The Castlethorn guide to finding your perfect home.
The Castlethorn guide to finding your perfect home. This short guide will show how the typical buying process for a home works, the steps involved and how we help you along the way to find your perfect home.
The Help to Buy (HTB) scheme provides support for the deposit required to purchase or self-build a new house or apartment that will serve as your primary residence. If you meet the necessary conditions, you can receive a refund of Irish Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland from the four tax years preceding your application. Eligible applicants can claim a relief of up to a maximum of €30,000. This is applicable until 31 December 2024.
To qualify for HTB, you must be a first-time purchaser, buy a qualifying property between 1 January 2017 and 31 December 2024, and reside in the property as your primary residence for five years after the purchase. Additionally, you must secure a mortgage from a qualifying lender, with the loan amount being at least 70% of the sales price. More information can be found at the Revenue's website.
The First Home Scheme (FHS) is designed to assist first-time buyers and eligible homebuyers in purchasing a home by bridging the financial gap between their deposit and mortgage and the price of the new property. It operates as a shared equity scheme, meaning that the FHS can provide funds to homebuyers in exchange for owning a percentage of the purchased property. The FHS can contribute up to 30% of the market value of the new property, but if the buyer is utilising the Help to Buy Scheme (HTB), this amount is reduced to 20%.
The minimum equity share required is either 2.5% of the property purchase price or €10,000, whichever is higher. More information can be found at the first home scheme website.
Prior to reservation we ask that you have proof of funds or your mortgage approval ready from your chosen lending institution, a booking deposit (refundable) and your solicitor’s details to hand.
You first pay a booking deposit to one of our Sales Agents who will then take your chosen property off the market. This booking deposit reserves your home and is fully refundable until you sign your contracts.
You will need a solicitor to look over the legal details of the Contracts for Sale. If you do not have a solicitor, you can appoint one from our panel of expert professionals. Various fees apply, please ensure that you are familiar and satisfied with these costs.
Our Sales Agent will issue a Sales Advice Note to all parties, following which, contracts for your property will issue. Signing and exchanging contracts is typically completed within 28 days. This allows your solicitor to review the contract and invite you to come in and sign. At this stage, the balance of your deposit is payable.
As you've been working on these steps, we have been busy on-site constructing your new home. Once your contract is signed, we will then invite you to select your permitted finishes where applicable.
Your new home is finished and moving day is getting closer. We will invite you to review your property in the presence of a surveyor / engineer and complete a snag list. Your snag list should be submitted to us within five working days. Our construction team will then complete the snag list and thereafter you will be invited to complete a final inspection of your new home.
Now that your snag list is completed and agreed, please ensure that all your mortgage paperwork is completed so your solicitor is in a position to requisition your loan cheque on receipt of a Completion Notice issued by our solicitors. You have 14 days to finalise the sale following the issuing of a Completion Notice. Your sale is completed when our solicitor confirms that they have received the closing balance. Our on-site team will then happily hand over the keys to your new home!
Before you get busy decorating and furnishing your new home, we like to take some time with you to show you it's features. The site team will also advise on how best to maintain and service your home. They will explain exactly what is covered in your warranty and provide you with a Welcome Pack which will include all useful contact numbers, documents and appliance manuals. If you require assistance after moving in, we provide you with a dedicated customer service contact.
