To help you on your property buying journey, we’ve put together this step-by-step guide for buying a new build.
Whether you’re purchasing your first home or relocating to a new area, Midlands Real Estate is here to provide assistance every step of the way.
We understand the concerns you may have in purchasing a new build and we are dedicated to ensuring that your journey is smooth and hassle-free.
This comprehensive guide will walk you through the entire process, offering clear insights into what to expect and guiding you towards making your new home purchase a reality.
‘Your trust in us is the driving force behind our commitment to excellence.’
Your Step-by-Step Guide
1. Building Your Deposit
If you’re a first-time homebuyer, it’s essential to set aside around 10% of the property’s price for your deposit. For those who’ve owned a home before, aiming for about 20% of the purchase price is generally required to secure mortgage approval.
2. Help to Buy
The Help to Buy (HTB) Scheme helps first-time buyers purchase a newly-built house or apartment. Check your eligibility on Revenue.ie as you could be entitled to a tax rebate of up to €30,000. You can also get it for once-off self-build homes. It only applies to properties that cost €500,000 or less.
3. Speak with a Lender or Broker
Prior to embarking on your home search, it’s possible to secure a mortgage approval in principle. This preliminary approval provides you with a clear understanding of your budget and spending capacity. You will get formal mortgage approval before you sign the contract for your new home.
4. Appointing a Solicitor
You will need to enlist the services of a solicitor to oversee the conveyancing procedure. Shop around and review price proposals and scope.
5. Selecting a Suitable Home
At Midlands Real Estate, we work with our clients to find them the best home for their individual needs. We will focus on different house options, give insights into the locality, and steer you through the purchase process.
6. Booking Deposit
Once the purchase is agreed, you will need to pay a booking deposit. The amount of this booking deposit can be confirmed by the Selling Agent and usually varies from €5,000 – €10,000.
7. Contracts
After submitting the booking deposit and sharing your solicitor’s information with our sales agents, we will proceed to provide your solicitor with the necessary sale contracts.
8. Exchanging Contracts
Once your solicitor is content that all inquiries have been addressed, they will facilitate the signing of the sale contracts. Following this, the contracts will be returned to the Vendor for counter-signing.
9. Deposit
When you sign the contracts, you will need to settle the remaining deposit amount. Your solicitor will provide you with the precise figure. If you’re utilizing the Help to Buy Incentive, any eligible refund will be applied during this stage.
10. Snagging
Once the purchase is complete, you will have an opportunity to snag your home. This appointment allows you, or a professional you designate, to carefully examine the property and compile a list of any issues that require attention before the sale is finalized. Once rectified, you’ll be invited for a concluding inspection prior to completing the sale.
11. Completion Notice
Once your home is prepared and all the necessary documents are in order, a Completion Notice will be dispatched to your solicitor. This notice will inform them that the sale is scheduled to conclude within a 14-day period. This prompts your solicitor to initiate the mortgage drawdown and coordinate the transfer of the remaining funds essential for finalizing your new home purchase.
12. Drawdown of Mortgage
Your lender will notify you once they have received all the required documents, allowing you to proceed with the drawdown of your mortgage funds. To ensure a smooth process, we advise you to proactively organize your mortgage protection, life assurance, and home insurance. This preparation will help prevent any potential delays at this stage.
13. Closing
The sale will typically close 24-48 hours after your Solicitor receives the funds from your Lender. Once the sale is closed, you are officially a new homeowner.
