The Real Price of Purchasing a New Home

pmrozik · 13-10-2019 1:02am #1

Hello All,

We are looking to buy a new property with the Help-To-Buy Scheme and I am looking for some real world costs on top of the deposit.

Here are my calculations for a € 200,000.00 property, could someone who has gone through the process of purchasing a home please advise?

Deposit: € 20,000.00
Stamp Duty: € 1,730.00
Solicitor's Fees: € 2,500.00
Valuer's Report: € 150.00
Surveyor's Report: € 370.00
Search Fees: € 200.00
Land Registry Fee: € 600.00

Total needed: € 25,550.00 minus whatever one gets from the Help-To-Buy Scheme.

Does the above seem realistic? I've based my calculations on the The extra costs to consider before buying your first home guide on bonkers.ie

Thank you in advance,

Pawel

hmmm · 13-10-2019 1:17am

I'd be looking to get the solicitor for a bit less, maybe around 1500, but other than that it looks good to me.

Don't forget you'll also want something for furnishings, and if buying an apartment you might have some management fees to pay.

pmrozik · 13-10-2019 1:21am

hmmm wrote: »

I'd be looking to get the solicitor for a bit less, maybe around 1500, but other than that it looks good to me.

Don't forget you'll also want something for furnishings, and if buying an apartment you might have some management fees to pay.

I'd get the solicitor for free if I could! Will definitely shop around to see if I can find one for less.

Appreciate your help and the quick reply!

Victor · 13-10-2019 1:52am

Stamp duty may be payable.

You may have to partially reimburse the current owner for the balance of the current year's LPT.

Solicitor may have other expenses.

If using a mortgage advisor, their fee.

Insurance.

Note that the deposit the vendor demands may not match the deposit the lender demands.

PhoenixParker · 13-10-2019 7:57am

For a new build you'll typically need two values reports, one around contract stage and one at completion.

No LPT on new builds so you're ok there.

If there are management fees it's usually a full year up front then you get a discount on year 2 calculated according to date of closing.

Not strictly buying costs but new builds come with nothing so flooring/curtains/curtain rails/bathroom cabinets/garden shed . . . That sort of thing - fixtures and fittings that come with an older house add up in a new build quickly.

pmrozik · 13-10-2019 9:17am

Victor wrote: »

Stamp duty may be payable.

You may have to partially reimburse the current owner for the balance of the current year's LPT.

Solicitor may have other expenses.

If using a mortgage advisor, their fee.

Insurance.

Note that the deposit the vendor demands may not match the deposit the lender demands.

Thanks Victor. Interested in a new build since Help To Buy does not apply otherwise, so LPT would not be an expense.

Would you personally recommend a mortgage advisor?

pmrozik · 13-10-2019 9:19am

PhoenixParker wrote: »

For a new build you'll typically need two values reports, one around contract stage and one at completion.

No LPT on new builds so you're ok there.

If there are management fees it's usually a full year up front then you get a discount on year 2 calculated according to date of closing.

Not strictly buying costs but new builds come with nothing so flooring/curtains/curtain rails/bathroom cabinets/garden shed . . . That sort of thing - fixtures and fittings that come with an older house add up in a new build quickly.

Are there estate management fees I may not be aware of or is it just for apartments?

Some of the pictures I saw of new builds seemed like they have everything in them, others not, thank you for pointing that out as it was something I hadn't considered.

PhoenixParker · 13-10-2019 9:27am

Most new estates have management fees. They're typically lower than an apartments but there'll be something.

Photos are of show houses. They're "serving suggestions". While it's possible to wait a bit before things like flooring and curtains, it's not very comfortable.

Victor · 13-10-2019 9:29am

pmrozik wrote: »

Would you personally recommend a mortgage advisor?

It's up to you. If you pay them, they are working for you. If they get a commission off the bank, it is harder to say they are working for you.

pmrozik wrote: »

Are there estate management fees I may not be aware of or is it just for apartments?

Primarily houses, but also gated estates and some other estates, especially outside the cities.

Some of the pictures I saw of new builds seemed like they have everything in them, others not, thank you for pointing that out as it was something I hadn't considered.

Treat everything you see as advertising a lifestyle, not the property. Legally, only the contract counts.

Oh, solicitors will try to quote you ex-VAT and a the VAT on afterwards. They aren't allowed do this to consumers.

TheW1zard · 13-10-2019 9:35am

For the solicitor find one that does a fixed price. I paid a flat rate of 995. All in came to just under 2500. (Incl land reg, vat)
Total bill paid to them was that + stamp duty.

Creamy Goodness · 13-10-2019 10:07am

pmrozik wrote: »

Total needed: € 25,550.00 minus whatever one gets from the Help-To-Buy Scheme.

The help to buy is generally claimed by the developer and isn’t placed in your account. So you really add it on to your deposit.

wirelessdude01 · 13-10-2019 10:12am

Creamy Goodness wrote: »

The help to buy is generally claimed by the developer and isn’t placed in your account. So you really add it on to your deposit.

We are in process of buying and have been told for deposit to have a cheque minus booking deposit and H2B.

appledrop · 13-10-2019 10:16am

You get very little with a new house so you would need to have a least €10,000 to kit it out.

In most cases you will need white goods for kitchen, floors/carpets throughout the house + furniture for all the house.

Now in fairness it does vary from house to house what you get but you need to bear it in mind.

pmrozik · 13-10-2019 10:47am

Victor wrote: »

It's up to you. If you pay them, they are working for you. If they get a commission off the bank, it is harder to say they are working for you.

Primarily houses, but also gated estates and some other estates, especially outside the cities.

Treat everything you see as advertising a lifestyle, not the property. Legally, only the contract counts.

Oh, solicitors will try to quote you ex-VAT and a the VAT on afterwards. They aren't allowed do this to consumers.

Great tips, thank Victor!

pmrozik · 13-10-2019 10:48am

appledrop wrote: »

You get very little with a new house so you would need to have a least €10,000 to kit it out.

In most cases you will need white goods for kitchen, floors/carpets throughout the house + furniture for all the house.

Now in fairness it does vary from house to house what you get but you need to bear it in mind.

Thanks. Can you give me some insight into what was in your new build when you moved in?

wirelessdude01 · 13-10-2019 10:52am

In our new build we get bathrooms tiled, kitchen unis plus extractor and that's it. Some also give white goods if contracts signed within 21/28 days as an added incentive but not many.

appledrop · 13-10-2019 10:58am

wirelessdude01 wrote: »

In our new build we get bathrooms tiled, kitchen unis plus extractor and that's it. Some also give white goods if contracts signed within 21/28 days as an added incentive but not many.

Yep that's basically all most give you so huge amount then you have to get. Cooker, dishwasher, fridge, washing machine for kitchen will all add up.

Floors will be the biggest expense. Most houses you literally get a concrete floor so will need underlay for any wooden floors or carpet. Then you need all the blinds/curtains.

That's a lot of expense before you even buy a piece of furniture. Just dont under estimate the cost.

drinkingwater · 13-10-2019 11:08am

pmrozik wrote: »

Thanks. Can you give me some insight into what was in your new build when you moved in?

We had everything included in ours, all white goods, flooring, tiles, even toilet seats... (not in Dublin though) So you really need to check your contract.

appledrop · 13-10-2019 11:10am

drinkingwater wrote: »

We had everything included in ours, all white goods, flooring, tiles, even toilet seats... (not in Dublin though) So you really need to check your contract.

I presume that not only was it not in Dublin but also not in any commuter counties like Kildare, Meath orcWicklow. Very unusual to get all that.

wirelessdude01 · 13-10-2019 11:38am

drinkingwater wrote: »

We had everything included in ours, all white goods, flooring, tiles, even toilet seats... (not in Dublin though) So you really need to check your contract.

I'm also going to assume that this had to be reflected in the agrees sale price?

Per chance it wasn't one of the show houses that you bought?

drinkingwater · 13-10-2019 12:22pm

Portlaoise and no, not a showhouse.

Gemma1982 · 13-10-2019 12:43pm

We also got everything included in ours - all kitchen, appliances, flooring, floor to ceiling tiling in bathrooms, every room painted whatever colour we chose up, an alarm system. Couldn’t believe how decent the developers were in what was included. That was a new build in Dublin. So definitely worth checking what is included.

Creamy Goodness · 13-10-2019 6:21pm

wirelessdude01 wrote: »

We are in process of buying and have been told for deposit to have a cheque minus booking deposit and H2B.

yes that's normal. The original post, made it sound like they were expecting the HTB money to come into their account.

Dolbhad · 13-10-2019 9:23pm

As covered in other posts, don’t go with the cheapest solicitor. You get what you pay for. Get referrals off friends and family, get a price of solicitor and talk to them first. Other expenses in legal fees are open new folio in land registry of €75. Think some commissioner for oaths also but that would be max €20. Also register mortgage of €175 in land registry.

It’s common in Dublin for houses to be in management company. Usually in Cork it’s a resident association set up. Maybe be €100 a year for it.

Specs completely depend on the builder. We looked a new build in Cork. No white goods and no flooring bar the basic in bathroom. Flooring and blinds are biggest up front cost as you need that to live in house. Then your white goods and furniture. Also you may extras in the house like upgrading the kitchen and tiling. They can be pretty basic. You get a bare house in reality. You have to put in gates and sheds etc.

pmrozik · 15-10-2019 9:47am

Dolbhad wrote: »

As covered in other posts, don’t go with the cheapest solicitor. You get what you pay for. Get referrals off friends and family, get a price of solicitor and talk to them first. Other expenses in legal fees are open new folio in land registry of €75. Think some commissioner for oaths also but that would be max €20. Also register mortgage of €175 in land registry.

It’s common in Dublin for houses to be in management company. Usually in Cork it’s a resident association set up. Maybe be €100 a year for it.

Specs completely depend on the builder. We looked a new build in Cork. No white goods and no flooring bar the basic in bathroom. Flooring and blinds are biggest up front cost as you need that to live in house. Then your white goods and furniture. Also you may extras in the house like upgrading the kitchen and tiling. They can be pretty basic. You get a bare house in reality. You have to put in gates and sheds etc.

That's very useful info, thanks. I will shop around for a decent solicitor, and it looks like standards vary between builders.

pmrozik · 15-10-2019 9:48am

Gemma1982 wrote: »

We also got everything included in ours - all kitchen, appliances, flooring, floor to ceiling tiling in bathrooms, every room painted whatever colour we chose up, an alarm system. Couldn’t believe how decent the developers were in what was included. That was a new build in Dublin. So definitely worth checking what is included.

Thank you Gemma, will definitely check.

oleard1987 · 15-10-2019 12:15pm

we are nearly 4 weeks away for our house to be finished
Extra that we had were adding a peninsula to the kitchen ,Adding sink and units to utility room
Glass cabinets over the peninsula ,extra cupboard added in the corner and cover over the extractor

Total cost €2850

Floor tiles for the kitchen ,Utility room and bathroom and tiler to lay them

Total cost €2600

Most kitchen fitters will want your white goods onsite as well if they integrating so another unexpected cost

Wooden floors for the sitting room and bedrooms ,carpet for the stairs and landing
side gate(if needed)wardrobes ,beds ,shower doors

The list is exhausting ,so i would definitely try and save the full 10% DEPOSIT yourself aswell as claiming the HTB

Victor · 15-10-2019 4:10pm

oleard1987 wrote: »

Most kitchen fitters will want your white goods onsite as well if they integrating so another unexpected cost

Oh yes. If you have an electrician or kitchen fitter on-site, ask them to quote for the (a) supply and (b) fitting of the white goods. They may be able to access sources that ordinary people can't.

shanec1928 · 15-10-2019 4:15pm

Victor wrote: »

Oh yes. If you have an electrician or kitchen fitter on-site, ask them to quote for the (a) supply and (b) fitting of the white goods. They may be able to access sources that ordinary people can't.

C make sure they are standard sizes if fitted appliances . For when you have to replace them down the line. Leaves ya more options and more than likely will be cheaper than an awkward size.

pmrozik · 23-10-2019 12:51pm

oleard1987 wrote: »

we are nearly 4 weeks away for our house to be finished
Extra that we had were adding a peninsula to the kitchen ,Adding sink and units to utility room
Glass cabinets over the peninsula ,extra cupboard added in the corner and cover over the extractor

Total cost €2850

Floor tiles for the kitchen ,Utility room and bathroom and tiler to lay them

Total cost €2600

Most kitchen fitters will want your white goods onsite as well if they integrating so another unexpected cost

Wooden floors for the sitting room and bedrooms ,carpet for the stairs and landing
side gate(if needed)wardrobes ,beds ,shower doors

The list is exhausting ,so i would definitely try and save the full 10% DEPOSIT yourself aswell as claiming the HTB

It sounds exhausting. I think we will just do the basics and adjust over time, thanks for your input.

The Real Price of Purchasing a New Home

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