Home Buyers Guide

Chapter 1: The 10 Steps to Buying Your First Home:

Step 1: Get Mortgage Approval in Principle

The very first thing you should do when house hunting is to establish how much you can spend. There’s no point
looking at million euro houses if you can only afford a 2 bed apartment.

But because it’s not as much fun as checking out cool homes, a lot of people make the mistake of jumping straight to step 2 and spending hours searching MyHome.ie or Daft.ie.

Don’t fall into that trap. Do a little bit or work first, find out how much you can borrow and once you know what you can afford, you can start house hunting.

5 Reasons for getting Mortgage Approval in Principle:

• It removes the guess work and any doubts about what you can and can't afford.

• You’ll be able to easily identify homes within your price range.

• You'll be able to move fast when the right property comes up.

• You’ll find out what size deposit you’ll need

• You’ll be in a better bargaining position (and could knock a few extra grand off the asking price).

There’s nothing more frustrating for a seller than having a house sale fall through after agreeing a price. The main
reason a sale falls through is because the buyers can’t get sufficient finance. So if you make an offer and you have mortgage approval in place already, you’re in a much better position to secure a good price.

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