Buying real estate in the Republic of Ireland is possible for most foreign nationals. Be sure to secure the property visas to remain in the country or to seek out dual citizenship. In either case, when you make the decision to move to Ireland, there are a few important things to know about the purchase process for residential property.

Research and Planning

When it comes to buying property in Ireland, one thing that needs to be as thorough as possible is the research. There are often areas of Ireland that flood badly and this may not be as obvious to the foreign homebuyer as it should be. In fact, some new construction has been built in flood plains with local council approval. Therefore, do take the time to research the area you plan to buy well, and invest in a local expert to help you with the process.

Advertisements and Agents

It is always best to work with a local, trusted real estate agent to help you to locate a property to purchase. This official will also represent you in the transaction. Most properties are sold at an auction, by which you will have an appointed solicitor to bid for you. Most homes are listed at 10 to 15 percent of what the minimum price the owner is willing to take is.

However, before you head to auction, it is your responsibility to have all types of legal checks and surveys conducted. These are not a given when buying a home here, but they should be something you do to ensure the value, condition and legal right to buy the home. This can be carried out by your real estate agent or by the local appraisers available.

The other option is a private treaty sale which are also common. A non-binding deposit is made at the time of your interest and that gives you enough time to have all searches and surveys completed. You will need to have a formal agreement and the title will only transfer after the final payments are made. Generally, the fees for purchasing a property will be between six and ten person of the selling price of the home, which includes the loan registry fees, VAT on new construction or new properties, stamp duty and solicitor fees. It also pays for mortgage arrangement fees. You can secure a local mortgage to pay for your home, though the qualifications of that mortgage are based on the lender's criteria. Most mortgages are for up to 90 percent of the property value and are paid over a period of 15 to 30 years.