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How much savings needed in addition to deposit?

  • 23-12-2019 10:15pm
    #1
    glack
    Registered Users, Registered Users 2 Posts: 699 ✭✭✭


    I’ve almost saved my 10% deposit. How much money should I aim to save in addition to my deposit for fees etc? And what do I need to account for? Planning on speaking to a bank in January for advice on what they are looking for but trying to make plans over the holidays.


Comments

  • #2
    thomasdylan
    Closed Accounts Posts: 514 ✭✭✭thomasdylan


    glack wrote: »
    I’ve almost saved my 10% deposit. How much money should I aim to save in addition to my deposit for fees etc? And what do I need to account for? Planning on speaking to a bank in January for advice on what they are looking for but trying to make plans over the holidays.

    1% stamp duty, 2k for solicitor, e400-500 for surveyor, e150 for bank valuation. And you'll need to have home insurance and mortgage protection in place at the end.


  • #3
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,351 Mod ✭✭✭✭Gumbo


    Furnishings


  • #4
    glack
    Registered Users, Registered Users 2 Posts: 699 ✭✭✭glack


    thomasdylan wrote: »
    1% stamp duty, 2k for solicitor, e400-500 for surveyor, e150 for bank valuation. And you'll need to have home insurance and mortgage protection in place at the end.

    So for a €200000 home (approximately) I should budget in or around €6000? Obviously I will also need to account for furniture, appliances etc also. But the prices for things are readily available online. Thanks for your help.


  • #5
    thomasdylan
    Closed Accounts Posts: 514 ✭✭✭thomasdylan


    glack wrote: »
    So for a €200000 home (approximately) I should budget in or around €6000? Obviously I will also need to account for furniture, appliances etc also. But the prices for things are readily available online. Thanks for your help.

    Probably less than e6000. Solicitor fees could be less depending on where you're based and same for the surveyor.


  • #6
    raxy
    Registered Users, Registered Users 2 Posts: 870 ✭✭✭raxy


    Depending on the house your buying there may be work required that can add up.
    I had to replace the kitchen & heating system in my house which I didn't realise until after moving in. You may not have the same but it would be worth holding some back just in case. 3 years later we're still not finished fixing up our place but we're taking our time with it.


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  • #7
    elizunia87
    Registered Users, Registered Users 2 Posts: 125 ✭✭elizunia87


    We recently got the keys to the house. We are so over the moon but...

    First of all- cost of rent + mortgage. Our renovation will last till March probably. We need to do bathroom, kitchen and wiring the house. So we need to rent and pay mortgage in the same time.

    Secondly- cost of renovation if has to be done. The more €, the better.
    Third: furniture.


  • #8
    Sunrise_Sunset
    Registered Users, Registered Users 2 Posts: 1,215 ✭✭✭Sunrise_Sunset


    For legal fees, stamp duty etc, best to have between 7-8k.
    After that it depends on the property, what needs doing, furniture etc.


  • #9
    Natashaw88x
    Registered Users, Registered Users 2 Posts: 35 ✭Natashaw88x


    glack wrote: »
    I’ve almost saved my 10% deposit. How much money should I aim to save in addition to my deposit for fees etc? And what do I need to account for? Planning on speaking to a bank in January for advice on what they are looking for but trying to make plans over the holidays.

    We bought a new build. Needed nearly 6k for stamp duty and solicitor. And it was easily 25k to furnish the house. Due to the fact we had to put flooring down and all new appliances. All the furniture was new too as we came from furnished rented accommodation. It’s pricey buying a home! I’d say have at least 10k on top of deposit and solicitor fees.


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