We run through all of the important financial considerations involved in buying property in Ireland.

 

Before you can proceed with your exciting 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.

Buying-Finance

Before you can start looking for your dream Irish home, you’ll need to consider how you’ll fund your purchase.

 

Tax planning

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.

Currency exchange

Many people who are planning to buy a home abroad are unaware of the importance of establishing a currency exchange strategy. As your plans progress you will need to make a number of transfers to Ireland, whether this is to pay your deposit, to cover buying costs, or for the final balance. You must manage these transfers sensibly to ensure you get the most from your money. Often buyers head straight to their High Street bank for help, unaware that they can secure better exchange rates, and enjoy much more efficient transfer times if they opt to enlist the services of a currency specialist. To avoid encountering fees, delays, and poor exchange rates, we suggest you contact Smart Currency Exchange. They can secure you favourable rates that could potentially save you as much as four percent on your currency transfers. This means that on a property that costs £250,000, it could be possible to save as much as £10,000. You can also avoid fees by using a currency specialist – Smart Currency Exchange does not charge any fees on transfers of more than £3,000.

 In addition to saving you money, Smart Currency Exchange are experts in helping people to buy property overseas.

In addition to saving you money, Smart Currency Exchange are experts in helping people to buy property overseas. This means you’ll have a currency expert on hand who understands the process and the obstacles you are likely to encounter, and who can implement a strategy for all of your international currency transfer needs.

They can also lock in a favourable exchange rate for you for up to a year, using a specialist tool called a forward contract, which means you can set in stone the final cost of your property and budget effectively for the year ahead. To find out how much you could save, get a free quote from Smart Currency Exchange today.

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Download the Ireland Buying Guide today

The Ireland Buying Guide takes you through each stage of the property buying process, with practical recommendations from our experts who have been through the process themselves. The guide will help you to:


  Ask the right questions
  Avoid losing money
  Avoid the legal pitfalls
  Move in successfully

Download your free guide to buying in Ireland

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