Things to know before buying a home in Dublin

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Things To Know Before buying a home in Dublin

Buying a home is generally regarded as an investment. Dublin offers various options from Georgian and Victorian houses to modern condos and apartments located in either the busy city or the suburbs. 

Requirements to purchase property in Dublin are independent of citizenship or residency status, providing the opportunity for both citizens and foreigners to buy properties. This article serves as a guide offering details on the key factors to consider when buying a home in Dublin.

Establish The Price Limit

Buying a house after setting a budget is a good idea. Consider your finances and identify how much you can spend. The price ranges will be influenced by the location. Houses in Dublin’s city centre can cost as high as €700,000, however, you can still find them for much lower in other parts of the city.

In addition to the average price of a home, factor in additional costs such as refit, stamp duty, and utility bills, amongst others, including legal fees, agent commissions, and land registration fees. This would help you estimate the cost of this purchase. 

Decide What Plan of Payment To Use 

Most individuals do not have enough to pay for a house in full and need to obtain a mortgage. A mortgage allows you to buy a house by borrowing money, and then the purchased home is used as collateral for the borrowed funds. Start the mortgage application early as you may need to provide a letter from the bank to prove your loan eligibility before purchasing the property.

Determine Your Preferred Features 

Choose the type of house you desire and also where you want the house to be located. Select your non-negotiable preferences and some other non-essential features that you would like including the number of bedrooms or bathrooms, proximity to school or work, transportation, a garage or a garden and other features in the house that are of priority to you. 

Begin The Search For Homes 

Go through real estate listings to find homes for sale that meet your selected criteria. If you prefer not to search yourself or you are purchasing from a location outside of Dublin, you can choose to hire an agent to assist in the search making sure to inform the agent of your preferences. Compare the costs of the available homes on sale with your price limit and preferences. 

Partner With a Solicitor And Surveyor

When you find a property that catches your eye, get the help of a knowledgeable property law expert to manage the legal aspects of the buying process. The solicitor will confirm legal ownership of the property and research to confirm there are no problems that could arise after buying a home.  

Enlist a surveyor as well to inspect any potential home. The inspector will check the condition of the home, and the Building Energy Rating, and inform you of any issues that may require repair, a replacement or an upgrade which you may not have noticed before buying. Ensure you discuss the fee the solicitor or surveyor would charge before you start working with them.

Get Additional Information 

Properties in Dublin are sold as freehold or leasehold. Freehold properties are purchased with the land they are built on. While with leasehold properties, a different amount would be paid as rent for the land and ownership of the property is for a predetermined period. Some historic buildings in Dublin might have restrictions when it comes to development. Ask questions and understand any laws before making a payment. 

Make the purchase 

After the final decision on what to purchase is made, the purchase process can be started. There are two major ways people purchase houses in Dublin – private treaty, where the house is advertised for a fixed price and allows potential buyers to negotiate with the seller. The buyer deposits a percentage of the purchase to secure the transaction. The other purchasing method involves a public auction where multiple people bid on the property, and one person is selected as the buyer in the end.

Finalising The Agreement

A handshake agreement

A deposit is required after purchasing a property through either a private treaty or public auction, whether it be paid upfront or through a mortgage. A contract will be given to you and your lawyer to review and sign to finalise the deal. The necessary documents and keys to the home will be provided to you as the new owner. 

If you purchased a house undergoing construction, immediately the new home is completed, a completion notice will be sent to you and your solicitor.

After acquiring your house, ensure you obtain insurance coverage for your home.

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