Do you have the fantasy of living in a stone house and waking up to a view of mountains, rivers, and coastlines? How about living in a country where the location and weather is always perfect for golfing, fishing, horse riding, and sailing?
If you answered yes to one or both questions, then buying a house in Ireland would make your wildest dream come true.
In the past few years, property prices in Ireland have dropped to record lows and buyers from the UK and abroad are taking this opportunity to buy a piece of this paradise. If you are looking to fulfil your dream of owning a property in Ireland, then now may be the best time to take action!
Who can buy property in Ireland?
There are 4 major groups of buyers in Ireland right now:
- British citizens who enjoy spending holidays over there;
- Returning Irish migrants;
- People born in the UK who are from Irish ancestry; and
- Pure investors.
If you are a citizen of a country which is part the European Union (EU) like the UK, you won’t experience restrictions when buying property in Ireland. You may choose to relocate with your family or just buy a holiday home with an unforgettable view.
On the flip side, if you are a citizen of a non-EU member country like USA, you can still buy property in Ireland, but your stay inside Ireland may be limited to a few days or months, depending on your nationality.
How can you find property in Ireland?
Most buyers usually look for rural cottages which are sold together with an acre of land. However, there are also plenty of unoccupied, new homes in the area- a result of the recent market crash. Regardless of the type of property you are looking for, you can find them by using online search portals or hiring a local estate agent.
How much does a house in Ireland cost?
An average three or four-bedroom home in sound, habitable condition on an acre plot and can cost around £106,000. Meanwhile, properties similar in size but in need of restoring are available from roughly £28,500 – £70,500.
Like in many countries, the location and current condition of a house greatly affects its price. Thus, the prices I’m saying may increase or decrease accordingly.
The process of buying property in Ireland is fairly similar with those in the UK. You need to find a property then make an offer to the seller. If he or she agrees with the price- it’s a deal. Don’t forget to hire a local solicitor to protect your interests and prepare for additional costs including:
- Solicitor’s fees – Around £500 – £700 purely for legal fees and another £350 – £700 to cover land registry, and searches and Oath fees
- Stamp duty – 1 per cent on residential properties purchased for up to £750,000, with 2 per cent levied on the value after that
- Homebuyer/structural surveys – £210 – £300
- Mortgage fees – Prepare for this only if you’re buying with a mortgage, in which case you’ll also need buildings insurance ready to qualify for the loan.
For more tips and info on remote investing, you may check out my other entries in this blog.