First Time Buyers

Is now is the time to buy?  - there are plenty of developers out there who have knocked thousands of euro off the price of new homes, as they are all trying to get business.  There are even developments where the house includes all the white goods and in some cases a new car!

There is also good news for the first time buyer, especially those who are purchasing a second hand home or who have done since March 2007.  The second hand house market has the added benefit to the first time buyer of saving the stamp duty which would otherwise have been paid until the Irish Government published a bill to change the legislation on June 2007.

The difference in purchasing a new or second hand home depends very much on a number of factors.  You may wish to live in the area in which you have grown up and lived, but there may be no new homes being built.  The benefits of location also has to be weighted up – whether to live in a settled area where the community has facilities in situ along with a sense of community or to move to the commuter belt where you will spend a number of hours per day travelling to or from work and to visit family and friends.  The location of your workplace may also have an impact on where you choose to live.

Another fact that will impact on where you settle to buy your first home is whether this is merely the first step on the property ladder or do you see it as a long term investment where you will perhaps start a family, in which case does the area have suitable facilities like a créche/schools, community centres and sports facilities.

On the other hand many of the new developments now have the added benefit of having an onsite créche along with some neighbourhood shops.  You will be purchasing a blank canvas in which you can put your own stamp.

Stamp duty varies depending on whether you are classed as a first time buyer, investor or owner occupier, along with the value of the property. 

In the end only you can decide which is the best route to take that suits your needs, your budget and do bear in mind Location, Location, Location.

For other information see the section on Buying & Selling Property

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