Buying a property in Ireland
As with any property search you need to do your research before committing to purchasing a property in Ireland. The economic crisis afflicting the Eurozone has seen the Irish property markets take a tumble in recent years and it was the property bubble bursting that sent Ireland into the troubles it now faces. One upside emerging from the crisis is that property prices across the country have dropped considerably over the last few years making now a fairly good time to purchase a property in the country.
To best way to start your house search is to find a place to rent as it will give you a base of operations in the country and will save you from having to rush in your search for a permanent home.
The more effort you put into researching the housing market the better. You should ask any friends or contacts you may have already living in the country for advice or check online forums and ask Irish residents directly.
Property is advertised in the local press and international magazines will also publish available properties. As usual the internet will be an invaluable tool for finding your dream home as there are hundreds of property websites online. Implementing the use of an estate agent or agency could also save you time and hassle but this option could prove relatively costly.
The fees payable when buying a property in Ireland include some or all of the following:
- Stamp duty (except for first-time buyers and new properties);
- Legal fees;
- Deed registration fee;
- Survey or valuation fee;
- Ground rent (leasehold properties only);
- Management fee (apartments only);
- VAT (certain commercial properties only);
- Utility connection fees (new properties only);
- Selling agent’s fees (normally ‘included’ in the property price);
- Mortgage costs, e.g. application fee, mortgage indemnity fee (on loans above a certain percentage of the purchase price), and life assurance or a mortgage protection policy.
Always make sure you know the exact amount of extra fees you will have to pay before signing a contract and committing to a purchase.