Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Newbie house-buying questions

Options
  • 13-08-2009 12:07am
    #1
    lucilla
    Closed Accounts Posts: 2 ✭


    Hi everyone, I am a FTB and looking to buy a newly-built apartment. But have to admit that I'm a complete n00b when it comes down to knowing what exactly is involved! Have been doing a bit of research but a few things I'm still not clear about:

    1. If I have found a property that I really like, do I pay the Booking Deposit straight away (kind of to hold the property before somebody else snatches it up, as the booking deposit is refundable)? And it is after then that I start negotiating a price? Or is the Booking Deposit only paid once a price has been agreed?

    2. Related to the first question, when is the best time I should start negotiating a price, or make a "first offer"?

    3. On the development's price list, under "Booking Arrangements", it states that "Contract Deposit €15,000 payable on signing of contracts within 21 days of receipt" - does that mean I have to pay and sign the contract within 21 days of paying the booking deposit?

    4. When should I appoint a solicitor? (just before I pay the booking deposit a good time?)

    Any help would be greatly appreciated. Thanks in advance!


Comments

  • Options
    #2
    irlrobins
    Registered Users Posts: 7,541 ✭✭✭irlrobins


    This post might be worth reading.

    In relation to the 21 days, it used to be that you had to pay the balance of the deposit within 21 days, but now with the current market there's a bit of lee way. Beggers can't be choosers etc.


  • Options
    #3
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    lucilla wrote: »
    1. If I have found a property that I really like, do I pay the Booking Deposit straight away (kind of to hold the property before somebody else snatches it up, as the booking deposit is refundable)? And it is after then that I start negotiating a price? Or is the Booking Deposit only paid once a price has been agreed?
    Only when the price is agreed.
    lucilla wrote: »
    2. Related to the first question, when is the best time I should start negotiating a price, or make a "first offer"?
    Are you suggesting you should make an offer and then reduce it?
    Thats not how haggling works.
    lucilla wrote: »
    3. On the development's price list, under "Booking Arrangements", it states that "Contract Deposit €15,000 payable on signing of contracts within 21 days of receipt" - does that mean I have to pay and sign the contract within 21 days of paying the booking deposit?
    Yes
    lucilla wrote: »
    4. When should I appoint a solicitor? (just before I pay the booking deposit a good time?)
    Yes


  • Options
    #4
    lucilla
    Closed Accounts Posts: 2 ✭lucilla


    Thanks for the replies. Just 21 days between paying booking deposit to signing contract seemed like a short time (well I didn't know all the haggling ends before the booking deposit). So no way I was implying that I'd make progressively lower offers! Just wondering whether one would make an offer at a viewing? On the phone to the negotiator? Face-to-face meeting?

    Another question...I've heard that the DCC requires that new apartments are built to a minimum size (something like 80 sq metres for a 2-bed?)...is there such a regulation and where I'd find the source? Am looking at a 2-bed apartment that is around 75 sq m. Thought it might be useful to know if I was to make an offer.

    Thanks again for all the help :)


  • Options
    #5
    irlrobins
    Registered Users Posts: 7,541 ✭✭✭irlrobins


    If you make an offer at the viewing you'd come across as overly keen I think. So the seller might hold out for a better offer. I'd view it, give it a couple of days then ring and make a second viewing, this time brining along someone else with you for a second opinon. Give it a day or two after that viewing to make an offer. There might be some to-ing and fro-ing, but the key thing is to just take your time. It's a buyer's market, you're in control.

    As for min size, not sure if that is much of a negoiating point, it would only apply to apts built in the future.


Advertisement