Things to consider for first-time buyers
Cost, amenities and what it is you’re looking for 1. Costs This is generally the first thing people think of when they’ve decided to buy property. Apart from the purchase price itself – as well as the booking deposit – there’s a number of costs that you should be aware of. a. Stamp Duty This is usually 1% of the purchase price, but double check with your solicitor. It depends on the type of property you’re purchasing. If the property is a new build the stamp duty is 1% of the VAT exclusive purchase price. b. Professional Fees How much is the solicitor charging you? This will vary from firm to firm, shop around and do your research before making any decisions! Within a solicitor’s quote, they may include the obligatory costs of buying in Ireland. These are not decided by the solicitor but by the relevant governing body. A solicitor will pay them on your behalf and you will be charged for them. i. Searches: Solicitors are obliged to perform online searches to ensure that everything you’re buying and who you’re buying from is above board. The cost of these will depend on the property and the seller. ii. Registration Fees: Land must be registered with either the Registry of Deeds or the Land Registry, depending on what kind of land you are buying, this registration incurs a fee. c. Surveyor’s Fees If you’re getting a mortgage, you should carry out a survey to ensure the structure of the property is sound. These fees are entirely separate to the estate agent and the solicitor. 2. Amenities What are you looking for out of your new home? Do you want to be close to supermarkets, public transport, schools? Be aware of upcoming commuter towns, and urban expansion, these areas are likely to have ongoing construction over the next couple of years. 3. Parking Spaces If you are buying an apartment, a parking space is not guaranteed. If this is important to you, make sure you ask your solicitor/estate agent whether a space, or a right to one, comes with the property! 4. Home Improvement Thinkabout what it is you want out of this new home: do you want to step into a space that’s ready to be filled with furniture or are you ready, willing and able to put some work – and finances – into repairs and renovation? You may pay more upfront for a place that doesn’t require renovations, but it’ll likely save you time and stress in the future. Buying a home doesn’t have to be stressful, as long as you know what it is you’re looking for and your budget. We hope this non-exhaustive list has provided some useful things to consider when you’re looking at buying property. If you have any questions or queries, please don’t hesitate to contact our property team on 01 485 4563.
