Buying a house can be a daunting process. From finding your ideal home to dealing with banks and solicitors and everything in between, there are a few basic things to know and be prepared for.
1. Deposit – If the property is less than €220,000 you need a deposit of 10%. If the property is more than €220,00 you need a deposit of 20%
2. Solicitors – Your solicitor will charge you for their time, printing and postage costs. There fees are high so shop around you will find better rates.
3. Estate Agent – There commission you can negotiate the % they charge, don’t accept there fees. Ask about additional marketing costs some charge €300 on top of their fee. Your booking deposit is payable to your Estate Agent to agree the purchase, everything else is paid to your solicitor.
4. Land Registry fees – vary depending on the property. Your solicitor will be able to tell you how much these are.
5. Stamp duty – is paid to your solicitor and for first time buyers is 10% of the purchase price.
6. The bank loves paperwork – Setting up with your own bank they require, 6 months statements showing monthly savings, proof of deposit, 3 months of payslips, P.60, photo I.D and proof of address. If you are setting up with a new bank you will also need 6 months statements from your current account.
7. Engineers Survey – You will need to get a structural survey and the report must be given to the bank. You can organise this privately.
8. Valuer – The bank does a an evaluation of the property you are buying of new and second hand dwellings. They will send a 3rd party valuer out to the property to report back to them this can cost from €200 – €300.
9. Mortgage protection Insurance – Getting a mortgage, the bank will approve a mortgage without mortgage protection insurance. Most banks are affiliated with Ark life for house costing €300,000 – €400,000 allow for €50/€60 a month in your budget.
10. Home Insurance – The bank won’t issue the mortgage cheque without home insurance in place. Your broker will be able to organise this for you and is generally not too expensive. Budget a few hundred euro for this per year.
When buying your home it can be stressful , 9 times out 10 it doesn’t go as smoothly as planned. In todays market people are selling first and then buying, its taking longer to find a home or the selling process incurs delays. This is where Elephant Self Storage can help store your furniture and personal items in between moves. If you have your belongings stored away and ready to take them when you find a new home, this can reduce a lot of the stress. As well as storage we can delivery packing supplies to your door and put you in touch with a moving company that suits your needs.
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Elephant Self Storage Team.