Your First Home
Are you looking for a new property? Where do you start? And most important, how do you go about it? While the task at hand might seem like a scary ordeal, it doesn’t have to be. It should, in fact, be an exciting one. At Frank Salt Real Estate, we understand the challenges of buying your first property and the issues that may arise. We do our best to help make the buying process as smooth and easy as possible. And whatever your taste and budget, rest easy that we can help you find your future dream home.
What should you look for when buying your first property and before you start house-hunting. Set your budget, expectations and your preferred location as this will narrow the search and will enable us to assist you in finding suitable properties. We would like a meeting or a telephone call to discuss your options. We also suggest that you carry out a property search on our website as this will give you some idea of what is currently available on the market. However only a selection of the properties in our database can be found on our website, so it’s important to contact us for full availability.
Some questions you should run through include where you would prefer to live? What type of property would you like? What size should it be to accommodate your needs for the foreseeable future? Would you prefer a more modern home or one with traditional features? What services and amenities do you require? (Schools, transport, etc.) and what is your budget and how will you finance your purchase?
How many homes should you see?
The average number of homes that one should see in a day should not exceed seven. More than that, and you will be getting an overload, and you will probably end up not remembering specific details about any of them. After touring homes for a few days, you will probably instinctively know which one or two homes you would like to buy. Ask to see them again. You will see them with different eyes and notice elements that you overlooked the first time round.
What properties are available to you?
Regarding your choice of properties, the real element that you need to factor in is primarily your budget. Very often when looking for a first home, you are looking for something that is practical, yet cosy and welcoming. You are looking at a property that will be your home and will one day possibly accommodate your family needs. Very often, apartments and maisonettes make an excellent choice. The market offers a good selection of such properties, both on-plan and readily finished. The decision between the two depends on the time you have available to dedicate during the construction and finishing progress, as well as how much you want the property to reflect your needs and tastes. A readily finished property will save you time and a good number of headaches. However, if time is not an issue, then you might want to consider buying on-plan, which often carry better introductory prices, while also allowing you to make minor modifications.
How do you know if it’s the right property for you?
When you are viewing homes, you will see if the properties are suitable. You should also take into consideration your instincts and genuine gut feeling – quite often these are the right feelings to be guided by, BUT always keep in mind your budget because the property is your commitment and no one else’s.
Once you have decided to buy a particular property, you need to arrange a meeting with a notary of your choice, and a bank of your choice if a home loan is required. We can direct you to these at no expense.
How do you get a home loan?
Loans to purchase or finish a property may be obtained from all local Banks, with HSBC, BOV, APS and BNF Bank being the most popular choice, thanks to their attractive Home Loan facilities to suit the individual borrowers’ needs. In most instances, the bank will finance up to 90% of the purchase price and completion costs. You might also be able to benefit from preferential rates – especially for the first years and for high-value loans. Regarding repayments, the loan can typically be extended to be repaid over a period up to 40 years, or your retirement age, whichever comes first.
Upon purchasing your first property, the 3.5% stamp duty applicable on the first €150,000 of the property price has been wavered by the government as an incentive to help first-time buyers, provided your sale has been registered before the end of 2019.
What documents do you need?
Recent pay slip and FS3
Architect’s/Manager’s estimate of the property value
Character reference unless customer is already an account holder
Photocopy of ID card
Copy of the preliminary agreement
All Banks also offer bridging loan facilities and loans to purchase summer residences. Through relationships we have with all these banks, Frank Salt Real Estate can make applications for the best loan package which suits your requirements and help to expedite the processing of the loan.