Understanding Costs When Selling a House in Ireland
Selling a house is a big decision and understanding all the costs involved is a crucial part of the process. If you’re in Ireland, you might find yourself wondering: “What are the typical costs of selling a house?” Let’s break it down so you can plan effectively.
Estate Agent Fees
One of the first things you’ll need to consider – the estate agent fees. Generally, these cost between 1 to 2.5% of the final sale price of the property. So, if you’re selling a house worth €300,000, for instance, and your estate agent charges a 2% fee, you’re looking at a €6,000 expense right off the bat.
Fumbally Property Services are currently offering estate agents fees of 0.8%, which means we put more money back in your pocket from the proceeds of the sale price.
Legal Fees
Now, let’s talk legal fees. You’ll need a solicitor to handle the legal aspects of selling your house – things like drawing up the contract for sale, dealing with the buyer’s solicitor, and ensuring all legal requirements are met. Typical legal fees range from approximately €1,000 to €2,500 plus VAT.
Building Energy Rating Certificate
In addition to this, you should factor in the cost for the Building Energy Rating (BER) certificate. It’s a legal requirement in Ireland to have one when selling a property. It’s like your property’s energy label, showing its energy performance. The cost? It usually ranges between €100 to €200.
Property Tax
And then there’s Property Tax. This is self-assessed and due annually, with the amount based on the estimated market value of the property.
Other Potential Costs
Moreover, don’t overlook potential costs like marketing if you choose to professionally photograph your property to enhance its online presence, removal fees when relocating your belongings, and mortgage valuation fees if you’re buying another property. Each of these can vary greatly, so it pays to shop around.
Final Thoughts
So, let’s do a quick sum up. If you’re selling a €300,000 house and factor in an estate agent fee of 2%, solicitor’s fees of €1,500, a BER certificate at €150, plus property tax and additional costs, you could be looking at expenses around €8,000 – €10,000 or more, depending on various factors.
Keep in mind that most of these costs are not paid upfront and will be deducted from the proceeds of the sale of the house, but it’s essential to factor them into your financial planning.
All in all, while selling a house does have its costs, knowing what they are in advance can help avoid any financial surprises along the way.
As with any significant financial decision, it’s always beneficial to do your research, budget effectively, and seek professional advice when necessary.
If you are considering selling your home or investment property, we can offer you a free valuation and valuable advice on how to secure the very best price for your property.
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