Queue to view

It’s only been a short while since homeowners were looking on jealously at first-time buyers getting on the property ladder. With house prices low, relative to what they had been, and few people in a situation to purchase, it seemed as though buyers were in an enviable position.

Situations change, however, and it hasn’t taken us long to get back to a place where competitive bidding and queues to see property are becoming the norm in desirable locations due to lack of supply.

While much of the focus has been on the low number of properties on sale in Dublin, this is likely to change in the coming months as prices pick up in other parts of the country.

For those who have recently started to get serious about buying a home, the prospect of having to join queues to traipse around properties may be somewhat uninviting.

As estate agent Graham Murray, head of residential at Savills Ireland, concedes, buying your first home can be a daunting experience and having to fight it out with others to secure a place to live only adds to the problem.

His advice for would-be buyers is to be aware of what you can afford right from the start. Without a clear understanding of their budget, buyers often end up going to view properties that are out of their price bracket, thereby wasting time and effort.

Keith Lowe, chief executive with DNG, recommends would-be buyers get advice from a reputable independent mortgage broker and secure financing ahead of time.

“Buyers should obtain pre-loan approval so they know exactly how much they have to spend. Having loan approval is also important. If a buyer is bidding on a property with no loan approval against a cash buyer or someone with full loan approval, they will be at a serious disadvantage.”

Once first-time buyers have worked out how much they can afford to spend, Murray recommends going to see a wide range of properties in their particular budget to get a real sense of what’s out there.

He also encourages buyers to research potential properties thoroughly. His checklist for first-time buyers includes obvious starting points such as price, location and size of property, but also other factors such as the number of schools in the locality, access to public transportation, commuting distance to work and the walking distance to shops. Some people have specific requirements such as a child-friendly garden or off-street parking.

Doing this helps establish if a place you’re considering a bid on is really worth it and is somewhere you could see yourself living in for some time. Having a firm idea of exactly what you want should ensure you’re never in danger of panic-buying because you’re getting frustrated.

Conor (31), a professional living in Dublin 8, has seen at first hand the increase in would-be buyers. He recently gave up house-hunting in the capital after a few months of searching. While admitting that it made his heart sink to turn up to a viewing only to see other wannabe buyers standing in line, he argues that once there, you may as well take a look around.

“There are obvious tips when house-hunting such as turning up early for viewings and agreeing financing with banks early on, so you can move promptly. Another good one I found useful was to be a little bit scientific about price per square metre because it gives some kind of objective basis to your search rather than paying a price that feels right in your gut,” he says.

Keith Lowe recommends that if a buyer has an interest in a particular property then they should advise the estate agent of their interest early on, even if they are not in a position to bid immediately.

“If a first-time buyer wants a particular property, they should bid early and provide the agent with a copy of their mortgage approval or proof of cash funds. In the majority of cases, they will be bidding against other parties for the property, and so ensuring that the selling agent knows you are serious and have the funds to complete a sale is essential,” he says.

He also suggests getting friendly with estate agents operating in the area where you’re interested in buying, as they may tip you off to properties that are coming on to the market ahead of time.

Checklist before you buy

• Think long-term: Will the place you're interested in now still be suitable in a couple of years – especially if think you might start a family or grow the one you already have?
• Think location: Look beyond the house at the area itself. What services, facilities and transport amenities are there? Visit at different times of the day and try to get a feel for what it would be like to live in the area.
• Think fast: Having your deposit and finance ready and in place when the perfect house presents itself could make all the difference. It also means you aren't wasting your time on properties out of your price range – and losing out on the ones that are.
• Think condition: Check everything – inside and out. Has the house been well looked after? Are there any signs of damp or rot? If so, it could mean problems with the plumbing or the roof – which could be costly to fix. Look for cracks in outer walls.
• Think extras: Be sure you know what's included in the sale price. Sometimes carpets, curtains and kitchen appliances are included, sometimes not. If you're looking at an apartment or townhouse, ask about service charges for gardens, lifts and upkeep, etc. Is a parking space included or will you have to pay extra?