. Decide which things are must-haves and which things you can live without!
- Financing Options:
Home buyers should explore different financing options and mortgage rates to find the best fit to their financial situation. Factors such as interest rates, deposit requirements, and the length of the loan to be taken should be assessed.
- Future Plans:
Consideration should be given to your future plans and how the home will align with these. Factors such as potential job changes, family growth and long-term goals and aspirations are important to think about to ensure the home best meets your needs for the years to come.
- Professional Help:
Prospective purchasers might consider working with an estate agent or a broker who can guide them through the home-buying process. These professionals can provide expertise, negotiate on your behalf, and provide useful insight based on your needs and wants.
And finally, try to enjoy the process as it is an exciting endeavour full of possibilities for a new chapter in your life.
Isobel O’Reilly
Hunters Estate Agent
Foxrock Office
