1. Allow plenty of time for viewing the properties that you
are interested in as sometimes there may be quite a distance
between each property check this out with the auctioneer during
the initial booking.
2. If buying a house as a couple if at all possible both of
you should try and view the property as everybody needs to
get their own feel for a property.
3. Don't be afraid to ask questions and make sure that you
have an idea of the boundaries of the property, check how
services are supplied -these will all be fully confirmed by
your Solicitor/Surveyor at Contract stage if you decide to
purchase the property but it is always helpful to get an initial
idea. The Auctioneer will be happy to inform you about local
schools etc.
4. If you feel you would like a second viewing your auctioneer
will be glad to make the appointment for you.
5. If you are intending to purchase a holiday home clarify
that the house does not have a permanent residency clause
attached, this does not normally apply to houses over seven
years old but some of the newer houses can have the clauses
attached depending on where they are located.
6.Remember to allow for Stamp Duty when calculating your price.
The current Stamp Duty system applicable to residential property
has been reformed.
A simplified system, incorporating an exemption of €125,000
with 2 progressive rates instead of the past 6 rate bands.
The first €125,000 is exempt from Stamp Duty. For amounts
above this €125,000 exemption level, a rate of 7% will
be charged.
Where the property exceeds 1 million the part in excess of
1 million will be charged at a 9% rate with the remainder
between €125,000 and 1 Million subject to a 7% Charge.
Once you have decided on a property and your offer has been
accepted you will be advised to have a survey carried out
on the property the cost of a standard survey done by a local
Surveyor minimum is around €350.00.
You will be requested to pay a 10% booking deposit of the
price agreed - this normally works out as an initial 5%
payable to the auctioneer with the second 5% payable to your
solicitor on exchange of contracts, it is advisable to forward
the initial booking deposit complete with all your details
as soon as possible. Please note that the booking deposit
is fully refundable until contracts are Exchanged.
