Buying a Property in Ireland – What You Need to Know 🏘️

Buying a property is one of the largest financial commitments most people will make. Understanding the process and associated costs can help buyers avoid delays and make informed decisions.

1. Secure Your Finances 💶

Before viewing properties, prospective buyers should establish their budget and obtain Mortgage Approval in Principle (AIP) from a lender where finance is required. This provides a clear indication of borrowing capacity and demonstrates to sellers that you are a serious purchaser.

2. Property Search and Viewings 🏠

Once your budget is established, you can begin searching for suitable properties. Buyers should carefully assess:

• Location and local amenities

• BER (Building Energy Rating)

• Property condition

• Planning permissions and extensions

• Future development plans in the area

• Access, boundaries and rights of way

A professional survey is strongly recommended, particularly for older properties.

3. Making an Offer 🫴

When you find a suitable property, an offer can be submitted through the estate agent. Negotiations may follow before a sale is agreed.

Once an offer is accepted, the property is generally considered "Sale Agreed", although neither party is legally bound until contracts are signed.

4. Appoint a Solicitor 👩‍⚖️ 

A solicitor will manage the conveyancing process and carry out legal investigations, including:

• Verification of ownership

• Title checks

• Planning and building regulation compliance

• Rights of way and boundary issues

• Local authority searches

5. Survey and Valuation 👷🏽‍♂️ 

Most lenders require an independent valuation before issuing a formal loan offer. Buyers may also choose to commission a structural survey to identify any defects or maintenance concerns.

6. Signing Contracts ✍️

Once legal enquiries have been completed and mortgage approval is in place, contracts are signed by both parties.

A contract deposit is typically paid at this stage, usually 10% of the purchase price less any booking deposit already paid.

7. Completion and Closing🚪

On the closing date, the balance of funds is transferred to the seller's solicitor and ownership officially transfers to the buyer.

The buyer then receives the keys and can take possession of the property.

Additional Costs to Consider 

In addition to the purchase price, buyers should budget for:

• Stamp Duty

• Legal Fees

• Survey Fees

• Valuation Fees

• Mortgage Arrangement Fees

• Property Registration Authority Fees

• Home Insurance

First-Time Buyers

Several government supports may be available to eligible purchasers, including schemes designed to assist first-time buyers in purchasing their first home. Buyers should seek professional advice regarding current eligibility requirements.