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Whats involved in buying a house??

  • 29-12-2006 10:46am
    #1
    cold_filter
    Registered Users, Registered Users 2 Posts: 744 ✭✭✭


    Hi guys forgive the following 20 questions. But myself and my girlfriend are gonna buy a hous esometime this year after working and saving and doing both a few times over, apart from going to the bank and applying for the mortgage what else do we need to do and what are the approx costs of all these things?


Comments

  • #2
    silverside
    Registered Users, Registered Users 2 Posts: 1,372 ✭✭✭silverside


    the main things I can think of are

    stamp duty
    solicitor
    surveyor/snag list.


    Stamp duty speaks for itself, the rates are lower if you are first time buyers and/or are buying a brand new house of a certain size. generally you won't be able to just put this onto the mortgage.

    A solicitor obviously does all the legal stuff (checks good title, gets contracts ready for sigining) and will set you back ballpark 1000-2000 euro. there will be legal costs (searches etc) on top of the solicitors fee, make sure the solr outlines these at outset.

    A surveyor (on a second hand house) checks it to make sure its not falling down, and checks other stuff depending on how thorough he is. he will charge anywhere from 100-500 euro for this, this is usually done after you pay a booking deposit but before you sign contracts.

    if you are buying a new house off plans, its worth getting someone professional in to do a snag list (checks that the building is thoroughly finished basically), again get a good one here.

    there are some mortgage brokers who will give you a rebate of commission / and there are some solicitors who will give a good flat fee (sometimes related). however sometimes the brokers will steer you towards a lender who gives them the most commission. worth looking into mortgage deals yourself. a tracker mortgage is generally a good idea (in my opinion).

    others will no doubt recommend you to wait for a year or two more until the housing market has crashed properly. I tend to agree.

    for recommendations of good solicitor and surveyor, try here or askaboutmoney.com.


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