What does buying a house cost beyond the deposit?

The key point

Your deposit is only one part of the cash you may need. Budget for stamp duty, legal work, valuation, survey and other transaction or moving costs.

Start with the 10% deposit rule

The Central Bank's mortgage measures generally require a 10% minimum deposit for first-time buyers and second/subsequent buyers, subject to the framework and lender assessment.

Costs to allow for beyond the deposit

The deposit is not the only cash you may need when buying a home. Depending on the purchase, you may need to budget for stamp duty, legal work, a valuation, survey or inspection costs, moving expenses, mortgage-related fees and initial repairs or furnishing. Some costs vary significantly between buyers, so avoid treating a single example as a fixed allowance.

For the current stamp duty position, check the Revenue guidance. Your solicitor, lender and other professionals can confirm the costs that apply to your specific transaction.

Build a cash buffer

It is tempting to put every available euro into the deposit, but buying with no cash left afterwards can make the first year of home ownership difficult. Keep a realistic buffer for moving, repairs and unexpected bills. Then compare the resulting budget with the mortgage repayment you can comfortably carry.