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First time buyer or Investor - Expat

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  • 15-04-2015 10:21am
    #1
    Jude13
    Registered Users Posts: 3,814 ✭✭✭


    Hi all, first time posting in this part of boards.

    I live abroad, have done for 6 years and am thinking of buying something back home. Nothing to break the bank, just an investment for later in life near the OH's folks.

    Will I be treated as a first time buyer? (I have never owned property)
    Any other pointers on the tack I am taking?


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    A big issue is whether you are buying the property outright (as-in, without a mortgage) or whether you are going to need to borrow from a lender. As someone who has not been resident here in years- you will unfortunately find that it is nigh impossible for you to get a mortgage here.

    With respect of whether or not you're considered to be a first-time-buyer or not- its moot. There is no longer any benefit to being a first time buyer. There was an exemption from property tax- but it has expired.

    If you're planning on buying property here and letting it out while still living abroad- it gets messy. Unless you have a tax agent representing your interests here- the tenant is legally obliged to deduct witholding tax from the gross rent, before forwarding it to you.

    Personally- I think buying a property here for the purpose of letting it- when you're not resident here- is messy, and more trouble than its worth. Its entirely your call though.


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    #3
    lcwill
    Registered Users Posts: 259 ✭✭lcwill


    It will basically be impossible to get a mortgage and most first time buyer benefits would not be available for a property you plan to rent out - and you do have to tell the bank if you are going to rent it. This means it is irrelevant if you are a first time buyer or investor - no one cares because they are not going to give you any discounts.

    I am living abroad and bought back home as an investment but also to get a foot on the irish property ladder. I looked around for mortgages but no chance anywhere. Luckily i was able to buy cash (1 bed apartment in dublin city centre at the bottom of market) and so far it has been going very smoothly.

    You need to pick the right location and the right letting agent though. If you get lucky with the agent it is smooth sailing, if not it could be a disaster.

    Dont let people scare you off saying its more hassle than its worth - if you are careful and a little lucky it can be a great investment.

    p.s. I registered for self assessment, as an overseas resident, and get paid the rent gross and have an accountant at home sort out the tax return for me. As long as you are paying the tax which is due the Revenue are happy to get it.


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