- When considering buying a house, it’s important to factor in additional expenses that go beyond the purchase price. The following serves as a helpful guide for estimating these costs.
- To ensure you’re paying a fair price for the property, check the residential property price register at www.propertypriceregister.ie. Keep in mind that each property is unique and some may require additional expenses to upgrade or maintain. Your can try and cross check with DAFT & MyHome to see if there are any ads for the properties you find on the register so you can compare condition, layout etc.
- Before making an offer on a property, calculate the total expenses you’ll need to cover. For example, if the house you’re interested in is priced at €400,000, you should factor other expenses connected to the purchase of the property.
- While your mortgage provider may conduct a survey, it’s highly recommended that you conduct your own more comprehensive survey, which can cost around €600 plus VAT when carried out by a good architect or engineer. This should reveal any issues with the house (such as structural issues) which can be used to renegotiate the price if significant remedial work is required. You might also note that if you don’t get a survey done and you find out after you have the keys that there is a serious (and expensive) problem with the house, it is your problem and not the vendors and you will have no recourse to them.
- Your mortgage provider may charge around €150 for their own survey, in addition to requiring you to pay for mortgage protection insurance, typically around €15 to €20 per month. If you have had ill health in he past, make sure that you deal with this insurance as soon as possible as you may be required to go for a medical, which can delay matters.
- If your offer is accepted, you’ll typically be required to, firstly, pay a refundable booking deposit (usually around 5,000 to 10,000) and then pay the balance of 10% of the purchase price when signing the contract.
- You’ll need to hire a solicitor to represent you, and it’s important to get a written note of their fees and outlays – even solicitor is required to give a note of their fees at the start (called a Section 150 Notice). Shop around for competitive rates, but be cautious of solicitors charging significantly less than others, as they may not be qualified to do the work. For a €400,000 property, expect to pay around €1,450 plus VAT and outlays.
- After the sale has closed and you’re ready to move in, you’ll be required to pay several additional fees, such as 1% stamp duty (€4,000 for a €400,000 purchase), Land Registry fees (€700 on the transfer and €175 on the mortgage), a €40 fee for a copy of the folio (title document), and fees for a Commissioner for Oaths who will swear certain declarations. Your solicitor will also need to carry out searches on the day of the transaction to ensure there are no last-minute difficulties, with search fees typically around €250.
At O’Kelly Solicitors, we have the skills and expertise to ensure your house purchase is as stress free as possible. We are here to assist you in probably the largest purchase or investment of you life. When you instruct us, you get a personal service – you will talk to a solicitor every time you ring. Not a secretary, not a legal executive but the solicitor dealing with your case who has the knowledge and experience to answer any questions you might have.
So if you want to avail of our fixed fee price (more details here), please do not hesitate to contact Mark O’Kelly, the principal of the Firm on 086 7889753 or via email to firstname.lastname@example.org. All our contact details can be found here.