MONEY

Irish homebuyers told: Don’t get caught out by house purchase ‘extras’

The cost of buying a home has to factor in stamp duty, fees for solicitors and surveyors, and other additional expenses
Eithne Dunne
The Sunday Times
The array of charges attached to buying a property can feel scary but, unlike the hit film Home Alone, a good solicitor will mean you don’t have to fend for yourself
The array of charges attached to buying a property can feel scary but, unlike the hit film Home Alone, a good solicitor will mean you don’t have to fend for yourself
ALAMY
Eithne Dunne
The Sunday Times

Buying a home is the biggest purchase most of us will ever make. Once a deposit is saved, a mortgage arranged, viewings completed, price negotiated and booking deposit forked out, it can feel like the financial aspect of the process is sorted.

Yet, after the initial celebrations, a slight sinking feeling greets the new round of expenses in the form of stamp duty and the various fees for surveyors, valuers and solicitors.

By far the biggest is stamp duty, which is applied at a rate of 1%, unless your house costs more than €1m, in which case you pay 2% on the balance. When buying a new home, stamp duty is charged on the pre-VAT price. For example, if you pay €454,000, and €54,000 of