Cost of trading up

W

WASTED

Guest
It is a long time since I bought my house and I am rusty on such matters. Apart from the mortgate costs, what are the costs of trading up from say a 500k house to a 750k house. I know the stamp duty is 9%, but what are the other costs, i.e. auctioneers costs on the sale of the old house, solicitors fees (both houses), and are there other costs? removals (say max 10 miles in Dublin), anything else???
 
Depending on Solicitors it will be around €5K for both selling and buying.Estate agents fees,advertising,some dont charge as they do a *No sale,No fee* but some do charge advertising like Myhome.ie. You might have to store furniture,I hear it can vary alot from €300-400 a month. Have you thought about extending? It might work out cheaper than trading up. Also stuff that factors in that you dont really notice but phone calls to estate agents/solicitors can be endless and run up a small bill.

And to top it off I cant put a price on the STRESS!
 
Here are some rough figures based on the two prices you mentioned:

Estate agent @ 0.75% + VAT : €4500

Solicitors fees (buying + selling): €5000

Stamp duty @ 9% : €67500

Movers : €1000 (DIY with a truck €400)

Bridging finance for 2 months (if thinks don't run smoothly) : €2k

Extra mortgage for new house: €250000

So summing up you are looking at a possible outlay of approximately €330,000 to complete the transaction.
 
Just to mention that if you need a mortgage of €250,000 + the solicitors costs via REA are €950 + VAT and outlays for the sale and €499 + VAT and outlays for the purchase.

Sarah

www.rea.ie
 
I'm sure there has been plenty discussions elsewhere on this site re:cost of conveyancing. The OP should consult these threads and make up his own mind. As far as I can see it comes down to a trade off between cost versus contactability.

Low cost => Less contact with solicitor (they have to process more transactions to make the same income)
High cost => Solicitor answers your calls. When things go wrong this will start to matter!

I moved house this year and paid €5k - we could have got cheaper I guess but you get what you pay for.
 
lissard said:
Low cost => Less contact with solicitor (they have to process more transactions to make the same income)
High cost => Solicitor answers your calls. When things go wrong this will start to matter!
Click to expand...
Not always true.

Some solicitors are just good at the job and some are poor, no matter what fee they wish to charge. Paying more doesn't always mean a better service. Try finding a solicitor suggested by friends or work mates. If you can't find any suggestions try using AAM to have one in your area come with a reference. Don't just opt for the highest price, sometimes the lower cost ones are lower cost because they are simply harder working and get more jobs done!
 
Fair point on high price not equaling great service. However I think it's reasonable to assume that very low price does mean poor contactability. These guys stack 'em high sell 'em cheap. I have a number of friends who have had bad (costly) experiences because of this.
 
We got a great solicitor, always available on the other end of the phone and willing to go the extra mile, have used him twice since, excellent service and definitely on the lower end of the fee scale.
 
lissard said:
I moved house this year and paid €5k - we could have got cheaper I guess but you get what you pay for.
Click to expand...

Am I right in my understanding that the 5k included both transactions?

Thanks to all who posted. If anybody can think of any other costs, I would like to hear them.
 
Stamp duty on the mortgage 0.1% of the mortgage deed, if over €254,000, capped at €630.

Survey costs-vary greatly depending on what level of assurance you want. Allow anything up to €1,000 (buildings, electrical, plumbing etc).
 
CCOVICH said:
Survey costs-vary greatly depending on what level of assurance you want. Allow anything up to €1,000 (buildings, electrical, plumbing etc).
Click to expand...

Thanks, I had forgotten about that......
 
Got a quote of €1,100 per house + Vat + outlays for my potential trade up. Used the same girl the last time I bought and she was very good.
 
Try selling it yourself instead of using a dodgy EA. There is a company that help with all this for a one off fee of about €200. Heard about it on the prime time programme last week on the dodgy EA's.
Good luck with it all.
 
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