Graham Barrett (BA LIB QFA)

Buying your first home is one of the biggest milestones in your life – but it is also one of the easiest times to underestimate the true cost.

The real cost of getting the keys

Most first‑time buyers focus on two big numbers: the deposit and the monthly repayment. Those are crucial, but they are only part of the picture. Alongside your mortgage, there is a series of additional – and sometimes unexpected – costs that can add up to many thousands of euro before you ever move in.

Understanding these costs early means you can budget properly, avoid last‑minute panic, and step into your new home feeling in control rather than stretched.

Here are the main areas to plan for.

1. Solicitor’s fees (conveyancing)

You will need a solicitor to handle the conveyancing – the legal work involved in transferring the property into your name, checking contracts, title, planning, and dealing with your lender and the other side’s solicitor.

Typical costs for conveyancing in Ireland can range from around €2,800 to €5,000 plus VAT and outlays, depending on:

Whether the property is a new build or second‑hand
How complex the title or transaction is
The individual firm’s fee structure

At Irish Mortgage Corporation, we work with specialist conveyancing partners, Jacob Law LLP who offer fixed‑fee legal packages, so our clients know the legal cost upfront and are not surprised by add‑ons at the end. Having that figure nailed down from the start makes a big difference when you are trying to keep your budget on track.

2. Valuation fees

Your lender will require an independent valuation of the property to confirm it is suitable security for the mortgage and that the price you are paying is in line with market value.

Typical cost: around €185–€200 plus VAT, depending on the valuer and property type.

While it is a relatively small piece of the puzzle, it is still money you need to have ready when your application moves forward.

3. Insurance: mortgage protection and home cover

Before drawdown, your lender will insist on two key types of cover:

Mortgage protection insurance – a life assurance policy designed to clear the mortgage if you die during the term.
Home insurance – buildings cover (and optionally contents) to protect the property itself.

Together, these can typically run to a few hundred euro per year (often somewhere in the €300–€1,000 range), depending on your age, health, cover amount and the type/value of the property.

The important thing is to factor these into your ongoing monthly costs, not just the one‑off purchase costs. Getting quotes early in the process gives you a clearer view of what your true monthly outgoings will look like once you have the keys.

4. Stamp duty

Stamp duty is one of the biggest single “hidden” costs – and it is not optional. In Ireland, residential stamp duty is currently charged at:

1% on the first €1 million of the purchase price
2% on the portion between €1 million and €1.5 million
6% on any amount above €1.5 million

For many first‑time buyers, that means a straightforward 1%. On a €350,000 home, your stamp duty bill is €3,500, payable on top of your deposit, legal fees and other costs.

It is vital to treat stamp duty as part of your upfront savings target, not an afterthought.

5. Moving and “setup” costs

This is the area that rarely shows up on calculators, but almost everyone feels it once they move in. Even a modest move can involve:

Movers or van hire
New furniture and basic furnishings
Appliances (washing machine, fridge, etc.)
Painting and decorating
Security upgrades (locks, alarms, cameras)
Initial repairs or snagging items, especially in second‑hand homes

Even if you are being careful, it is not unusual for these costs to run into the low thousands by the time you are settled. Building a small “move‑in fund” on top of your deposit can give you much‑needed breathing room.

6. Property survey

If you are buying a second‑hand home, I strongly recommend a pre‑purchase survey, even if the property looks immaculate at first glance.

A good survey can highlight:

Structural issues
Dampness or insulation problems
Roof, windows or plumbing concerns
Planning or boundary irregularities

Typical costs range from around €300 to €1,500, depending on the level of detail, the size and age of the property, and whether additional specialist reports are needed.

While it is another line item on the cost list, a survey can save you far more in the long run by helping you avoid a problematic property or negotiate on price/repairs.

Building a realistic budget (and avoiding nasty surprises)

To keep your home‑buying journey as smooth as possible, I recommend first‑time buyers:

Map out every cost – not just deposit and fees, but stamp duty, insurance, survey, legal, moving and a basic furnishing budget.
Set aside a contingency fund – even a small buffer can make a big difference if a bill comes in higher than expected.
Get quotes early – from solicitors, surveyors, insurers and movers, so you are working with real numbers, not guesses.

The goal is not to frighten you off – it is to make sure that when you do get your keys, you still feel financially comfortable and confident.

How I help first‑time buyers prepare

As a mortgage advisor, one of the most valuable things I can do for you is to lay all of these costs out on the table from day one. When we work together, I will:

Walk you through each likely cost based on your price range and situation
Help you build a realistic, all‑in budget
Show you how different choices (location, property type, lender, term) affect both your monthly repayments and your overall cash requirement

Buying your first home should be exciting – not overshadowed by last‑minute financial shocks.

If you are thinking about taking the first step, I would be happy to talk through your numbers, explain the process in plain English, and help you make a plan that fits your life, not just a calculator.