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buying property in Ireland to live in

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forester404
  4/26/2014 06:22 EST

Hi.
I am an EU citizen, working from home freelancer, thinking about moving to live in Ireland. I've heard that Limerick is a nice place, and I saw on deft.ie that there are some properties in my low range, of up to 40000 Euro.
Is it likely to find in that range properties in reasonable location within town, in good condition, or should I be suspicious ? (of course I will not buy before visiting and checking, just to know what to expect...)
How complicated is the purchasing process (I don't a take a mortgage), does it involve a lot of bureaucracy, and how fast can I realistically expect to complete it and move in?
thank you !

Mellis5910
  4/27/2014 09:29 EST

Hi,

Have you checked out the online Irish real estate sites? You can learn a lot by browsing them. I particularly like Daft,ie.

Here's a link to a site which talks about the process a bit:
http://www.rightmove.co.uk/overseas-property/Ireland-guide.html

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forester404
  4/27/2014 14:00 EST

Hi,
Thanks for the reply. The provided link is very helpful !
regarding the site deft.ie,
I have already browsed, and found some properties in my budget, I am just wondering whether there is something I've overlooked, or in other words, is the price suspiciously low, or is it normal. but i guess this is a question that is very hard to answer...

Mellis5910
  4/27/2014 19:14 EST

Well, one way of telling if it is too good to be true would be to check out comparable properties for sale in the area...this is where Daft.ie would come in handy. Also, talking to a few estate agents might give you a better sense of the market in that vicinity.

blankk
  5/10/2014 07:38 EST

Hi,
I'm in Limerick, and yes, the property prices took an enormous hit in the crash and are slow to recover. I'm not an estate agent, just a data analyst, but I'm currently keeping an eye on the market for a client who wants to buy a few investment/rental properties over the next year.

However, most properties at the low end either need improvements or are in locations with drawbacks. Large homes (3+ bedrooms, 2+ bathrooms) in good residential neighbourhoods are still at the upper end of the range and out of reach for most people.

That said, if you are willing to put the time, work, and investment into improvements, or you would like to live in a mixed residential-commercial neighbourhood, there are a lot of homes priced to buy.

I rent, because I have a city centre apartment that I love, and because I currently have the best landlord I have had in my 25 years of renting. My advice would be to rent for 6-12 months first, get to know the city, cultivate a relationship with a good estate agent, and take your time buying the right home. There is too much to choose from here, and too many subtle distinctions, to rush your decision and miss out on something you'll love.

You should note, though, that this is likely to change over the next 2-5 years. Limerick and the Shannon Region are aggressively pursuing employers and convincing them to invest here. As more jobs become available, and more people move here to take them, demand will affect the real estate market.

As a side note, finding a good estate agent is a challenge. I have a number a friends and colleagues looking to rent or purchase a home or business premises, and even getting a returned phone call from an estate agent can take days or weeks. In a market like this, you would think agents would be scrambling 24/7 to find renters & buyers and to move every property they can, but for some reason (anyone?) they are simply not motivated.

-Kate

hosannah8
  5/10/2014 13:41 EST

Thanks so much Kate. Your information was very informative. We have a beautiful 4br 3 ba home plus a successful women's boutique we have up for sale in the USA or possible trade for a nice home in Ireland plus cash. in good area. If you know of anyone interested, please refer them to me or me to them. Have a wonderful day. [email protected]

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forester404
  5/10/2014 17:35 EST

Thank you Kate, great tips, much appreciated.

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