With the growing number of Brazilians in Ireland, a question that has been increasing a lot among our readers is how to buy a house in this country. To help you with this goal, we are going to give you some basic tips. Check out!
Buying a new home involves a bureaucratic process in all countries. That’s why we’ve separated some tips, so you can start the process of buying your first property in Ireland.
Many Brazilians do not know if they can buy a house in Ireland because they do not have a European passport. Know, therefore, that this is not necessary. You can apply for a property purchase in Ireland only with your work visa.
If you’ve dreamed of buying a home in Ireland, check out these four steps to get your dream started.
Step 1 – Search for your property
Even if you don’t have children, it might be good to check if the neighborhood of your deprecated home has schools or parks, for example. You can also check how the public transport network works, if there are health facilities close by or what shops are like nearby.
As you’ll see later, if you get government support, you’ll be required to live in your first home for a minimum of five years. So, when looking for a property in Ireland, consider the possibility that you will have to live in the same place for five years, or more, if you get help from the government.
Step 2 – Budget
Next, study your budget. After doing the math, you can try a loan. In Brazil, most people buy a property through financing. In Ireland, the procedure is very similar.
You go to a bank and ask to calculate the “Mortgage”, which will indicate the amount they are willing to “loan” you for you to make the purchase. Typically, banks set your annual income multiplied by 3.5 as a limit. That way, if your annual income is €100,000, banks will offer you up to €350,000 to buy your home.
Next, our tip is that you get a letter from the bank called Approval in Principle. With this document you can “insure” a property until you complete the bureaucratic procedure, within the established deadlines.
Normally, to negotiate the purchase of the property, an initial deposit of €5,000 is required, plus this Approval in Principle letter. Even if you have the deposit amount, but if you don’t have this bank recommendation, you can’t “hold” the trade. That way, if another buyer submits Approval in Principal, they have purchase priority.
3rd Step – Requesting Government Help
Another important step when buying your first home in Ireland is the possibility of obtaining a loan from the Government, through the Help to Buy Scheme program, which offers the option to purchase in the First Time Buyers modality, for those who are going to purchase your first home. The main rules for you to apply to receive this aid are:
- The value of the property must be up to € 500 thousand
- It cannot be used property. It has to be new
- You will not be able to sell or rent the property for the next five years
To apply for this benefit, you need to access the Revenue, which is a kind of Internal Revenue Service in Ireland.
In the portal, click on My Account. If you don’t have an account yet, just create one. You will need to have a PPs, which is like our CPF.
Upon logging in, you will see some highlighted areas. Under Tax Service, you will see a yellow field labeled Property Services. In this field, click the Help to Buy link. Then, the registration process begins. The procedure is simple and quick.
In a few days you will have your government aid balance that you are entitled to. After you place an order to use this money and the balance is released, it is usually passed directly to the builder or lawyer.
If you place an order and feel that the available balance is low, you can re-apply in the next fiscal year.
Step 4 – Documents and bureaucracy
In this whole procedure, you can do a lot directly with the bank and through the websites of the Government of Ireland. However, we recommend that you look for a good lawyer to help you with bureaucratic processes.
It may seem complicated, but other Brazilians and Portuguese who already live in Ireland can help you with all this. So, although there is a documentary part that may seem difficult, with the help of other immigrants you can speed everything up quickly to buy your house in Ireland
Therefore, buying a house in Ireland goes through a process very similar to Brazil.
- The bank will calculate the loan you are entitled
- to You can get help from the government, through the Help to Buy Scheme program
- A lawyer can help you negotiate with the construction company
Even some people prefer to look for the property, only after completing the financial procedures , because, in this way, they already know the exact amount they can invest.
Now that you know how the procedure for buying a house in Ireland is no big deal, you can already plan to fulfill your dream of living on the Emerald Isle.