I’m a First-Time buyer- what can I do to set myself apart from other purchasers?

There’s no question about it. The property market in Northern Ireland is challenging to navigate, particularly for those First-time buyers amongst us.  

In my experience research, preparation and setting a budget are essential to navigating this highly competitive market.

Location is key and in Northern Ireland we are spoilt for choice with so many attractive areas to choose from. The problem for first time buyers is that the sales market in these ‘hotspot’ areas tend to move very quickly with many properties in desirable areas often having multiple bidders fighting over the one house. Not an ideal scenario for any buyer. 

Many areas within NI itself tend to have their very own ‘micro-climate’ with ceiling prices unique to their locality.  It’s important that you do your research into your chosen area looking carefully at what has sold recently in the area before considering placing an offer.  It is very easy to get carried away when bidding on a home you love, but it is important to stick to your budget so you’re not spreading yourself too thin. 
99% of first time buyers will require a mortgage to purchase their first or next home. Vendors look favourably on those who have done their homework and have spoken to a mortgage advisor and those who have gone a step further and completed affordability checks and have a DIP (a decision in principle) in place from a lender. This will also be requested by the estate agent who is registering your offer. You will also be required to provide proof of funds of a deposit or ‘down payment’. Having a  deposit in place will also make you a more desirable candidate for any potential vendors.

 A mortgage advisor will have access to ‘broker only’ mortgage deals giving First Trust Buyers more options to choose from.

It’s worth noting that when purchasing a house, you will incur additional costs which should be factored into your overall budget. Aside from the purchase price of the property you will be required to formally appoint a solicitor to work on the conveyancing of your purchase. Naturally there will be a professional fee for this work. 

When purchasing a property in Northern Ireland you are required to pay Stamp Duty and Land Tax which must be paid within 14 days of completion. Your solicitor will settle this tax as part of their professional fee.  It is worth remembering that your solicitor must sit on the same lenders panel as your chosen mortgage provider. Many homebuyers will opt for a Homebuyers survey on their purchase, ensuring that the property is structurally sound before exchanging keys. The cost of these surveys can vary depending on grade of survey you choose. 

Searching for your first home is often an exciting and nerve-wracking moment in time, particularly navigating the busy market we find ourselves in. Patience is valuable in this fast-moving environment and with some luck you will land the keys to your first home!  

Good luck from everyone at HMK Property!

Hannah Kennedy – Director
HMK Property, 8 Grand Parade, Belfast, BT5 5H
Tel: 02890397712   Web: www.hmkproperty.com