Financing your property purchase in Ireland
We run through all of the important financial considerations involved in buying property in Ireland.
Before proceeding with your plans to buy in Ireland, it’s vital you consider all financial aspects of the move. First, you’ll need to sit down and work out how much you can afford to spend. Once you’ve established this, you’ll be able to determine whether you can make a purchase from your savings, or whether you’ll need to proceed with seeking a mortgage. Key financial points to consider include:
Avoiding hidden costs
If you’ve bought property before, you’ll know all too well that the cost doesn’t stop with the price of the property. When working out your all-important budget, you need to factor in buying costs, legal fees, on-going maintenance costs, and the amount you want to set aside for renovations or decoration.
The ‘hidden costs’ are all listed in the Ireland Buying Guide.
On top of legal fees, tax matters, and agent’s commission, you also need to factor in the cost of transferring your funds to Ireland. These ‘hidden costs’ are all listed in the Ireland Buying Guide, to help guarantee you don’t miss anything or get hit with any unwelcome (and expensive) surprises. Download your free copy today.
Financing your property
There’s no point starting your search for your dream property until you know exactly how much you have to spend. Otherwise you’ll just waste time looking at properties that don’t fit your budget. Should you be relying on securing a mortgage, you will need to weigh up your options, find a supplier, and get the mortgage approved. There are a huge number of mortgages available, all with varying conditions so to ensure you find one that suits your individual circumstances, we recommend speaking to a professional mortgage adviser.
If you’re planning to relocate to Ireland on a permanent basis then it’s important to establish your tax liabilities prior to departure, as they’re highly likely to change. Tax is a tricky business, as each person’s liabilities will differ depending on their circumstances. For example, are you keeping your property in the UK to use on visits, or to rent out? Will you be earning a wage in the UK? On top of this, you need to establish whether inheritance tax will apply to you and your assets. We recommend speaking to a tax expert, as they are best positioned to explain matters clearly, and to ensure your affairs are in order. Click here to be put in touch with our trusted independent financial advisor today.
Tax is a tricky business, as each person’s liabilities will differ depending on their circumstances.
Many overseas property buyers are unaware of the importance of establishing an effective currency exchange strategy. As your plans progress you will need to make a number of transfers to Ireland, whether to pay your deposit, cover buying costs, or for the final balance. This will leave your budget at the mercy of exchange rates, which fluctuate under the influences of economic and political factors. These movements can cause the price of your property to spiral out of reach.
Smart will work with you to devise a bespoke currency strategy that protects your budget.
For this reason we recommend using our trusted partner Smart Currency Exchange for all you’re overseas transfer requirements. As experts in helping people buy property overseas, they understand the processes and obstacles you will have to negotiate to make your dream a reality. They will work with you to devise a bespoke currency strategy that protects your budget, by mitigating the risk that goes hand in hand with sending money overseas. To find out how their currency solutions could benefit your budget, contact Smart Currency Exchange today.
Let Smart take the risk out of your currency transfers
Whether you are buying a property abroad, making regular payments or sending money back to the UK, you will want to protect the value of your currency transfers from fluctuating exchange rates. That's where Smart Currency Exchange can help. We minimise the risk associated with transferring money overseas by providing expert guidance every step of the way.