Personal Budget Planner
Monthly Income: Salary, net of tax, PRSI, Other deductions 2nd salary, if relevant, as above Any income from savings & investments Any other income Total Net Monthly Income Monthly Expenditure: Food & other shopping basket expenses Electricity Gas Telephone Car costs (tax, insurance, service, petrol etc.) Other Transport costs Clothing Health Insurance Other health costs (dentist, non-refundable chemist’s bills) Personal loan/HP repayments Repayments on credit cards Service Charges Holidays TV (license, cable company etc) Entertainment (sport/social clubs: classes; cinema etc) Pension Payments Any other expenses/outgoings Total monthly Expenditure Net Amount Available to service borrowings Purchase Price of House Stamp Duty (if applicable) Legal Fees Total Less Own Savings Loan Required Cost per 1,000 / per month (available from lender) Mortgage Protection Monthly Repayment Balance remaining = C - D (D) (B) (C) A-B=C (A)
Web Sites:
Construction Industry Federation Construction House, Canal Road, Dublin 6. Tel: 01-4066000 Web Page: www.cif.ie The Department of the Environment, Heritage & Local Government Custom House, Dublin 1. Tel: 1800 20 20 21 Web page: www.environ.ie Department of Finance Government Buildings, Upper Merrion Street, Dublin 2. Tel: 01-6767571 Web page: www.finance.gov.ie Irish Government web site Web page: www.irlgov.ie The Revenue Commissioners Dublin Castle, Dublin 2. Tel: 01-6475000 Web page: www.revenue.ie
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Choosing your New Home
In buying a new home there are a number of matters to be considered:
1. Affordability - how much can you afford to borrow?
When you approach your mortgage broker, they will be able to advise you of what you can afford to borrow. You may be able to borrow more if someone, such as a parent, is prepared to act as a guarantor. In some cases, the financial institutions may need a guarantor for certain aspects of borrowing.
Buying a New Home
Buying a new home is an exciting undertaking - however, it can also seem a very daunting task. The purchase of a home is the single largest investment most of us make in our lifetime so it is wise to find out what to expect during the process. There seems to be such an array of choices to be made ranging from the type of accommodation you require to savings, to mortgages, to grants and tax relief. This leaflet, while not exhaustive in its information, is intended to give you a step-by-step guide of what is involved and what you should look for when buying a new home. House builders, their agents and financial institutions are only too willing to help you, the purchaser, with all the requirements and information needed before making your final decision. House builders know that purchasers are looking for a wide choice and can accommodate and respond accordingly to the needs and requirements of today’s perceptive buyer. Whether you are single, a couple, a growing family or retired and looking to downsize, there will always be a new home to suit your needs.
2. Location - urban or rural setting. Are you prepared to
commute to work?
3. Transportation - proximity to roads and public
transport services.
4. Proximity to local amenities and services e.g. schools,
sports clubs, churches, shops, pubs and cinemas.
5. Design and layout - e.g. the floor area, number of
rooms, layout of the house, garage, room for future extension, multi-core wiring, garden size and orientation.
Buying from an IHBA member
The Irish Home Builders Association (IHBA) is a constituent association of the Construction Industry Federation (CIF) and promotes best industry practice by applying a strict code of conduct to its members.
Home Purchase Protection Pledge
The IHBA operates a voluntary Code of Practice, the Home Purchase Protection Pledge, which is obligatory on all members. It outlines the manner in which booking deposits, issuing of contracts and stage payments must be handled by member firms and purchasers. It offers anti gazumping protection for those purchasing from a member firm. It is important to check before buying a house that the builder is a member of the IHBA. This will determine if a purchaser has the protection afforded under the Home Purchase Protection Pledge by the builder. A copy of a leaflet on the Home Purchase Protection Pledge is available from the IHBA at 01 - 4066000; e-mail: ihba@cif.ie; web: www.cif.ie
The Advantages of Buying New
• New homes are built in accordance with modern
standards and with current Building Regulations. Compliance with Building Regulations ensure that new advances in construction technology and products are delivered and that the constant changing Government legislation requirements are complied with. This means that new homes must meet a high standard, which results in a superior standard of finish both inside and out.
Stamp Duty
This is a Government tax payable on all second hand and some new properties. Contact the Department of Finance with regards to up to date tax bands or log on to www.revenue.ie and go to the section relating to duties.
• High insulation standards in roofs and walls and
draught proof windows and doors. This results in high-energy savings in electric and heating bills.
Snagging
A snag list is compiled prior to final closing of sale. This will include a list of outstanding items that need to be remedied with the property. It is important that a competent and qualified person carries this out.
• Damp proofing – which ensures that dampness is a
thing of the past.
• Trouble free – new homes do not require renovation
and are usually maintenance free for many years.