Buying a home in your favorite country is everyone’s dream. When you like to invest in a home away from your present country you need a lot of homework. Being a non-citizen of Ireland or the EU does not restrict you from buying a home in Ireland. Except that it does not automatically allow you to become a citizen of Ireland.
Setting aside the citizenship matter there are various methods to purchase a home in Ireland. It is better to know them earlier before starting to look for a house everywhere.
Fix the Budget
Money matters. It is always better that one should enter the searching process only after fixing the budget. The financial part fixes a limit of search and reduces the searching area. The price depends on the size of the house and the place of the location. It also will be useful if you are buying on a loan.
Fix the location
In Ireland, there are many beautiful places to invest in a home. The place depends on the purpose of your investment. If you are going to stay occasionally then you invest accordingly in the serene outskirts of Ireland. If it is for business purpose then buy a house in any suitable city.
Approach a good legal advisor
Buying a house requires to fulfill various legal formalities. You need to engage a good solicitor from day one to get legal advice on every property you look. Without a good legal advisor, it will be very risky to invest in a property as the rules and conditions change from place to place regarding the property and its purchase conditions.
Conduct a survey
Your solicitor should advise you about the survey procedure which is very important to ascertain the legality of the property.
The Opinion of a Builder
Everything will look good from outside and externally you will not find anything wrong about the construction without construction knowledge. A builder with experience will help you to know the quality of your home.
Analyze the property with an electrician and plumber
Electric and plumbing work will cost you a lot if they are not properly checked. The budget will far exceed your limit if you need to repair for electric or plumbing problems.
If you are not going to pay in a single lot and like to have a mortgage on your property it is better to contact a good bank about your necessity and the banking rules. The amount the bank is going to pay should be within your budget which would reduce your anxiety at a later stage.
Initial payment amount
Rules differ for a citizen and a non-citizen in Ireland regarding the initial payment to be deposited for purchasing a house. It is 30-50% for a non-resident of Ireland and you should keep the deposit amount ready beforehand.
If you are opting for a mortgage it is compulsory to have house insurance Ireland. Home Insurance Ireland depends on the place, price and age of the house you intend to buy.
Home Insurance also includes income protection wherein your loan amount will be taken care of when you fall sick and unable to pay your repayments.
Consult a good tax consultant regarding the amount you are paying and tax benefits for the amount in the long run. This would reduce your burden of repayment over sometime if your repayment schedule is set for a longer duration.
Investing for a home in your favorite country should be done with minimum tax and banking complications. Investing for a home with proper consultations with experts removes a big burden from your shoulders when you are trying to buy a home from abroad.