6 June 2019
When you’re into house-hunting and deposit mode, it can be easy to lose sight of the wood for the trees. Keep your eye on the prize and don’t forget to factor in all the extra little bits and pieces that will go towards getting the keys to your new pad.
Stamp duty of 1% applies to properties up to €1m, and it’s 2% on anything above €1m. To take a real world example, on a property going for €350,000, you’d need to factor in saving €3,500 to cover this cost.
Many solicitors charge a percentage amount (normally around 1% of the mortgage) to look after the legal aspects of buying a house. Get your solicitor on a mate’s recommendation – and be choosy. You’ll need them as your failsafe sidekick when it comes to contract time.
Before committing to the purchase, it’s a good idea to have a professional carry out a structural survey of the property. A seller is under no obligation to tell you about any defects. Your bank will need a valuation for the mortgage application, but a survey will be more in-depth and tell you everything you need to know about every nook and cranny of the gaff. That’s need to know info!
Banks will generally require you to take out mortgage protection insurance (a type of life insurance) and building insurance when getting a mortgage to buy your home. Don’t forget to tot that up when you’re adding your figures together.
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