After the bank has approved your mortgage and sent you an Approval in principal – a document that confirms the bank’s readiness to issue you a loan, you proceed to search for housing.
In Ireland, the sale of real estate is almost always carried out through an agent, therefore communication is built exclusively in a business manner without the possibility of bargaining. If you are buying a home for the first time, then the amount of the down payment for you will be equal to 10%, but if this is not your first home, then you will have to pay 20% of the total cost. For first-time home buyers in Ireland, there is a government assistance program that pays up to 30% of the cost of the home in exchange for a share in the house or apartment, which can be purchased over time.
New buildings in Ireland are sold at a fixed price, as in Russia, while second-hand housing is put up for online auction, where the starting price is indicated. After a mandatory viewing of the house or apartment, potential buyers participate in the auction and place their bids.
It is important to understand that often, due to the shortage of housing in the country and great competition, the final cost of the house may be 20-30% higher than the starting price. In such a situation, a reasonable decision would be to leave applications for housing whose starting price is lower than your purchase budget.
If your bid remains the highest and you win the auction, then you move on to the stage of final mortgage approval and execution of all necessary documents. At this stage, an invited specialist assesses the condition of the property, after which the lawyer prepares documents for concluding a transaction. On average, the purchase process can take from 2 to 6 months and costs about 5 thousand euros.