Buying a home in Letterkenny is a changed process – so be preparedSeptember 15, 2016
Buying a Letterkenny dream home can be a smooth process when you have the funds ready to do complete the purchase.
By ensuring you have proof of the funds necessary to complete the purchase, you’ll be in a strong position to compete with other house-hunters should your dream home hit the Letterkenny property market.
Making an offer on a house
Letterkenny’s house-buying process has been transformed in recent years. Whereas it was once common practice to find a home you like and then seek the finance, proof of funds is now required before a purchaser can even make an offer on a property.
This means that many people browsing through available properties can be left bitterly disappointed if they find the home they desire but are not in a position to make a formal offer.
Houses for sale in Letterkenny
The fact that housing stock in Letterkenny is in high demand at the moment means properties are not remaining on the market for long – so it’s important to act fast when the perfect home for you becomes available.
It stands to reason that those who are finance ready will reap the reward for being prepared. That’s why the best advice to anyone seeking to buy a new home is to get your mortgage approval in order right at the beginning of the process.
It’s also important to ensure that you have maximum spending power from the get-go.
Applying for a mortgage
Time and time again people become frustrated because they’ve had to run back to their lender for approval for a higher sum than they had initially applied for. This unnecessary process can lead to a lengthy delays and in many circumstances the buyer may miss out on the home they had set their sights on.
It makes perfect sense to make up your mind and stick to a budget but it is equally prudent to seek approval from your lender for an amount which is in excess of that figure. This is simply because your attitude may change during the house-hunting process.
If you apply for and receive approval for a mortgage of €160,000 – having declined a maximum mortgage approval from your lender for €175,000 – and your ideal home becomes available for €145,000, everything will work out fine. However, a problem can arise when your dream home hits the market at €170,000 and you decide that it’s worth stretching your budget for. The time it takes to have a new offer of approval from a lender could well see you miss out on your dream property and having to go back to the drawing board.
It makes much more sense to accept approval for the full maximum amount because you can revise downwards much more easily than having to go through the process of applying for a higher sum.
If you are buying or thinking of buying a home in Letterkenny be sure to make the process a smooth one by having your finances in order well advance.
For more information on buying or selling property in Letterkenny, simply get in touch.