Ireland is again in a Covid lockdown and the Property Regulators have frozen new viewings until the 5th March 2021. We know of many #FirstTimeBuyers out there with mortgage approval burning a hole in their pockets and without being able to view new properties they are stuck in rental, temporary or family accommodation with a ticking clock of the approval period handing over their shoulder.
Here are our 5 Tips For Frustrated First Time Buyers:
1. 1) SORT YOUR MORTGAGE
If you have already, while on lockdown is the perfect time to get all your documents in order and your application for approval. Mortgage brokers are flat out and banks are happily granting approvals to well prepared candidates.
2. 2. KEEP SAVING
If you are fortunate enough to be able to buy in the near future, chances are you are still earning and saving. Keep going! You will have more for a deposit, you will look better on the application, and you will have some saved up for extra expenses, refurbishment, furniture etc.
3. 3. KEEP LOOKING
While sales have almost dried up, some agents are still listing new properties. It’s likely these vendors are the most keen to sell, and want a sale swiftly once the market reopens. Keep an eye on the portals and talk to estate agents in your area to stay top of mind on their books.
4. 4. TAKE A VIRTUAL TOUR
Many agents are embracing new technology with virtual 3D walkthroughs or video tours which you can view while physical tours are off limits. You can get a great sense of a house from some of these tours. While you may not be comfortable buying a house only from the virtual tour, it will help you shortlist something in advance of the end of lockdown.
5. 5. DON’T PANIC
Above all, don’t panic. Don’t buy a house that isn’t right for you, just because it’s the only one on the market. Be patient. There will be more on the market later in the year.
FINALLY, remember if you are already sale agreed, you are allowed to view, as are surveyor and valuers. Nothing should delay your sale and moving despite lockdown.