Potential first time buyer - what costs?

dawanda

Hi,

apologies for the very basic question. I have no experience whatsoever with buying a house (and neither have my parents or friends - all renting) but I am looking into buying one. I already talked to the mortgage advisor who was able to answer a lot of my questions. But the main question I'd like to ask is: what costs are to be expected, especially hidden costs?
I know, of course, the mortgage return payment and the stamp duty. But are there any other costs? Taxes? Lawyers? Notary? And then once I moved into a place, is it just like renting? i.e. bins, electricity, gas - or anything additional?

Many thanks in advance,

Dana

vlunited

You need €4000 roughly to begin with.

OldMrBrennan83

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dawanda

Patww79 wrote: »

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Any sense of what insurances and how much on a monthly basis?

OldMrBrennan83

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th283

I’m hopefully getting keys in the next few weeks my costs so far are
Solicitor - €3700
Valuation- €150
Engineers report- €400
House insurance- €25 per month
Life insurance- €30 per month

dawanda

th283 wrote: »

I’m hopefully getting keys in the next few weeks my costs so far are
Solicitor - €3700
Valuation- €150
Engineers report- €400
House insurance- €25 per month
Life insurance- €30 per month

thanks, that's super helpful. The solicitor sounds a lot, the mortgage advisor said it'll be around 2000 Euros. Is this the usual fee?

denismc

Patww79 wrote: »

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Why reply to a thread about buying a house if you have never bought a house?

So you will have stamp duty 1%,
solictors fees 1.5k-2.5k
house insurance
mortgage protection
engineers fees

You may have to connect electricity and water although not always.
You may want the house professionaly cleaned before you move in.
Then there is decorating and furnishing to consider.

denismc

dawanda wrote: »

thanks, that's super helpful. The solicitor sounds a lot, the mortgage advisor said it'll be around 2000 Euros. Is this the usual fee?

Solictors fees will vary, try and agree a fee before committing.
Also if you are taking out a mortgage many banks will offer to pay the legal fees.

OldMrBrennan83

This post has been deleted.

th283

dawanda wrote: »

thanks, that's super helpful. The solicitor sounds a lot, the mortgage advisor said it'll be around 2000 Euros. Is this the usual fee?

The solicitor I use includes the 1% stamp duty in his fee and he then pays it, the mortgage advisor may have quoted that separately

lollpop

Once you've bought you'll also have property tax every year. The revenue website will tell you how much, it depends on location and size of house.

august12

The usual with any home ownership, bins, esb, broadband, house insurance, heating, be it oil, gas etc., water if public supply, a bit more if private well, property tax, then the usual weekly/monthly/yearly costs of living,
A regular savings habit is essential before applying for mortgage, at least six months and proof of rental debit from your account, you have already listed the costs associated with the house purchase.

dawanda

I thought water was free here?

august12

dawanda wrote:

I thought water was free here?

Sorry, yes, meant free water if public supply within certain limits,

dawanda

Can anyone tell me what home insurance costs approx. on a YEARLY basis? (say, 3 bedroom, semi-detached or something) Just to give me an idea?

XsApollo

I’m paying just under 30 euro a month and the same for mortgage protection.

Charlie19

dawanda wrote: »

Can anyone tell me what home insurance costs approx. on a YEARLY basis? (say, 3 bedroom, semi-detached or something) Just to give me an idea?

Between 250 and 320.

All depends on the area.

Afaik building insurance is compulsory but contents is optional.

dawanda

thanks guys, all the info I got online didn't state whether it was monthly or yearly, e.g. here:

"Home Insurance

You won’t want to be thinking of fires or floods when you’re just about to buy your first home. But home insurance is an essential add-on. The monthly cost of your insurance will (of course) depend on the cost of your home. However, at AIB we offer pretty competitive insurance for First Time Buyers.



How much to budget? From €200 depending on your home and location"

Sounds like it's monthly, but this seemed shockingly high to me

Cash_Q

Home insurance we paid 188 euros for the year. Many lenders offer a discounted price for your first year of home insurance if you use them rather than shopping around e.g. our mortgage is with KBC and so is our home insurance, so we got a 50% discount.

Gumbo

dawanda wrote: »

thanks guys, all the info I got online didn't state whether it was monthly or yearly, e.g. here:

"Home Insurance

You won’t want to be thinking of fires or floods when you’re just about to buy your first home. But home insurance is an essential add-on. The monthly cost of your insurance will (of course) depend on the cost of your home. However, at AIB we offer pretty competitive insurance for First Time Buyers.



How much to budget? From €200 depending on your home and location"

Sounds like it's monthly, but this seemed shockingly high to me

It’s a yearly policy. Up to you if you pay in one lump sum or monthly to the insurer. Shop around every year for better pricing.

€300-€500 from my experience.

dawanda

So, here's the info I assembled:
obv, there's the mortgage payment and then electricity and heating bills. In addition:

Waste, Water, Property Taxes - €1000 a year
Mortgage Protection (life insurance) : 40 Euros per month
solictors fees 1.500 - 3000 Euros
Value report - 150 Euros
Electricity deposit - 300 Euros
Surveyer’s fee (is this engineers report?) - around 500 Euros
House insurance - 400 Euros per year
Stamp Duty: 1% of house price

Does this sound about right? Did I forget anything?

Mark1916

dawanda wrote: »

So, here's the info I assembled:
obv, there's the mortgage payment and then electricity and heating bills. In addition:

Waste, Water, Property Taxes - €1000 a year
Mortgage Protection (life insurance) : 40 Euros per month
solictors fees 1.500 - 3000 Euros
Value report - 150 Euros
Electricity deposit - 300 Euros
Surveyer’s fee (is this engineers report?) - around 500 Euros
House insurance - 400 Euros per year
Stamp Duty: 1% of house price

Does this sound about right? Did I forget anything?

We got the same company to carry out the valuation and surveyors report and saved a few quid that way!

dawanda

do you put money aside for when things need to be repaired in the house, boiler checked, some renovation, etc? Any idea how much I should expect to have to spend one these things on a yearly basis?

Mark1916

dawanda wrote: »

do you put money aside for when things need to be repaired in the house, boiler checked, some renovation, etc? Any idea how much I should expect to have to spend one these things on a yearly basis?

That’s basic budgeting if you put money away you’ll have money to do those things and if you don’t well you won’t have the money to do them!

Those costs would depend on a lot of variables. You should email a few people and get estimates quotes around the time you need those services.

tricky D

There are a few more expenses I would consider:

If you end up without a functioning kitchen for a period, eating out gets expensive unless you can actually manage to endure campstove meals for that time.

Something might well need replacing like a cooker, fridge, (€500ish each) or a boiler (€2-3k), and maybe floors and carpets need work (€20/sqm).

Beds incl, mattresses, linen and pillows are a few hundred per person. Don't skimp or 2nd hand these; you spend too much time in these for poor quality.

Then there is furniture: suites, bookshelves, TV, TV stand, tables, chairs, cushions, etc. = lowest end probably around €2/3k, mid end around €5/7k.


Kitchen wares and other little things: crockery, cutlery, toasters, tuperware, microwaves, pots/pans, basic food stuffs, and a load of other goods/accessories can all add up quickly.

Curtains, blinds, mirrors, mats, rugs, first aid kit, extinguishers, bulbs and lights, tools, clothes horses, clocks, bins, plant stuff, electronics, heaters, moth strips, fire and carbon monoxide detectors, toilet accessories: toilet brushes, soap dishes, toothbrush holders. And petrol and time for all the showroom and shop visiting you'll be doing.

Even using the discount stores (Dealz/Star Buys) which have some good value, these smaller items and the ones I have missed, add up to 1000s in no time.

If you have a garden, then there is plenty of equipment for that needed.

dawanda

I have quite a few of these things already, since I am currently renting unfurnished (but, yes, fridge etc would have to be added).

Are houses usually sold without anything in it? I haven't looked at any places yet and they usually don't say on daft, though, of course, in the pictures the houses are always furnished

dawanda

Do you happen to know whether it's possible to borrow some money e.g. from credit union for some of the fees and furniture or will they not lend you money at the beginning of house buying or are there any other restrictions?

Samuel T. Cogley

OP not really cost but a piece of advice. Nothing is sure until you have the keys, things go awry at the sale agreed stage all the time. Once you've gone sale agreed don't get emotionally invested and make sure you keep looking. You may need to pull out of one sale and start all over again with the new property - be prepared and don't get into a situation where you have to start looking all over again.

Samuel T. Cogley

dawanda wrote: »

Do you happen to know whether it's possible to borrow some money e.g. from credit union for some of the fees and furniture or will they not lend you money at the beginning of house buying or are there any other restrictions?

No any loans you have will be deducted from what you can borrow. Once you're in you can go mad but you're better off living within your means for a while - cheap furniture is easily sourced.

Samuel T. Cogley

dawanda wrote: »

I have quite a few of these things already, since I am currently renting unfurnished (but, yes, fridge etc would have to be added).

Are houses usually sold without anything in it? I haven't looked at any places yet and they usually don't say on daft, though, of course, in the pictures the houses are always furnished

Very much depends on the vendor. We were practically fully furnished downstairs, others even remove the lightbulbs.