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23 Jun 2016

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“Oh, there’s so much choice. I couldn’t possibly choose between the affordable terraced house and those bay windows in the semi D.”

Ah, how cute were you six months before the reality of buying a house set in. You thought your biggest problem would be deciding between a bigger garden or a bathroom on each floor (cue crazy laughter).

Well, what could possibly go wrong?

You were going to find your dream house and it was going to be amazing.

That was before you truly understood the concept of Murphy’s Law, how ‘anything that can go wrong will most likely go wrong’, and how it affects home buyers.

At a time in your life when you just want to buy the fluffiest towels and funkiest kitchenware, you can barely afford a full set of standard cutlery. You put off buying the curtains, and of course, your curious new neighbours are waving in at you as you shuffle about in your oversized t-shirt.

If you’re just starting out on your home buying journey, it’s a good job you’re reading this. You can prepare yourself for the potential pitfalls by reading these five examples of when home buyers truly understood the pain of Murphy’s Law. If only you had 2% of your mortgage Back in Cash to cover those unexpected moments.

1. When the sums didn’t quite add up

You imagined the first night in your house filled with rustic charm – sitting cross legged, having a candlelight picnic amongst the moving boxes, sipping on a well-deserved glass of bubbly...until you realised that your maths didn’t quite stack up, and you were forced to swap champagne for a cup of tea.

Sure, you gave yourself a tight timeframe to save your pennies. But once you’d saved your deposit, you thought the financial straits would be far behind you... plain sailing from there, right?

Hang on, how much are moving vans these days? And solicitor’s fees? Don’t even mention the home surveyor costs.

By the time you’d finished paying those pesky hidden closing costs of buying a home, you could barely scrape enough together for a box of teabags, let alone a celebratory bottle of Moet. Cheers to Murphy’s Law!

Some first time buyers don’t factor in the hidden costs until it’s too late – and they realise they need to pull together €1,500 - €3,000 extra for an average home, on top of their deposits.

2. They were offered second hand furniture...but turned it down

“No no, a settee from ten years ago will have no place in my new sitting room,” said the naive house hunter.

And maybe it did look like the 70s vomited all over it, but when it came to moving time, they’re frantically surfing Done Deal for the best furniture bargain. The sitting room of your dreams will just have to wait until your finances have recovered a little.

If you can, it’s a good idea to have a little financial comfort cushion to make your new house a home. For those who are really feeling the pinch, there’s Back in Cash mortgage options available, so you don’t have to go giving out ‘IOUs’ to your pals to buy a kettle and toaster.

3. When they realised their mammy was right all along

Somewhere along this home buying journey, you’ve morphed into your mother.

You thought you’d never understand the fussing and foostering your mammy does when she gets a bargain on those new curtains.

But now look at you – you’re getting excited about property prices and architraves. You’re visiting garden centres with new-found wonderment, mammy leading the way.

Irish mammies have a strange sixth sense for matching colours and getting good bargains. You finally understand the importance of her sage knowledge when it comes to finding the best bargain on mortgage rates, house prices, and even pillow cases. It all makes sense now!

(There’s no need to tell her that, though. You’d never live it down).

4. When their new home looked nothing like they imagined

You had an idea of your dream home, but it’s slowly being rejigged and compromised.

First solution?

Put down your copy of House and Home magazine and back away slowly. Looking at interior design homes and expecting your house to fit the bill is like reading Vogue and expecting yourself to look like the model. Only you can make your house a home – which will take time and patience. And yes, an extra few bob after you’ve made your down payment would go down a treat.

5. When they realised they could have got 2% of their mortgage Back in Cash

You’ve just made the most expensive purchase of your life (unless you’re into submarining or race car driving). But you’ve just moved into a new house, and you’re itching to make it a home (see point four).

Currently, EBS is offering 2% of your mortgage Back in Cash – that’s €5,000 on a €250,000 mortgage. A helping hand when you need it most!

Want to know more about our 2% Back in Cash mortgage offer?

EBS' mortgage Back in Cash offer gives you 2% of the value of your mortgage Back in Cash, if you’re a first time buyer, mover, or switching your mortgage to EBS.

To find out more, why not book a mortgage meeting with one of our mortgage experts. Don’t forget to visit our Facebook page for the latest home inspiration, news and great competitions.

The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this blog which does not constitute any form of advice or recommendation by EBS d.a.c..

EBS d.a.c. neither accepts nor assumes any responsibility in relation to the contents of this blog and excludes all warranties, undertakings and representations (either express or implied) to the fullest extent permitted under applicable law.

EBS d.a.c. is regulated by the Central Bank of Ireland.

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