Buying a house in Ireland
There are no restrictions on foreigners buying houses in Ireland. As long as you have the money, you’re good to go. There are many advantages to buying your own property. You can put down roots. Creating stability and security in your life. Being a homeowner gives you autonomy over your living space. More importantly, mortgages in Ireland are usually cheaper than rents. Buying an apartment in Ireland is always a good investment. The interest rates are low and house prices always go up long term. The house buying process can be time-consuming and complex, so do your research first.
First, you need to determine your budget. We recommend you employ a mortgage broker to help you through the complicated process of getting a mortgage in Ireland. Mortgage advisors will charge a fee, but there are so many types of home loans it can be very confusing. It is possible to negotiate with a bank directly, but a mortgage advisor has access to all the banks and can get you the best deal. You will need to provide proof of income and information about your living costs. Don’t forget your ID, residence permit and employment contract. You will probably have to pay at least 10% of the property for a deposit. 100% mortgages are not usually available.
First, you need to decide where you want to live. Buying a house in Dublin, can cost twice as much as buying an apartment in Galway. Lots of people decide to live in a smaller village outside of town, where you can get more for your money. Don’t forget the parking situation, as buying an apartment in Ireland may not include a parking spot. There are many online housing portals such as myhome.ie or daft.ie. It can be a good idea to employ a buyers estate agent. They will find you the perfect property and do all the negotiations for you. Bear in mind that each agent will only show you the properties on their books, so sign up with more than one. View as many properties as you can. Visit the area at night to see how safe you feel and check out local amenities.
There are many hidden costs involved in buying a house in Ireland. The estate agent could cost you 2.5% of the property, alone. Once you’ve found a property, you need to get a survey done to check for building faults. This is vital, to avoid future problems, and some banks will insist on it. You have solicitor fees and you need a booking deposit of 3% to put your offer in. This is refundable up to the contract exchange but unfortunately does not guarantee that you will get the property. The seller has the right to cancel the sale right up to the day you exchange keys. You will also need to get buildings insurance and life insurance if you take a mortgage in Ireland. If you’re buying an apartment in Ireland, you may need to pay management fees for the building and ground rent.
Buying a house in the Ireland – Mundialz
Whether you’ve just arrived, or you’ve been here for years, buying a house in the Ireland is a great investment for your future. Mundialz understands that buying a house in Ireland is a big step. We’re here to offer you the support you need, to help you get yourself a piece of the emerald isle.