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First time buyer

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  • 19-06-2009 3:09pm
    #1
    cyrusdvirus
    Closed Accounts Posts: 3,752 ✭✭✭


    Apologies if these questions have been answered but I'm going to ask them again anyway....

    Looking at buying within the next month, and am just wondering about what 'hidden fees' there are, and if someone can recommend a site where i can see a list of everything that will apply to me.

    I've already had a look at citizens information.ie and they mention that I'll need a buyers survey (second hand house) but don't give a list of surveyors.. Is there such a list? What are the costs of getting the likes of ESB etc transferred to my name? these are the sorts of questions i'd like answers to.

    please forgive my ignorance foolks!! :)


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    there are pretty much no hidden fees.

    you bank or broker can most likely put you in contact with a surveyor. It isnt a full survey to be honest and only cost sa few hundred euro.

    Dont recall having to pay to put the esb in my name.


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    #3
    cyrusdvirus
    Closed Accounts Posts: 3,752 ✭✭✭cyrusdvirus


    Cheers. Anything else? Or any tips?


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    #4
    Freddie59
    Closed Accounts Posts: 6,679 ✭✭✭Freddie59


    gatecrash wrote: »
    Cheers. Anything else? Or any tips?

    Tips:

    Visit these sites before you hand over your deposit:

    www.thepropertypin.com

    www.treesdontgrowtothesky.com

    www.irishpropertywatch.com

    www.irishhometruths.com

    Good hunting!;):)


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    #5
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    D3PO wrote: »
    there are pretty much no hidden fees.

    you bank or broker can most likely put you in contact with a surveyor. It isnt a full survey to be honest and only cost sa few hundred euro.

    Dont recall having to pay to put the esb in my name.

    The surveyor could be anything from 400e up depending on the size of the house and area. Its not a requirement, but does give great piece of mind especially with a second-hand house. When i purchased the cost of the surveyor was about 500e but he picked up on things that cost the person selling the house 2k to fix. Money well spent. I'd also ask friends/family or on here/ local forums for recommendations and dont just go with the first name given to you.

    Likely costs are;
    Surveyor = 400-800e
    Bank valuation = 130e
    Solicitor cost = 1200-3000e (get a written quote first and haggle)
    Life insurance = Probably about 350e average two people (needs to be in place before mortgage is drawn down)
    Home & Contents Insurance = Depends on house and belongings 250e+
    Others;
    Property management fee's
    TV license
    Phone line
    Broadband
    Change locks
    Skip
    Plus loads of little things:D

    Also seen its probably the biggest purchase of your life you would be well advised to read all the sites listed in the previous post, a couple of hours reading could save you thousands.


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    #6
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Senna wrote: »
    The surveyor could be anything from 400e up depending on the size of the house and area. Its not a requirement, but does give great piece of mind especially with a second-hand house. When i purchased the cost of the surveyor was about 500e but he picked up on things that cost the person selling the house 2k to fix. Money well spent. I'd also ask friends/family or on here/ local forums for recommendations and dont just go with the first name given to you.

    Likely costs are;
    Surveyor = 400-800e
    Bank valuation = 130e
    Solicitor cost = 1200-3000e (get a written quote first and haggle)
    Life insurance = Probably about 350e average two people (needs to be in place before mortgage is drawn down)
    Home & Contents Insurance = Depends on house and belongings 250e+
    Others;
    Property management fee's
    TV license
    Phone line
    Broadband
    Change locks
    Skip
    Plus loads of little things:D

    Also seen its probably the biggest purchase of your life you would be well advised to read all the sites listed in the previous post, a couple of hours reading could save you thousands.

    surveyour will value the property so no need for a serperate cost there.

    id also consider tv licence etc etc nothing to do with buying a house ;)


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    #7
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    D3PO wrote: »
    surveyour will value the property so no need for a serperate cost there.

    id also consider tv licence etc etc nothing to do with buying a house ;)

    You would need to have a very friendly bank to allow you to use your own surveyor to value the house for mortgage purposses. It may have happen during bubble days, but it sure as hell does not happen now, you know, slip him a few quid extra to get the valuation the same as the purchase price.

    Didn't mean the TV etc was a cost directly relating to the purchase, just a few things to keep in mind that you will need shortly after;)


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    #8
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Why would a FTB buy within the next month with immediate negiative equity and also paying for an overpriced gaff?


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    #9
    ixoy
    Moderators, Entertainment Moderators Posts: 17,992 Mod ✭✭✭✭ixoy


    gurramok wrote: »
    Why would a FTB buy within the next month with immediate negiative equity and also paying for an overpriced gaff?
    Probably because it's right for them now and they're tired of waiting for the right moment. They may have seen the house they really want and plan to live in it for many years, so negative equity won't matter as much to them.

    Having said all that, I've been urging two of my want-to-be FTBs not to purchase right now because I think they could get a much better deal by waiting.


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    #10
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Fair enuff, if they want to overpay for it without consequences and to actually live in it, go ahead :)


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    #11
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    gurramok wrote: »
    Why would a FTB buy within the next month with immediate negiative equity and also paying for an overpriced gaff?
    gurramok wrote: »
    Fair enuff, if they want to overpay for it without consequences and to actually live in it, go ahead :)

    There are enough threads on here and most other forums saying the "if you buy now you're mad" sentiments. If someone comes on here and ask should they buy, then fine, reply with what you think, but does every thread, even when they're asking advice on something completely different, have to end in the same direction. Is it just me or does it exhaust the interest?


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    #12
    Freddie59
    Closed Accounts Posts: 6,679 ✭✭✭Freddie59


    Senna wrote: »
    There are enough threads on here and most other forums saying the "if you buy now you're mad" sentiments. If someone comes on here and ask should they buy, then fine, reply with what you think, but does every thread, even when they're asking advice on something completely different, have to end in the same direction. Is it just me or does it exhaust the interest?

    Well, if it can save someone THOUSANDS in the process, what's the problem?


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    #13
    cyrusdvirus
    Closed Accounts Posts: 3,752 ✭✭✭cyrusdvirus


    gurramok wrote: »
    Why would a FTB buy within the next month with immediate negiative equity and also paying for an overpriced gaff?

    Thanks for the input folks, but of the 2 houses that i need to pick from, neither of them are overpriced (IMO). It's a suburb of Dublin, and both houses are under 270k.

    And I'm not talking investment, I'm talking living there long term.


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    #14
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    gatecrash wrote: »
    neither of them are overpriced (IMO).

    They maybe realistically priced for the current market, they may have 30-50% knocked off the 2006 price, but the market has still a long way to go before any house is not overpriced.
    The seller(s) might be ahead of the curve with their price, but seen the market will still be dropping (conservative) for the next 2 years, do you really think in 2 years time your house will be worth anything near what you paid for it?
    By all means purchase now, but dont be under any illusion that you getting a good deal.


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