First-Time Buyer Questions Answered
By Elizabeth Cruise, Senior Sales Negotiator at Keane Thompson
Buying your first home is one of life’s biggest milestones, but it’s also one of the most daunting. From mortgages and deposits to bidding and legal paperwork, the process can seem overwhelming.
At Keane Thompson Real Estate, we guide first-time buyers every step of the way. Here are answers to some of the most common questions we receive.
How much deposit do I need?
In Ireland, most first-time buyers can borrow up to four times their gross annual income, subject to mortgage approval. You’ll generally need a minimum deposit of 10% of the property’s purchase price, although government schemes such as the Help to Buy Scheme and the First Home Scheme may reduce the amount you need to save.
How do I know what I can afford?
Before viewing properties, it’s worth speaking with a mortgage lender or broker to obtain mortgage approval in principle. This gives you a clear budget and demonstrates to sellers that you’re a serious buyer.
Remember to factor in additional costs, including:
- Stamp duty
- Solicitor’s fees
- Survey costs (if applicable)
- Home insurance
- Moving expenses
What does “Sale Agreed” mean?
When your offer is accepted, the property becomes “Sale Agreed.” At this stage, contracts have not yet been signed, so the sale is not legally binding. Your solicitor will carry out legal checks while your lender finalises your mortgage before contracts are exchanged.
How long does the buying process take?
Every transaction is different, but from having your offer accepted to receiving the keys typically takes between 8 and 12 weeks. Delays can occur if legal queries arise or mortgage approval takes longer than expected.
Should I use a mortgage broker?
Many first-time buyers choose to work with a mortgage broker, as they can compare mortgage products across multiple lenders and help you find the most suitable option. Others prefer to apply directly to a bank. Both routes can work, the best choice depends on your individual circumstances.
What should I look for during viewings?
It’s easy to focus on décor, but remember to look beyond the cosmetic finishes. Consider:
- The property’s condition and any maintenance required.
- Storage space and room layout.
- Natural light and energy efficiency.
- Local amenities, schools and transport links.
- Potential future resale value.
Don’t be afraid to ask questions about service charges, management companies, BER ratings, or recent renovations.
What happens after my offer is accepted?
Once you’re Sale Agreed, the process generally follows these steps:
- Appoint your solicitor.
- Finalise your mortgage.
- Arrange a valuation if required by your lender.
- Review and sign contracts.
- Pay the balance of your deposit.
- Complete the purchase and collect your keys.
Final Thoughts
Buying your first home is exciting, and while the process can seem complex, having the right advice makes all the difference.
At Keane Thompson Estate Agents we’re here to help first-time buyers understand the market, answer their questions, and make the journey to home ownership as smooth as possible.
If you’re thinking about buying your first home, we’d be delighted to help you get started.
