Ahh, Ireland! From its enchanting Gaelic folklore to the upbeat energy of its people, this country truly is one of a kind. The place itself is quite the destination. Though it may not have the sunniest weather, there's still something so magical about the place. So much so that you'll want to go to Ireland a lot. Perhaps even relocate and start a new life here too? You'll want to invest in a property in Ireland
if you love the country so much. It'll make your stay here even better. Let this guide show you the ropes on how to purchase real estate in Ireland.
Can a Non-Resident Buy A Property in Ireland?
Do you want to buy a property in Ireland even though you're not Irish? You're not even an expat of this country and you still want to get your own place here? Well, there's good news! Purchasing real estate in Ireland isn't restricted to just citizens and residents. You don’t have to move to Dublin
or any other Irish city to buy a home here. In fact, doing so can make it even easier for you to get residency in Ireland. Thanks to the Golden Visa Program, anyone who invests in real estate here can be granted residency. But you have to spend at least two million Euros to be eligible.
What Should You Look For in a Property?
Now, in terms of choosing a property in Ireland, there are a lot of things
you have to look for. Consider the layout of the place, for instance, and if it works well for you. Check the windows and the doors to see if they're working fine or if they need repair. And what about the security of the place? If you're moving in with your little kids, will they be safe inside? This is yet another thing to look out for when buying a property. Moreover, even though it's beyond your control, you should also think about the nearby facilities. Is the place near any convenience stores, laundromats, and the like?
What Are The Costs of Buying Property?
The real estate process in Ireland is more complicated than you think. The costs alone will make your head spin! There are other things you have to pay for aside from the final price of the property. They include stamp duty, notary fees, legal fees, land registration fees, mortgage costs, and the commission for your real estate agent
. Luckily, a good number of these are paid via the property value. Each comprises certain percentages, which is why real estate in Ireland—or anywhere else, for that matter—costs a lot. But some, such as the mortgage costs, are paid on top of the final property price.
How Do You Make an Offer to Buy Property in Ireland?
An important part of Ireland's real estate process is conducting valuation surveys. This is essentially how you'd know how much the property is truly worth. More often than not, financial institutions conduct valuation surveys to determine whether it's worth lending your mortgage loan for it. But sellers also conduct their own so that they'll know how much set the initial asking price for when they put the property in Ireland for sale. So when you go and negotiate for the final price, don't stray too far from what the seller has set. If you do, rest assured that you won't end up with an agreement with them.
How Do You Get Mortgage in Ireland?
Speaking of getting a mortgage in Ireland
, the process is pretty straightforward. Firstly, you'll submit an application to a financial institution and, once they've assessed that you're worth lending a mortgage, they'll give you an offer in principle. You then have to choose a property in Ireland that will match the mortgage offer. The lender will then conduct a valuation survey on the said real estate to see if it's worth giving out a mortgage over. If they see that it does, there's a good chance your application will be approved.
How Do You Set Up the Sale & Purchase Contract?
Whether you plan to purchase real estate in Ireland through a private treaty sale or a public auction, there will be purchase contracts involved. And you need to think long and hard before signing them. Why? Because these are important documents that will legally bind you to the purchase. Once you've signed them, you'll no choice but to pay a huge deposit and see the transaction through to the end. And if you ever bow out of the agreement afterward, you won't ever see that deposit ever again. Having lost money and no new property to acquire, you end up with the short end of the deal.
What Are The Different Types of Ownership Structures in Ireland?
The property ownership structures in Ireland are practically the same as in other countries. There's full ownership, for instance, which reserves all the rights to the property to the listed owner. Your name has to be listed on the title deed for you to gain full ownership of the real estate in Ireland. There's also joint ownership here too. In this structure, two or more people share equal rights to the property at hand. And yes, every single one of them has to be listed as the co-owners on the title deed. This ownership structure is more common among married couples and siblings in big families
What Are The Legal Issues in Buying Properties in Ireland?
It shouldn't surprise you that the process of purchasing real estate in Ireland is rife with all sorts of legal matters
. The process itself is a legal matter. Many steps taken pertain to abiding by the property laws of Ireland. There's the previously stated purchase contract, for instance, in which signing it already holds a lot of weight. But another that you really ought to know about too is what they call the Requisitions on Title
. Upon signing the contract, your lawyer will then have to ask a set of inquiries about the property that the seller (or more commonly, their lawyer) should answer.
How Long is The Process of Buying Property in Ireland?
There's really no specific length of time that it will take for you to buy a property in Ireland. It all depends on various factors, the most important being how prepared you (and the seller) are at the start of the process. If you've gathered everything you need beforehand, then there's a good chance it will only take you a month to purchase your new real estate here. Perhaps two or three months if certain problems arise. But if you're not at all prepared and you just go with the flow, the process can easily take up to six months, an entire half a year, to finish.
How Do You Search Properties For Sale in Ireland?
Now that you already know many of the basics of purchasing real estate in Ireland, it's time to look for a property to buy. And of course, your best and easiest bet is to go online. Practially everything is up on the internet nowadays, after all, so it also includes available real estate. What's so good about the many property listing websites in Ireland
, especially the most popular ones, is that even when you're not in the country yourself, you can still check out the properties for sale. Property portals like Daft
and Sherry FitzGerland
are notably famous because they're easy to use and offer up additional real estate services too.
What are The Best Tips for Buying Property in Ireland?
Let's end this real estate guide with some helpful tips
. Since getting a mortgage is one of the first steps of the process, try your best to get pre-approval for the loan. This will help convince the seller to agree to sell their place to you more, which in turn will also improve your chances of getting that mortgage. You should also know the difference between buying through a private treat sale vs. through a public auction. The words practically speak for themselves but it pays to delve deeper into them. And finally set a move-in date to avoid any confusion with the previous owner of the property!
Considering what kind of place it is, it's only natural you'd want to buy real estate in Ireland. But buying your own property here isn't as easy as you think! This guide will tell you that there's a lot you need to know and do to complete the process.