For Second-Time Buyers in Ireland
Whether you're upsizing, relocating, or simply seeking a change, moving home in Ireland is both exciting and complex. With an existing property to sell and a new one to secure, the process involves careful planning, financial clarity, and timely decisions. This checklist is designed to guide you through each stage of your journey.
1. Evaluate Your Current Situation
Before you start searching, assess your current home and clarify your needs. Ask yourself:
- Why are you moving? More space, better location, or lifestyle change?
- What worked in your current home? What would you change?
- Do you need to sell before buying? Many second-time buyers find this is the case.
2. Get Your Property Market-Ready
Selling your current home is an important step. Start by:
- Arrange a market appraisal with a trusted estate agent.
- Declutter and refresh rooms to improve presentation.
- Organise BER certification early.
- Photograph your home even if you're not ready to list—this saves time later.
- Notify your solicitor so contracts can be prepared in advance.
3. Understand the Costs Involved
Moving house in Ireland involves costs beyond the purchase price. For example:
- Stamp Duty: 1% up to €1m, 2% on the excess.
- Legal Fees: Negotiable, often a flat fee or percentage.
- Structural Survey: Approx. €300.
- Bank Valuation: Approx. €150.
- Removal Costs: €1,700 on average for a 3-bed house.
- Packing & Cleaning: €150–€500.
- Temporary Accommodation: If the sale and purchase dates don’t align.
- Utilities & Insurance Transfers: May incur fees.
4. Mortgage Preparation
If you need a mortgage for your next home:
- Deposit Requirement: 10% for second-time buyers.
- Borrowing Limit: Typically 3.5x your gross income.
- Fixed vs Variable Rates: Fixed offers stability; variable offers flexibility.
- Documentation Needed: Payslips, bank statements, Employee Detail Summary (formerly P60), and loan statements.
- Mortgage Approval: Start early to avoid delays.
5. Explore Bridging Finance (If Needed)
If you find your dream home before selling your current one:
- Bridging Loans offer short-term finance to “bridge” the gap.
- Available for trading up/down, auction purchases, and renovations.
- Terms: 12–18 months, up to 70% Loan-to-Value, no penalties for early repayment.
- Providers include ICS Mortgages.
6. Begin Your Property Search
Once finances are in place:
- Register your criteria with estate agents.
- Consider location carefully: schools, transport, amenities.
- Be flexible: Know the difference between must-haves and nice-to-haves.
- Use online portals like mySherryFitz for alerts and viewing.
7. Selling and Buying Simultaneously
This is common but requires coordination:
- Work with experienced agents and solicitors.
- Be ready to list your home when your ideal property comes on the market.
- Understand the property chain: delays can happen, so have contingency plans (e.g., flexible moving dates, temporary accommodation).
- Aim for same-day closings if possible, but prepare for temporary accommodation.
8. Final Steps Before Moving
- Confirm the moving date and book movers early.
- Redirect post and notify utility providers.
- Update insurance policies.
- Do a final walkthrough of both properties.
9. After the Move
- Settle into your new community.
- Review your mortgage annually to ensure it still suits your needs.
- Keep records of all costs and documents for future reference.
Need Help?
Sherry FitzGerald estate agents offer tailored support for second-time buyers. Sherry FitzGerald Mortgage Brokers can help you secure the best deal and navigate the mortgage process smoothly.
Ready to move?
Start with a clear plan, work with trusted professionals, and refer to this checklist to stay organised. Your next chapter awaits.
