so what are the hidden costs in buying a house what are the costs that you might overlook
firstly your solicitor's fee your solicitor is going to have a professional legal fee
so that's clearly one of the biggest costs you're going to incur and that will range from
depends on the price of the house but he can range i suppose from 1250 plus fat upwards to two and a
half thousand three thousand plus fat but it will depend on the value of the house a typical average
sort of a fee is probably in the region though of fifteen hundred plus fat at twenty three percent
to seventeen fifty 1950 plus fast so that's one of the first costs that you're going to encore
when buying a house another hidden cost will be the bank valuation if you're borrowing money from
the bank there's going to be a valuation required as part of that process and you will need to get
a valuation carried out from a valuer who will be on an approved list from the bank but the bad news
is you'll have to pay for the valuation in nearly all all circumstances i'm not sure of any banks
who pay for their own valuation quite frankly so i think you're also going to have outlays or fees
costs which you might describe as miscellaneous that would include the likes of commissioners for
oaths fees in other words there's certain statutory declarations that may have to be sworn
especially the family home declaration which will have to be placed with the title documents
so you're going to need to go to a solicitor a different solicitor and have that family
home decoration witnessed by him or her and that's going to give rise to a small fee or small outlay
you may have one or two other declarations as well not so much on the purchasing side but
certainly if you're selling you will have other declarations such as a section 72 declaration
and perhaps a declaration to do with planning and not having been served with any notices
of a planning nature and so on another outlay you will encore will be the legal searches which
will be required on closing day so on closing of the transaction on completion day when you get a
house your solicitor will have to carry out legal searches against the vendor and against the prop
property itself and indeed against you if you're borrowing money from the bank those searches
legal searches are carried out by professional law searches researchers and will probably range from
100 euros to 150 euros that type of range one of the bigger outlays or costs that you will incorp
will be stamp duty so stamp duty on a residential property second-hand residential property is one
percent so if you take for the sake of this video a house that's costing you three hundred
thousand euros then your stamp duty will be one percent of that which is three thousand
euros you will also incur fees and outlays in relation to the property registration authority
once you have purchased a property the change of ownership will have to be registered with
the land registry or the registry of deeds that will incur a cost it'll range anything from 500
to maybe 900 euros for the transfer in other words it will depend on the value of the property
you could probably allow anything between 700 and 900 you're also going to have to register with
the land registry to charge on the property and the charge will be the security for the bank who
are lending you the money to buy so that's going to be an additional cost of 175 euros to register
the mortgage or charge on the folio of your new property you will also have miscellaneous outlays
or fees in the nature of 40 or 50 euros probably perhaps for postage registered posts perhaps a
certified copy folio from the land registry after the transaction has been completed in order to
show the lender and place with the title documents to folio showing you as the new registered owner
and showing the lender that their charge has been registered and registered on the folio i think
that's it i think that's all of the hidden costs that you oh one other one is the structural survey
i have recommended strongly from consistently for a long period of time and i do that from
my own personal experience the procuring of a structural survey if it's a secondhand property
you buy it very much in the condition that it's in therefore i would strongly recommend
a structural swirl they be carried out by an architect or an engineer or a surveyor
that's going to be an extra cost but it's money well spent in my view that could range anything i
suppose from 350 to 550 600 perhaps i say probably a good ballpark figure is around about four to
five hundred euros but you'll find out easily enough by ringing around looking for a quotation
but that is a cost that i think you should incorp whether you buy the property or not hope you find
this video useful if you do i would appreciate if you give it the thumbs up down below thanks a lot