Are you living in another country and want to buy a property in Ireland? Keep reading for some expert advice on international property buying.
BE IN THE KNOW
If you plan to buy a property in Ireland but are living abroad, there are some important things to consider first.
If you are not fortunate enough to be a cash-buyer, the first thing you should do is check to see what kind of loan you are entitled to. In Ireland, mortgage terms can vary depending on numerous factors, such as the age of the applicant. I would strongly recommend that you have your finances in order before you proceed with international property buying.
Take into account any laws which may hinder your attempt to buy a property from abroad. This is an important step for anyone buying property in any foreign country. Some countries, for example, have strict laws regarding residency, regardless of whether or not you own a property there!
International property buying can be a great source of income if you plan to rent the property out. Always remember to check what taxes you will have to pay as an overseas landlord, so that you can make the most of your investment.
THE MAIN THINGS TO CONSIDER
We would always advise international property buyers to focus on three main aspects when buying in Ireland:
- what area are you looking to buy in?
- why do you want to buy – to rent it out or live in it yourself?
- how long do want this investment for?
These three aspects will help to focus your property search and give you a greater chance of success. If you plan to rent out the property, they will also help determine the amount of rent you can expect to receive.
We would also recommend anyone considering international property buying to do some research into what similar properties have sold for. This will let you gauge whether your budget will get you the property you want, or if you will have to make some changes or compromises to your search, such as location.
WHO WILL BUY THE PROPERTY FOR YOU?
For years, people undertaking international property buying have enlisted the help of parents, siblings, and friends, to help them find the right property in Ireland. This can be great, especially if the person enjoys the process!
There are also companies (like my company, Eldron) that are expertly equipped to make the process of international property buying much easier for you. We take care of every aspect for you – from sourcing, to negotiation, to completion, and even property management if you decide to rent the property out.
Regardless of what kind of property search you are conducting, it is important to focus your search so that you can reduce the time spent searching and increase your chance of finding the right property for you.
If you are interested in any of our services here at Eldron, why not book a free consultation with us to see if we are the right company for you? Also, have a look at our Instagram page to see some of our clients’ previous purchases.
