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REA Buyers Guide

We are here to help

Buying a home is one of the most significant decisions you will make in your life. At REA, we understand that your home means much more than just bricks and mortar, and making the right decision about it is crucially important. Our network of agents located throughout the country will be able to help. They will confidently & professionally steer you through the process to ensure the best possible outcome for you.

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Buyers Guide

Save for a deposit

  • Confirm the limit you are allowed to borrow.

The Central Bank rules are:

  • First time buyers will need a deposit of 10 percent of the value of the house.
  • Next time buyers require a 20 percent deposit (e.g. a maximum LTV of 80 percent).

Set your budget:

  • Find out how much you can afford to spend on mortgage repayments each month, and ensure that you have enough to cover the other costs of buying a house, including survey costs, stamp duty, moving costs, and legal fees.

If you are selling, get your property valued:

  • Get your house valued by a qualified estate agent and find out how much is outstanding on your existing mortgage to see how much equity you have to put towards your next home.

Research mortgage options:

  • Check price comparison sites for overviews on the mortgage products available from the main lenders.
  • Ask around with friends about their experience with various lenders.
  • Book a mortgage meeting with a local advisor.

Get loan / mortgage approval in principle

  • Gather together all your paperwork.

For employees, it's usually:

  • P60 and recent payslips
  • A salary certificate
  • Bank statements

If you're self-employed, check lender websites for the documents required.

  • You'll need to prove that you'll be able to afford mortgage repayments (plus an extra stress test), so make sure you're keeping a paper trail.

Write a wish list

  • Write down must-haves for your ideal home.
  • How many bedrooms or what size of garden.

Do a little research:

  • Research the area you're interested in and take time to explore further. Check out:
  • New roadways
  • Public transport
  • Schools
  • Amenities
  • Other major developments

Appoint a solicitor to arrange the legal documents:

  • Shop around and ask about conveyancing fees.
  • Ask what the fee does and does not include.
  • Make sure they're a member of the Incorporated Law Society of Ireland.

Make an offer

  • Contact your estate agent to make an offer.
  • Let them know that the offer is 'subject to contract and survey' - so you'll only pay the amount in principle, subject to legal or structural issues.
  • Your solicitor will check for legal issues and you may need to pay a booking deposit to your estate agent.

Get your property checked by experts

  • Hire a surveyor or architect to carry out a structural survey. This will highlight any structural issues that may need to be fixed. Look out for things like:
    • Cracks in the wall
    • Uneven flooring / foundation
    • Broken items around the house
    • Mold
    • Loose wiring etc.
  • If the structural survey returns issues, you will be able to reconsider purchasing the property, or you can negotiate on the price.
  • Get a valuation once the property is 'sale agreed'. You or your lender will hire a professional valuer to send the valuation to your lender before offering the formal loan.

Get your insurance in check

  • Shop around for mortgage protection assurance and home insurance and sign-on for the best offer for you. By law your lender must make sure that you have mortgage protection cover before taking out a mortgage.

Finalise the mortgage loan

  • Contact your lender and inform them of the details of the property. Once they are happy with all details they will send you a formal "letter of offer".
  • Meet with your solicitor and make sure you double-check all details before you sign on the dotted line.

Closing details

  • Sign the contract.
  • Your solicitor will set the date for closing the sale.
  • You'll pay your deposit on the property.
  • You'll need to pay stamp duty as well.
  • Deliver the balance of funds to your solicitor.
  • Confirm home insurance details.

Moving in

  • Research prices for a professional removal firm.
  • Contact the electricity, gas and telephone / broadband companies in advance so you are connected from the start.
  • Make a list of organisations that you need to inform of your new address.
  • Plan to ask An Post to redirect your mail.