Buying Property in Ireland

ses999

Hi,

This is my first ever post, so please bear with me!

I am considering buying what was my Grandparents house in Ireland - they passed away a couple of years ago, and the executor of the will is now insisting that it is sold. This land has been in my family for 150 years, and if I were to buy it would be for life, with the intention of passing it down through my family, so I'm not worried about making a profit, etc.

Where is the best place to get advice on the whole process of buying in Ireland? I have no experience in the Irish housing / mortgage market and if anyone has any tips, that would be great!

I live in England, and would purely be using the house as a holiday home - I dont know if I qualify for first time buyer deals, or not, as it wouldn't be my primary residence.

Also, as a bit of background, I live with my parents, dont own any property in the UK, am 24, on £45k a year and have 20k savings. Any ideas as to what i can expect to get as a mortgage?

Thanks!

Smi1er

I wouldn't touch any property in Ireland.

People think the UK is overvalued, Ireland is far far worse.

Where about in Ireland is it?

GracieP

Maybe ask on here; http://boards.ie/vbulletin/forumdisplay.php?f=38

But as Smi1er says Irish property is not a good purchase now. The market has been crashing since mid-2006 and may continue to fall for a very long time. Which is obviously why the executer is looking to sell it now.

jamescredmond

welcome to the site ses999. I hope it helps you and you do the same for other members, when you can.
I'm impressed with your wish to maintain an historical family link, regardless of financial gain.
my parents are irish and I'm proud of them and their achievements since they came to the UK 60 years ago.
ireland has a strange psychological pull. I love the country and after all these years my parents still refer to it as 'home'.

for anyone to give an informed answer to your question I'm afraid you need to be more forthcoming with info. (e.g. asking price, location, letting potential in case you decide to abandon the holiday home option, etc.)

a word of warning: some co. councils forbid property purchase for holiday purposes.

some other mse'rs will counsel against 'heart over head' considerations.

I'll only patronise you by saying this: you're young, with no property in the UK. a good salary and a healthy positive balance. think hard and long before making the jump.

ses999

Thank you for your welcome jamescredmond, and I know what you mean about Ireland, and having Irish roots - I feel very close links with both my family and the country itself. And thank you all for your thoughts on my situation - I really appreciate it. It is a very big decision for me, and I think I am in danger of letting my heart rule my head at the moment!

The property is a 4 bed bungalow in Galway, and is about 30mins outside Galway City Centre. It is in a very rural area, and is surrounded by farmland - it is beautiful! (There goes the heart again!). The house was originally put on the market 2 years ago for €200k, but with the current market conditions, I am looking at €130k tops...compare this to the crazy prices in London, I thought that this was a bargain! However reading your comments, maybe I should hold out for longer...

The house has been rented out for the past 4 years, so that is a potential option if necessary. There is also the possibility for holiday rental, which I would have to research.

jamescredmond

to make it financially viable you would have to long term lease, which sort of defeats the object of buying as a holiday home. but at least the property stays in the family.

again, check with galway c.council if this type of purchase is permissible. down in the s/east it isn't.

how quickly does the executor want to move?

at 24 you've got plenty of time but entering into this purchase could, conceivably, impact badly on your chances of buying in the UK later.

ultimately, the choice is yours.