THE HIDDEN COSTS OF BUYING A HOUSE (in Ireland)

**All costs associated with getting & paying for a mortgage - EXPAND FOR TIMECODES**

In this week's episode of my Hidden Costs series, I'm looking at all of the costs associated with getting a mortgage (and paying that mortgage over the years). This is very Ireland specific, because it is the market I am most familiar with, but my UK viewers will probably find that some of the costs overlap... and for anyone else.. it just might be interesting to find out a bit more about the home buying process in Ireland.

***TIMECODES***

Upfront Costs:
-- Loan Application Fee: 1:19
-- Valuation Report: 2:51
-- Structural Survey: 3:51
-- Stamp Duty: 5:14
-- Solicitor's Fees: 6:02
-- Associated Legal Costs: 6:48
-- Auctioneer's Fees: 8:03
-- The Deposit: 8:59

Ongoing Costs:
-- Mortgage Repayments: 11:54
-- Insurances: 14:10
-- Property Tax: 15:42

***

SOCIAL MEDIA:
| Twitter | = @elainepower_
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***

♫Music By♫
●Beach by Joakim Karud

♫End Card♫
● "Chasing Palm Trees' - Ehrling

[AndersonTückmantel]

Thanks Elaine! Amazing video! We're still saving money for the deposit, so now we have to keep in mind to save extra for these hidden costs.

[rossant_gt]

Who would have thought we would stumble across this little gem of a video :) Hope you're both doing well. Jess & Ross

[ColeenDove]

Finally,
So happy to see someone create a vid like this! Great job.

[kickit]

Elaine everything you have said applies even here in the states. The names of the fees may be different but many entities have their fingers in the pie. I was lucky enough to get my house towards the end of the 2008 debacle which in my area was very early 2011. After that the prices started going back up fairly rapidly. I don't know about Ireland but one thing that killed many buyers here in the states was the variable rate mortgage. This caused many to lose their homes because their payments went up dramatically. Another thing is property taxes in my area have doubled in the last ten years which affects the affordability of a home for the average person. Something that seems kind of crazy at least for me where I live. My wife and I didn't have a very big down payment when we were a young family so we decided to save our money, be patient and buy when we were truly ready. Seemed like the intelligent choice right. Well maybe not because in my area home prices went up more each year than the amount we were able to save each year. So every year that passed we were further from our goal of buying that house to spend the rest of our lives in. So in a way at least for us the 2008 crises was a bit of a blessing. However now we are an older couple and only our youngest daughter was able to live with us in the new house. So there are so many variables on home purchases for the average person. Either way it is difficult to be a homeowner.

[agatamomm]

Excellent video, Elaine! I will share this with a first time buyers group as I have always said the same: youre better off over estimating costs than under estimate it.

[annarotharmel]

Thank you so much for this! I have been looking for a good, easy to understand overview and I have finally found it!

[TheRustedPixel]

This video is great, thanks Elaine. Trying to buy a house in 2022 and the fear and dread of overpaying and then paying on a monthly basis is worrying. Been trying to buy a house since 2019 and was told by the bank that since I'm self employed in needed 3 years of income. So that pushed me to buying in 2020 which is when it all kicked off and every house in my area got bought up.

Prices are finally falling back to a normal range but they still sell very fast. So trying to get prepared. Thanks for the video. The ongoing costs were really informative.

[stellayates]

Here in the UK there are many costs that don't occur to people particularly for first time buyers. Surveys and searches of all sorts which can raise questions that prompt further investigations (yes really!), planning searches and legal fees which will them prompt indemnities and insurances for issues raised, stamp duty etc. So essentially the same process as in Ireland.

[tomaszmiekina]

Hi, We going to buy house this year, this video is great very helpful, thank you so much 👍👍👍

[Psychedtobelauren]

thanks so much for this video! So well presented and edited. Youre fab x

[shonacullen]

this is brilliant i had no clue there was so many extra fees. Thank you

[NurseRaymond]

Very informative! I am new here in Ireland and looking forward to purchase a home here for my family soon! More power to your vlogs!

[MrVirkMedia]

Another headsup as i go through the video and going through a purchase solictor fee including vat these days is around €1, 900 to 2100, for an average three bed semi detached house purchase in Dublin

[udayakhandavilli]

Thank you, Elaine! A brilliant overview!

[caseyquinn]

Elaine, love this, i'm Irish live in NY learned all this first in the 00, i like you're smarts.

[dontstopmenowakapetal]

Ireland also has a Booking Deposit, which does not exist in the UK or Germany ... and it seems to be fairly random how much it is, depending on the auctioneer ...

[tundevarza]

Thank you Elaine, this is very helpful.

[horsemanoftheapocalapse]

A good job ( if you are lucky enough to have one ) no longer guarantees that you can buy a place to live. I spoke to a self employed pharmacist trying to buy a 600k house and wondering if she could afford it. Because the developer rules on the estate that a % of houses were local authority she became aware that someone who didnt even have their junior cert and never worked was being housed on the same estate Like Really no wonder the country is in the state its in

[lisaohehir]

Really helpful starting to save for a deposit and good to get some advice. Best wishes Lisa

[sarahg]

Brilliant video elaine... simple and clear