Buying a gaff

[Matlock]

I’ve been working on some opportunities. Decided to try and find a sugar momma on Tinder.

Would settle for a sugar daddy as a complete last resort.

You could marry Donal og I suppose. At least ye could talk about the hurling...

 

[Great-Bit-O-Stuff]

You could marry Donal og I suppose. At least ye could talk about the hurling...

He's a fine looking man in fairness

 

[Matlock]

He's a fine looking man in fairness

 

[Hallbopping]

That’s brilliant. First time seeing it.

In hindsight voting for the bisexuals rather than Fianna Fáil would have been a better choice.

 

[rebel bike]

Now I'm conscious that most posters here live in their parent's attic, but there are probably a few who have hopped on the property ladder.

My question is as follows.

How much would you want to be setting aside for "costs" such as solicitors, valuations, and any other shit that might not be immediately obvious?

It's all well and good to find a house and say €500k, perfect. But there must be a fair bit of extra cash required on the side is there?

Any smart comments will see you immediately removed from the guestlist for my housewarming party. Unless you're Matlock, who is always welcome to call round for a cuppa.

The lender will look for proof of house insurance before you can draw down the mortgage, which means paying the premium fully in advance or by monthly DD which might come with an admin fee.

For most people the most expensive thing they ever pay for is not their house but rather their mortgage. Read up on loan to value, switching mortgage and get an understanding of how interest rates work. It will save you a lot of coin in the long run.

 

[El Guapo]

The lender will look for proof of house insurance before you can draw down the mortgage, which means paying the premium fully in advance or by monthly DD which might come with an admin fee.

For most people the most expensive thing they ever pay for is not their house but rather their mortgage. Read up on loan to value, switching mortgage and get an understanding of how interest rates work. It will save you a lot of coin in the long run.

The best post on this thread yet

 

[MerchantOfEnnis]

The lender will look for proof of house insurance before you can draw down the mortgage, which means paying the premium fully in advance or by monthly DD which might come with an admin fee.

For most people the most expensive thing they ever pay for is not their house but rather their mortgage. Read up on loan to value, switching mortgage and get an understanding of how interest rates work. It will save you a lot of coin in the long run.

Luckily I work in the industry so am very well versed on LTVs, interest rates etc. Sadly

Thanks

 

[Henry Llloyd]

You’re dead right — the “€500k house” is never actually €500k all-in.

On top of the purchase price you’ve got stamp duty (about 1% → €5k on €500k), solicitor fees and outlays (roughly €2.5k–€4k), a valuation fee (€150–€300), and ideally a survey/engineer’s report (€300–€800+). Then the bank-related bits like mortgage protection insurance and home insurance (a few hundred upfront), all of which are required before you even get the keys.

After that, the sneaky costs kick in — moving expenses, changing locks, small repairs, paint, and the usual run to the hardware shop can easily hit €1k–€5k, not to mention furniture or appliances if the place isn’t turnkey. Realistically, you’re looking at €15k–€25k extra on top of the purchase price, not €5k or €10k like people sometimes assume, so you want a buffer rather than scraping through the purchase and being left broke on day one.

 

[rebel bike]

Luckily I work in the industry so am very well versed on LTVs, interest rates etc. Sadly

Thanks

Excellent but can I ask do you know what a tracker mortgage is?