When purchasing a home, it’s essential to budget for additional costs beyond the purchase price. These hidden expenses can add up, so being financially prepared is crucial:
✔ Stamp Duty – This government tax is 1% on properties up to €1 million and 2% on the excess above €1 million. For example, a €400,000 home will require €4,000 in stamp duty.
✔ Solicitor Fees – Legal costs for conveyancing typically range from €1,500 to €3,000 + VAT.
✔ Surveyor & Valuation Fees – A survey ensures the property is in good condition and costs between €300 and €600. Mortgage lenders also require a valuation report, costing approximately €150.
✔ Mortgage Protection Insurance – Required by lenders, costing around €15 to €50 per month.
✔ Home Insurance – Essential for mortgage approval, with annual premiums between €400 and €800.
✔ Local Property Tax (LPT) – Charged annually, based on the market value of your home. Rates vary by local authority and should be checked before purchasing.
✔ Moving & Renovation Costs – Hiring a removals company, furnishing your home, or making repairs can add to your budget.
Being aware of these costs helps you make informed decisions and avoid unexpected financial stress during the buying process.
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