First Home Buyer - the other costs

saqui

Hi all

I'm thinking about buying my first property in Dublin and wanted some advice on what to expect on costs in terms of the purchase and getting in.

Really not interested in the whether-or-not-its-a-good-time-to-buy debate - One step at a time; if it's something I can afford, I'll start asking the question about timing markets and whether or the banks are actually giving out loans.

I know I have to pay stamp duty - and I know the rates (as I've owned overseas I'm viewed as an owner occupier). I know there will be legal fees, but I'm generally guessing on how much. What about things like inspections, valuations etc? What's the norm and what does it cost. Is there anything else (register with the council, deposits on bills etc).

The other I need to have money left over for is furniture. I don't own a single item!!! Without going into an itemised shopping list, I'd really appreciate some ball part figures for the basics (bed, couch, fridge, washing machine, fit out kitchen with plates, pots and pans....that sort of thing).
My general attitude would be middle of the range on price for the long term items (bed, whitegoods) and cheap and cheerful on the smaller items.

Any other top tips would be appreciated also.

Many thanks

the_syco

You're buying, but how many are going to live there? Will you be living there with a partner/kids/sheep?

As for beds, get a good one. They'll last upwards of 10 years if you get a good one. A good nights sleep on a good bed cannot be bet.

Flooring, are you going for carpets, or wooden floor? Some houses you'll get with the basics, some will be the bare walls, and some you won't agree with the previous owners choice of décor, and decide to change it.

Someone could give you a price, but it's best to ask someone who recently moved in what they had to buy. Don't ask them the cost, as costs change, what people buy when moving into a house will be the basics first, and then go from there.

saqui

the plan is to buy on my own. I want a 2+ bedrooms so I have the option of renting out a room if things get tight (or if I get lonely).

I'm not too bothered about decor etc. I'm no stranger to living in less than perfect conditions, and the purchase decision will factor in how much work needs to be done (but I wouldn't mind hearing of peoples experience of getting in a place to discover <insert costly exercise here>

I'm really looking to find costs I might not have thought of, so I don't make a fool of myself when I go to the bank and tell them I can put all my savings as a deposit

On the furniture thing, I know only too well what a quality bed means for a good nights sleep - but I have no idea what is a good price for a quality bed (or the other stuff I mentioned). I know price ranges will be broad balancing quality and value, but I'm not that long living in Ireland, so I don't even know what shops are good to start looking in to even get a range of prices.

the_syco

saqui wrote: »

I'm really looking to find costs I might not have thought of, so I don't make a fool of myself when I go to the bank and tell them I can put all my savings as a deposit

Create another account, and put money into it. Putting all your savings as a deposit is very a bad idea. Also, ensure you do LOTS of research. You "not that long living in Ireland", so if you look/sound foreign I'd advise you to research the (falling) property market. The estate agentts job is to squeeze as much money out of you as possible. Mentioning to them that you only moved to Ireland recently may make them think they can pull one on ye.

saqui wrote: »

On the furniture thing, I know only too well what a quality bed means for a good nights sleep - but I have no idea what is a good price for a quality bed (or the other stuff I mentioned). I know price ranges will be broad balancing quality and value, but I'm not that long living in Ireland, so I don't even know what shops are good to start looking in to even get a range of prices.

Um, I got a good bed for myself in Reids, Liffey Valley. Forget the cost, but it was around €300 for the mattress (already had a base).

BC

Estimate the cost of a mortgage repayments, setup a new bank account and then setup a direct debit for that amount into the new account every month. This lets you prove that you can make the payments and also builds up funds for you to use when you do buy.

In relation to costs:

- Solicitor fees. These usually include costs for any paperwork such as land registry etc. Shop around on solicitors as there are widely varying costs. I paid about 1900 for mine.
- Management fees if its an apartment block
- Valuation/survey/snagger, will depend on whether its a new build or second hand. I paid 150 for a valuation on a new build and 250 for a snag.
- Stamp duty

Once you actually get the keys:
- Locksmith to change locks
- Gas, ESB, phone connections etc. When i got setup, ESB had no setup charge if you paid by direct debit, 300 euro otherwise. Can't remember the gas but i'm sure its on their website.
- Floors, blinds/curtains will depend on quality and size of property. These were more expensive than i anticipated as i had kinda forgotten about needing blinds! It worked out at about 4000 for carpetting 2 rooms, wooden floors (engineered laminate) in rest of place (70SqMetres total) and blinds on 3 patio doors& 4 windows.
- Kitchen appliances if they aren't included (washing machine, fridge oven etc)
- Alarm if you want to get one fitted
- Contents insurance
- Buildings insurance if its not an apartment

In relation to the furniture prices - you can spend as little or as much as you want. For example mattress prices generally range from about 300 to about 3000. I got a good one for 500. That doesn't include the actual bed. Whereas for the spare bedroom where i don't really care about quality i got the bed & mattress for 250 total.

JuliusCaesar

saqui wrote: »

I know I have to pay stamp duty - and I know the rates (as I've owned overseas I'm viewed as an owner occupier). I know there will be legal fees, but I'm generally guessing on how much. What about things like inspections, valuations etc? What's the norm and what does it cost. Is there anything else (register with the council, deposits on bills etc).

The other I need to have money left over for is furniture. I don't own a single item!!! Without going into an itemised shopping list, I'd really appreciate some ball part figures for the basics (bed, couch, fridge, washing machine, fit out kitchen with plates, pots and pans....that sort of thing).
My general attitude would be middle of the range on price for the long term items (bed, whitegoods) and cheap and cheerful on the smaller items.

Any other top tips would be appreciated also.s

Stamp duty

Solicitor - look around, but reckon on maybe 2K for all legal costs- ask around, most will give you a figure ranging from 2% of the purchase price of the house to an actual quote. But don't just go with the lowest, ask around for recommendations.

Survey maybe E400.00

Valuation about E150

Buildings and contents insurance (get online quotes - at least 3 different ones - I found 123.ie v good and www.just4u.ie) (You'll need to go here first: http://www.scs.ie/house-rebuilding-insurance)

Mortgage Protection insurance (get online quotes - at least 3 different ones)

Furniture is a matter of taste - you could get ballpark figures from Ikea or Bargaintown or whatever, also online. Or checkout jumbletown.ie or dublinwaste.ie for free items!

Nip into Arnotts/Dunnes Homewares or somewhere to tot up figures for kitchenware - go around someone else's kitchen/bathroom to see what you need... you'll leave stuff out if you just try to think them up! Add in some extras eg lamps, curtains, flooring.... Then you can try one of the cheap shops for really cheap stuff.

Theres an electrical goods shop on Camden St that sells washing machines etc at very reasonable prices, otherwise take a wander round DID, Powercity etc.

Also check out the Homes section in Rec, Interior Design, may give you more specific information about which shops to find what in. http://www.boards.ie/vbulletin/forumdisplay.php?f=1043

It's a tedious exercise, but necessary.