If you're looking for a new investment to make, consider buying real estate in Ireland. The country is beautiful and wealthy enough and the properties here truly are worth your while (and money!). Even when you weigh the pros and cons, you'll find that there's more of the latter than the former. Especially if you buy the property in Ireland
wisely. Prevent any sort of problem by following these few helpful tips. Checking with the Land Registry, getting a pre-approval for a mortgage, and going on viewing trips will guarantee that the real estate process will go as smoothly as can be!
Get To Know The Golden Visa Program
Although you don't need to become a resident in order to purchase and own real estate in Ireland, it would certainly help. Moving to Dublin
, Limerick or any other Irish city or town out there opens a lot of opportunities and benefits, particularly when it comes to managing your own property. That's why you ought to look into the Golden Visa program when you buy a property in Ireland. In a nutshell, this is a scheme that grants you residency once you've bought a property in Ireland. However, the conditions are rather strict. For instance, you'll only be eligible for the program if you invested no less than €2,000,000.00 for your property here.
Try to Get a Pre-Approval for a Mortgage
One such benefit of becoming a resident of Ireland as you buy property here is that you'll have an easier time getting a mortgage. More often than not, mortgage lenders would require you to already have a property in mind before you apply for a loan. Not to mention a local bank account
too. But in many cases, owners won't consider selling you their properties if you don't have a mortgage yet. So what do you do? Try to see if you can get a pre-approval for a mortgage in Ireland. Do note that this doesn't guarantee that you'll get the loan. It will only help you purchase real estate in Ireland a lot sooner.
Check with The Land Registry First
Let's say you already have a property in Ireland in mind. One of the first steps you ought to take is to make sure its papers are in order. Particularly when it comes to its ownership. Is the seller you're communicating with the actual owner of the property you're eyeing? Do they have the legal rights to sell it in the first place? You'll only know this if you check with the Land Registry. Have your solicitor check the title deed with the Land Registry to see if the seller is, in fact, the listed owner. If they aren't, you need to let the seller fix that situation or find a new property without such problems.
Know The Difference Between Private Treaty Sale & Public Auction
When it comes to real estate in Ireland, there are two ways to sell/buy it. It's either through a private treaty sale or a public auction. The former, the private treaty sale, is when you, the buyer, contact the seller about purchasing the property in Ireland for sale. You can either do it directly or communicate through your real estate agents
. The latter, the public auction, has the seller putting their property on the market. On a set date and time, potential buyers can bid on the property and the highest one will enter into an agreement with the seller.
Go on Viewing Trips
Apartments, lots, or even houses in Ireland for sale cost a lot of money. Why do you think you'll need a mortgage to help purchase it? More often than not, you'll spend around hundreds of thousands or possibly even millions of Euros for this investment. And if that's the case, shouldn't you inspect the property yourself? Though you can easily buy real estate in Ireland abroad, it's better that you check the place out in person. See, firsthand, if the property truly us with your time and money. There's only so much that surveys can tell you.
Conduct Your Own Survey
Do note that in Ireland, sellers and their real estate agents are not required to disclose any issues regarding the current state of the property. It's up to you to conduct your own surveys to know what the place is truly like. Also, you can even discover certain aspects of the property that may pose a problem later on. In this regard, your best bet is to hire a third-party company to do the survey/s. When you apply for a mortgage, however, it's also likely that the financial institution will conduct their own valuation survey of the property too.
Think Hard Before Signing Contracts
Signing contracts is essentially the official start of your purchase of a property in Ireland. Once you accomplish this step, there's no turning back! This is why you ought to think long and hard before you do it. Once you sign the contract for sale, it will legally bind you to the purchase. You'll be required to pay around a 10% to 30% deposit and see the transaction through to the end. If you ever decide to bow out of the agreement after signing, you won't ever see that deposit again. And in the end, you lost money and gained nothing.
Set a Move-In Date
Finally, don't forget to set a move-in date. If you intend the use the property in Ireland as your main residence, it's better that you know when you're gonna move in. Though this isn't a requirement, it's better that you do it. Why? Because you can easily get into an awkward situation if you don't. At least, if you set a move-in date, then the seller, the previous owner, will also know when they're expected to move out. Thereby avoiding any confusion and possible problems in the future. Wouldn't you want to start your new life in your new property on a good note?
Purchasing real estate in Ireland is no joke! There's a lot you need to know and do. Fortunately, you can make sure that everything goes smoothly by following these great tips! You'd be surprised at how helpful they are!