There is almost unanimous agreement among the estate agents we spoke to on what is most important for first time buyers, and it can be summed up in two words: Finances and location.
According to Olivia Lynch, buying a home, especially as a first-time buyer, can be both exciting and overwhelming. She advises all first-time buyers to make sure they have their finances in order before they begin looking at property, and know exactly what their budget is.
“Once they have finance sorted and are mortgage approved, they are in a better position to purchase their first home. Then research the property market, look at all the different areas that they would consider and remember location is key. They need to be happy with the location because the interior of the property can always be changed but you can never change the location. Check recent sales in the area to have an idea of sale prices in that area. Remember that the market in Galway is competitive so if you find a good property, do not hesitate for too long, be ready to go for it."
Tony Kavanagh advises people to check out the supports available: “There are good incentives available for FTB if buying a new home, such as the Help to Buyer Scheme and The First Home with the added benefit that you will have an efficient modern home. However, if a new home proved to be too expensive do not be afraid to look at older homes in less sought-after locations so you can get yourself onto the housing ladder.
"Make sure at the beginning of the process that you have reviewed your finance and have spoken to a trusted financial advisor to assess what you can afford and what you are happy with. Keep your requirements wide and look at the various options, sometimes the least attractive looking property or location can represent the best value."
Colm O’Donnellan is succinct with his advice: “Get your finances in order and register your interest for the new developments that are coming to the market. In relation to second hand properties, research the location and make sure it meets all your requirements.”
Shelagh McGann of KMS Galway says she notices buyers seek the ‘perfect finish’. She said: "I would advise one should buy a good location and understand that you may need to take a protracted period to make it cosmetically satisfactory to your standards. Make sure you are thinking of your 10-year plan."
Kyle O’Brien of DNG Maxwell, Heaslip & Leonard emphasises the importance of research: “For first-time buyers, it is crucial to adhere to your budget and to research on potential areas.
Focus on your own needs rather than comparing yourself to other buyers. Take your time with the process, ensuring each step aligns with your financial and personal goals. Remember, purchasing a home is a significant commitment; patience and careful planning are key to making a sound investment.”
Martin O’Connor has simple and effective advice for first-time buyers: “It is important to be focused and not give up. Save hard and explore all areas as there is value to be got in areas further from city.”
Deirdre D'Arcy of Rooney Auctioneers, Galway and Limerick, wants first time buyers to remember there is hope and "encourages prospective buyers to stay informed, remain patient, and work closely with experienced real estate professionals to navigate the competitive market successfully".
"Recent moves by many landlords to exit the rental market have also led to increased supplies of second-hand homes coming to market and coupled with the continuing trend of apartment living there is hope on the horizon.”
