Beyond the Mortgage Approval: The Cost of Buying a Home in 2026
- Wix Admin
- 15 minutes ago
- 2 min read
Congratulations, you've received your mortgage approval! However, if you're buying a home in Ireland, that's just the first step. We’re often asked about other associated costs with buying a home. Here's a breakdown of the extra expenses to be factored in.
Stamp duty increases on high-value properties
Following Budget 2025, stamp duty rates have increased, with a new 6% rate introduced for properties valued over €1.5 million.
· Up to €1 million: 1%.
· €1 million to €1.5 million: 2% on the excess amount.
· Over €1.5 million: 6% on the excess amount.
Where the consideration is in respect of three or more apartments in the same apartment block, the Stamp Duty rates are:
1% on consideration up to €1 million
2% on any consideration over €1 million.
This new tiered system means that while stamp duty is still manageable for moderately priced homes, those purchasing high-value properties will face a substantial tax bill. For example, a €2 million home purchase now incurs €50,000 in stamp duty.
Legal and associated fees
Your solicitor's conveyancing fees are a crucial, and variable, expense.
· Solicitor fees: These can range from €1,500 to €3,000 or more, depending on the complexity of the sale. Some solicitors charge a flat fee, while others may base it on a percentage of the property price. These fees are subject to VAT.
· Land Registry fees: This fee for officially registering your ownership with the Property Registration Authority can range from €400 to €800, depending on the property's value.
· Searches: Your solicitor will conduct legal searches to ensure the property has a clean title, which can cost several hundred euros.
Other essential fees and charges
Beyond the big-ticket items, several smaller fees can quickly add up.
· Valuation fee: Your mortgage lender will require a valuation report to confirm the property's value. This usually costs between about €150 and €300.
Surveyor fee: It is highly recommended to get a pre-purchase survey to check for structural issues. In 2025, costs for a standard home survey range from €400 to €800.
Insurance: Lenders require both buildings insurance and mortgage protection insurance. Buildings insurance typically costs €300–€600 per year, while mortgage protection can add €20–€60 or more onto your monthly outgoings.
Emergency Fund: We would always recommend having an emergency fund/rainy day fund to cover unexpected repairs or replacement of household items.
In conclusion, mortgage approval is only the beginning of the financial journey to homeownership. Budgeting for additional costs is something we would always recommend.
Get in touch if you are thinking of starting your mortgage journey
(01) 5138710
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