TX1 said:Apartment - 930 sq.feet @ €262500
Joint Life Insurance - €23.83 Tescos per month
Solicitor - €2,000 All inclusive
Mortgage - 92% Tracker @ 3.05% from Ulster Bank
This website has been a blessing in research for my first ever property purchase. It is my first step on the property ladder and naturally i was nervous due to lack of knowledge etc. Are the figures above a decent all round result?
whelanfiona said:How on earth did you get a 92% tracker?
As far as I was told I could only get it if the mortgage was only 75% of the value of the house.
Homebond is not a replacement for general buildings (and certainly not contents) insurance. Homebond will only cover serious structural faults in the construction of the house that arise in the first 10 years and where the original developer does not rectify them. It will not cover many other risks such as fire, storm, impact damage etc. and definitely doesn't cover contents at all. You should put such cover in place as a matter of urgency. I'm surprised that your lender did not insist on this as they generally do so and require you to supply them with a letter of indemnity from the insurance underwriter to prove that you and they are covered. If your house burned down today then you would be in a right fix! Check out the home insurance key topic and the other threads on the same issue as well as the [broken link removed] when estimating the level of buildings cover required.TX1 said:1. I did it independently. My apartment is covered by 10 years Homebond. Do u suggest i take out further protection?
TX1 said:It's Yew Tree Square in Clane, co. Kildare. it's around 35 mins from the city centre.
It is an apartment having a market value of €350k that you negotiated down to €262k, or an apartment worth €225k and you paid €262k for it ?TX1 said:Apartment - 930 sq.feet @ €262500
When dealing with insurances, is there not more to consider than simply the price? It could well be that €23.83 is bad value compared to say €31.25 with XXX... So, nobody can say if it is good or bad, without having read the contract.Joint Life Insurance - €23.83 Tescos per month
You insure for the reinstatement/rebuilding cost and not the market value. See the SCS link that I posted. If in doubt get a survey done to determine the most suitable rebuilding cost. Review your cover each year to make sure that you are not over or, worse still, under insured.TX1 said:P.S Do i insure property for the amount borrowed or for the entire cost of property upon purchase
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