Rough idea of total costs of buying

TeaCupMood

I'm sorry if this got asked before, but does anyone have useful links for estimating the total cost of purchasing property?

I'm thinking something like this so far but I could be a mile off:

Say the property is 250k

- 2.5k stamp duty
- 5k (?) solicitor, someone to check the property etc
- 5k for random things like sofas etc (how long is a piece of string - I know, but would want money for bits and bobs)

Total 262.5k but again, I'm sure I'm missing something.

dev_ire

Surveyor cost (optional but would never buy without) anywhere from 500-1000
Bank valuation around 250
Wasting time with time waster - priceless. This varies but expect a lot of viewings, mailing, calling and potentially back outs.

Thestones

TeaCupMood wrote: »

I'm sorry if this got asked before, but does anyone have useful links for estimating the total cost of purchasing property?

I'm thinking something like this so far but I could be a mile off:

Say the property is 250k

- 2.5k stamp duty
- 5k (?) solicitor, someone to check the property etc
- 5k for random things like sofas etc (how long is a piece of string - I know, but would want money for bits and bobs)

Total 262.5k but again, I'm sure I'm missing something.

5k for solicitor is a little high, I'd say 500 for surveyor and no more than 2500 for solicitor.

epiphone

Recent Costs for property I purchased

House Purchase Price €145,000.00
Solicitor Fees 1,599.00
Solicitors Outlay 244.60
Land Registry fees 600.00
Engineer 270.00
Engineer 50.00
Furniture/Repairs/Painting 4,670.10
Stamp Duty 1,450.00

€153,883.70

Creamy Goodness

€5K for sofas and things? Double it and you’re a bit closer to the truth.

Bananaleaf

Only smaller costs, but just to mention them as they do add up:

mortgage protection
property tax - if buying second hand you may have to refund seller
things like boiler service and chimney sweep might need to be done right away as you may not know the last time they were done.

AppleBottle

In addition to the above that people have mentioned; home insurance.

cute geoge

epiphone wrote: »

Recent Costs for property I purchased

House Purchase Price €145,000.00
Solicitor Fees 1,599.00
Solicitors Outlay 244.60
Land Registry fees 600.00
Engineer 270.00
Engineer 50.00
Furniture/Repairs/Painting 4,670.10
Stamp Duty 1,450.00

€153,883.70

What sort of rent will you receive?
Will you have management fees for house

Honestfrank01

Creamy Goodness wrote:

€5K for sofas and things? Double it and you’re a bit closer to the truth.

IKEA can sort ya out fairly handy for starting of with home furniture I got sofa, 3beds, (mattress for all of them) arm chair coffee table all the usual plates bowels coffee mugs etc delivery included under 3k. Yep fairly annoying walking around it but we'll worth it in fairness

myshirt

Honestfrank01 wrote: »

IKEA can sort ya out fairly handy for starting of with home furniture I got sofa, 3beds, (mattress for all of them) arm chair coffee table all the usual plates bowels coffee mugs etc delivery included under 3k. Yep fairly annoying walking around it but we'll worth it in fairness

You had me convinced up until you said the coffee mugs were included. That deal is too good to be true.

Op, a good rule of thumb for costs to kit out is to take the square footage of the house and add a zero if new, and add a zero and half if if second hand. So for example, 1,200 sq feet is €12k new, and €6k second hand.

Honestfrank01

myshirt wrote:

You had me convinced up until you said the coffee mugs were included. That deal is too good to be true.

Set of 4 standard white mugs about 4euro seriously couldn't belive it myself but I suppose that's how they get ya before ya hit the tills your trolley is full to the brim with stuff. The most expensive thing we bought was a 4 seater L shape sofa for 1100

august12

Is it PPR or buy to let?

brinty

BER Cert
Life assurance
Home insurance
Moving costs
House and Smoke alarms
Carbon monoxide alarm
Surveyor
Valuation
Locksmith always change the keys
Deep clean after moving in (optional)
Bin fees
Mgt fees if apartment or estate fees..

That's some off the top of my head ..

Not excessive but they'd all add up fierce quick

Squall Leonhart

Bananaleaf wrote: »

Only smaller costs, but just to mention them as they do add up:

mortgage protection
property tax - if buying second hand you may have to refund seller
things like boiler service and chimney sweep might need to be done right away as you may not know the last time they were done.

Yeah I don't know why it bothered me so much, but we bought last year and the seller wanted a refund of 3 months of property tax as they had paid the full 12 and wouldn't be there. It was only about 60eur so obviously insignificant in the scheme of buying a house, but it irked me!

Nomis21

You could equip the whole house including coffee cups from a Vincent de Paul shop for less than 2,000 and help the homeless at the same time.

sasta le

epiphone wrote: »

Recent Costs for property I purchased

House Purchase Price €145,000.00
Solicitor Fees 1,599.00
Solicitors Outlay 244.60
Land Registry fees 600.00
Engineer 270.00
Engineer 50.00
Furniture/Repairs/Painting 4,670.10
Stamp Duty 1,450.00

€153,883.70

Can I ask where you getting a property for that price?

super_sweeney

purchased house about 2 years ago for around the 250 mark mine was a new build.

Solicitor fee's = 4800 (think that was including stamp)
Elevator for bank =200
Engineer = 200 (Everyone said to get one was a waste of time as he said builder can choose not do items if he choose which he did)
appliances for the kitchen cost = 2500 (cooker,fridge,microwave,extractor, dishwasher, washing machine)

I had a lot of other extra's as my house never came with floors, So i got carpets, Tiles, Furniture I found actually better quality and cheaper than ikea when i shopped around. there are deals to be had and esp if your kitting out a house they will come well below asking price if your buying a few things I got a dinning table, king size bed plus matres and a double bed ( all solid wood) for Around 2k delivered, guy knocked nearly 1000 euro off them as he knew i was going to go to ikea other wise.

Can give you more info if you want but thats just a rough break down of what I had. I went a bit OTT with my spreadsheet but it helped me in the long run as I seemed to save a lot more than most of my mates when moving in and was able to account for everything and time it all.

Cash_Q

Squall Leonhart wrote:

Yeah I don't know why it bothered me so much, but we bought last year and the seller wanted a refund of 3 months of property tax as they had paid the full 12 and wouldn't be there. It was only about 60eur so obviously insignificant in the scheme of buying a house, but it irked me!

I thought this was standard practice and the seller and buyer have no say in it, it happens as part of your solicitors work I thought. The seller would be paying property tax on their new home, so why should they pay twice in one year? Same goes for if/when you sell, your buyer will refund you any property tax paid for the remainder of the year.


OP we paid about 1200 for solicitor fees and outlay, and we had to pay for land registry too can't recall the cost.
Stamp duty 2500.
2000 to furnish the house from Ikea, although we had beds and couches already, this covered wardrobes and other storage mostly plus a dining table and chairs.
200 to have it professionally cleaned from top to bottom and 800 professionally painted from top to bottom too, we supplied paint costing around 200

Alarm installation and fees for the year was about 1000

Removal van 150 (guy off adverts)

Locksmith front and back doors with anti snap locks 300

The costs never end really, but those were the essentials for us

L'prof

We bought 3 years ago and at the time the lady we were dealing with in the bank gave us rough figures on moving in expenses. Some of these were standard fees and others were a percentage of the sale price. I threw these into a calculator to help figure out how much I’d need for moving in expenses, etc. Unfortunately I haven’t broken these down into individual expenses but based on a purchase price of €250k, my calculator estimates you’d need a deposit (presuming yours a first time buyer of course) of €28000 with adttional expenses of €6300

If you’re buying for cash then that comes to €256300 for the bare necessities

Edgware

Nomis21 wrote: »

You could equip the whole house including coffee cups from a Vincent de Paul shop for less than 2,000 and help the homeless at the same time.

With a bit of patience and constant checking of sites such as Jumbletown, Done deal etc you can get great furniture. Painting and decorating you could manage yourself.
Of course some wont be happy unless it is furnished like a palace from Day 1

Bananaleaf

Squall Leonhart wrote: »

Yeah I don't know why it bothered me so much, but we bought last year and the seller wanted a refund of 3 months of property tax as they had paid the full 12 and wouldn't be there. It was only about 60eur so obviously insignificant in the scheme of buying a house, but it irked me!

Well, we were asked to pay from 22nd - 31st December which I thought was particularly greedy!! Considering we paid well in excess of (a) the value of the property and (b) the listed price.

You don't have to pay it to the seller by the way. Your solicitor will tell you that you have to, but you don't. It's just that it's 'bad form' not to pay it.
Apparently.

super_sweeney

Bananaleaf wrote: »

Well, we were asked to pay from 22nd - 31st December which I thought was particularly greedy!! Considering we paid well in excess of (a) the value of the property and (b) the listed price.

wow that does seem a bit mental. Personally if it was me seling i think i would just consider whatever I had paid as included in the cost of the property