The decision to purchase a house in Ireland is a major undertaking, with today’s high market prices and the large deposits and investment needed, you need to have your wits about you. It is vitally important for buyers to know and understand the process, as this will ensure a smooth, hassle-free experience from start to finish. The team at Britton Insurance have put together this handy guide with some tips and suggestions that may help you when you embark upon buying a house in Ireland.
Assess Your Finances
You must clearly identify your budget to determine how much you can afford to pay every month (currently and for many years into the future). This will ensure you are future proofed to comfortably pay your mortgage and have a good lifestyle and standard of living going forward. Make sure you have also calculated in enough funds to cover all of the extra costs for services and miscellaneous fees that will inevitably pop up when buying a home in Ireland. Make sure that you include your solicitor’s legal fees, engineers report fees, mortgage deposit costs, stamp duty and of course house insurance, when you sit down to calculate your budget.
Most (if not all) mortgage lenders in Ireland currently require you to have saved a percentage of the full price of the property (your down payment). They may lend you anywhere between 90% to 92% of the cost of the property. So you will have to finance the remainder with your savings.To know more, please visit the link below: https://www.brittoninsurance.ie/blog/tips-on-buying-a-house-in-ireland/