Potential first time buyer - what costs?

Gumbo

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?

I personally do.
I throw €20 every week into a separate account that I only dip into for property tax, insurance and unexpected repairs or replacements.

Look after your things and they will look after you. I had the same fridge for 13 years and it’s still going in the house I moved out of last year.

Eggs For Dinner

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?

My only advice on house insurance is never to get it from a bank or building society. Their only concern is that the house is covered for the main risks that might jeopardise their mortgage. I have always found them to be clueless about the cover. Go face to face with an insurer or an insurance broker (not a mortgage broker)

chicorytip

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?

What type of house are you buying?

chicorytip

Eggs For Dinner wrote:

My only advice on house insurance is never to get it from a bank or building society. Their only concern is that the house is covered for the main risks that might jeopardise their mortgage. I have always found them to be clueless about the cover. Go face to face with an insurer or an insurance broker (not a mortgage broker)

If you have a car insurance policy try to arrange house insurance with the same company, if they provide it. You should get a good quote.

Cash_Q

dawanda wrote:

Electricity deposit - 300 Euros

What supplier quoted you this? We had no deposit to pay. We were given 160 euros credit with Electric Ireland for signing up as bill pay with direct debit.

dawanda

Cash_Q wrote: »

What supplier quoted you this? We had no deposit to pay. We were given 160 euros credit with Electric Ireland for signing up as bill pay with direct debit.

I found this info on the AIB webpage - some article on hidden costs in buying houses

dawanda

chicorytip wrote: »

What type of house are you buying?

I have no particular house in mind yet, but my ideal would be detached or semi-detached.

Cash_Q

dawanda wrote:

I found this info on the AIB webpage - some article on hidden costs in buying houses

Don't know if I or another poster mentioned yet, but look at bonkers.ie to compare prices of suppliers e.g. gas and electricity.

That advice from aib is wrong in my experience anyway.

witchgirl26

OP I know you're renting unfurnished but have an additional buffer for costs that you might not see at the outset but will crop up in the first couple of months.

If you're buying a new build, generally you'll have to budget extra for flooring (tiling in bathrooms might be done), curtains, blinds and things like that. Also with new builds, on top of the solicitor fees, stamp duty and searches there is also the registration fee for the property. It depends on the price of the property but budget yourself about €600 to be sure.

There is an electricity deposit if you've never been a customer with providers and you don't pay direct debit. Listed on their websites. I think for Electric Ireland it is €300 but this is waived if you go direct debit.

I would agree with keeping up savings even after getting the house to cover any unforeseen costs. I've had it where the boiler had to be replaced a year after buying and I was glad we'd a bit more money put aside. It doesn't have to be the same amount each month that you'd save for a deposit but don't leave yourself long without starting to build it back up again.

Bob24

dawanda wrote: »

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

Here’s a summary of what I have in mind in terms of purchase costs and additional charges compared to renting (sorry if there are typos, it is a bit long to type on my phone!).

As part of the purchase:
- Solicitor’s fee (all inclusive): 1500 to 2500 euros (in Dublin, can be cheaper if the solicitor is based elsewhere)
- Valuation: 150-200 euros (mandatory if you are getting a mortgage)
- Survey: 300-500 euros (optional but recommended - will need to be paid for every property on which you go sale agreed even if you don’t end up buying it)
- Stamp duty: 1% of the property purchase price (will be paid to your solicitor and included in their bill, so if someone tells you their solicitor’s fee was let’s say 5000, they are including this)

After the purchase / once off costs:
- Renovation/setup works (optional and can be a few hundreds to over 100k depending on the works, just keep it in mind when you are looking at properties which you think will need some work - if you are getting a new build while everything included will be new and nice, things like flooring might not be present and require mandatory expenses)
- Buying furniture if required: can vary greatly but probably a few thousands to get started

After the purchase - recurring costs:
- Life insurance: probably from 10 to 50 per month depending on your personal situation and the mortgage amount, you can get quotes online (mandatory if you have a mortgage)
- Home insurance: starts around 150 per year for content insurance in an apartment, probably quite a bit more for a house but I’m not sure (you can get quotes online)
- Local property tax: depends on the property value and can be looked-up online, but should be a few hundreds per year
- Management fee if applicable (probably a few hundreds per year for a house in a managed estate, and between 1000-3000 per year for an apartment depending on size/circonstances)
- Regular maintenance of the property: can change greatly depending on the specifics of the property (and apartment will be cheaper than a house which will can balance out the management fees)

witchgirl26

Just also thought that if it's a new build, you might want to pay for a professional snagger to do this list. That's another couple of hundred euro.

We've just been through the process with a new house and extras for the house plus flooring, furnishing and appliances is coming in at about €18k in total. Now we did get new stuff from our old place but you need to have a comfort fund for when you move in to do the jobs that need doing straight away.

andydurnin

Hi. Me and my wife are new house buyers. We are buying our 1st home soon. This is the house we are buying.

https://m.myhome.ie/residential/brochure/knightswood-knightswood-matthews-lane-south-drogheda-meath/3761781

As this is our first house we are still new to all this and would like people's help. We would like if anyone could help us with a list of stuff we need for each room. We have started our list but want to make sure we don't forget anything for each room. Hope people can help us.

Cash_Q

andydurnin wrote:

As this is our first house we are still new to all this and would like people's help. We would like if anyone could help us with a list of stuff we need for each room. We have started our list but want to make sure we don't forget anything for each room. Hope people can help us.

Congratulations. It's difficult for anyone else to advise you on what furniture you will need, because what I want or need would be different to what you want or need, depending on lifestyle, taste, storage needs

Basics of course being:
A couch/suite of furniture
Dining table and chairs
Bed/beds
Wardrobes/drawers
Rugs

The likes of bookcases/sideboard/cabinets/lockers etc comes down to your own personal preferences and needs for storage.

We spent a while making a shopping list on the ikea web site, then went out and tried out all the items but bought nothing. We changed some of our choices based on sizes/styles/quality etc. Once we got the keys we bought everything online and had it delivered while the house was being cleaned and painted. We then assembled almost all the furniture before moving in.

You may not be a fan of ikea though!

myshirt

Andy, I think you are going into a great area and it's something I'd like to hear about aswell. We had a poster here who spent 18k kitting out the place. I think you could do very well for 10k, or do some solid basics for c. 3k, but if people can start sharing their experiences it'd be great information.

LirW

It really depends on what your budget is for starting out, what's in the place already and how important certain things are.
Some people are fine with keeping the kitchen in the 90s look for a few years, others want to replace it straight away.
Some people move into new-builds and want to kit out everything straight away, others can't afford it and are fine with living on concrete for a few months.

We bought a second hand home and had to do quite extensive work. Contents we settled on whatever we can get cheap/free on adverts and IKEA. We put laminate flooring down (hate carpet) and stuck with lower end flooring since that was the only thing we could afford. We got good mattresses new and have IKEA beds, also bought an IKEA couch.
Now we slowly start to replace furniture with long-term solutions.
Personally I made the experience you might choose things that turn out not suitable for the room/your needs after living with it for a while. Cheap or free furniture is replaced rather quickly while you might have to stick with expensive stuff for a while.

We put like 5 or 6k away for beds, wardrobes bits and bobs for the kitchen, bathroom and all. We went quite basic with everything.

andydurnin

Hi,

Apologies for this question. I have no experience whatsoever with buying a house but I am looking into buying one. I have talked to the mortgage advisor who said we would definitely get a mortgage. We are looking into buying a new house in South of Drogheda. It comes with no appliances. My main question I'd like to ask is: what costs are to be expected, especially hidden costs? I am trying to make a list. What would I need for each room. Hope people out there can help.
Thanks in advance,
Andrew

Mantis Toboggan

Check out the thread below.

Graham

Mod Note

Threads asking the same question merged.

witchgirl26

andydurnin wrote: »

Hi. Me and my wife are new house buyers. We are buying our 1st home soon. This is the house we are buying.

https://m.myhome.ie/residential/brochure/knightswood-knightswood-matthews-lane-south-drogheda-meath/3761781

As this is our first house we are still new to all this and would like people's help. We would like if anyone could help us with a list of stuff we need for each room. We have started our list but want to make sure we don't forget anything for each room. Hope people can help us.

The most important things, I'd think, are:
Kitchen table & chairs
Sofa
Bed
TV & something to put it on
Wardrobes (if not fitted)

After that I think it is worth waiting to figure out how you're using the space before investing in furniture. I've had friends who made lists for each room, went out and bought it all but 6 months later have realised that while they like the furniture, it just doesn't work in the space for what they want.

myshirt wrote: »

Andy, I think you are going into a great area and it's something I'd like to hear about aswell. We had a poster here who spent 18k kitting out the place. I think you could do very well for 10k, or do some solid basics for c. 3k, but if people can start sharing their experiences it'd be great information.

That was me that spent the €18k however that did include all the solicitor fees, flooring, appliances and furniture for a new build. Flooring alone accounted for almost €8k of that.

andydurnin wrote: »

Hi,

Apologies for this question. I have no experience whatsoever with buying a house but I am looking into buying one. I have talked to the mortgage advisor who said we would definitely get a mortgage. We are looking into buying a new house in South of Drogheda. It comes with no appliances. My main question I'd like to ask is: what costs are to be expected, especially hidden costs? I am trying to make a list. What would I need for each room. Hope people out there can help.
Thanks in advance,
Andrew

If it's a new build, find out if the floors are fitted or if you have to sort these yourself. We found that they were the most expensive part of the house and the cost really did surprise us.
Appliances as well do add up so we did a list that was our "need to have to move in" and "can do without for a couple of months if needed". Hob, oven, fridge and washing machine were in the first with dishwasher, freezer and dryer for example in the second.

Curtains are also one that we didn't really think about at the start but definitely are a hidden cost as they're not that cheap, especially when you're buying for a number of rooms at once.

Also if you don't own crockery or pots then that will be a "hidden" cost. Maybe even try to buy them now if you have storage so that you're spreading the cost of the small bits.