Buying Property in Ireland’s Limerick

Summary: For buyers seeking affordable renovation property in Ireland, consider visiting Limerick

Buying property in Ireland is becoming a slightly more affordable prospect for many Britons thanks to something of a downturn in the Irish real estate market.  If you’re one of the people who have been watching the Irish market closely, the recent news about a pricing decline is likely more than welcome.

Although property price appreciation is on the slow down in many areas and prices have actually dropped in others, many still find buying Irish property in the most popular hotspots like Dublin a bit beyond their reach.  Well, there is another way to enjoy the Irish lifestyle – buying property in Ireland’s Limerick means lower housing prices and an affordable entry point.

The hitch?

You’re going to need to be handy with a hammer. 

The Limerick region of Ireland is loaded with quaint fixer-uppers and the relative savings one enjoys from diving into a renovation purchase are rather impressive in some cases.  With small two bedroom bungalows that don’t need renovation selling for EUR 150,000 upwards in some of Limerick’s more noted locations, the appeal of cheap fixer-uppers call to many.  The prices on properties that need some work can drop the sales figures by more than a fair amount…

It’s true, buying property in Ireland in need of renovation can see high property prices drop considerably.  Still, there are some things to consider and these include: -

• Extent of needed renovations.  Getting a cottage in need of repair for half the price of a picture-perfect buy sounds good on the surface, but there are pitfalls to watch out for.  Physically view the property to see what needs to be done to bring it up to par first.

• Get a property survey or inspection if possible.  Make sure a professional takes a close look to see what really needs to be done.  Chances are if you’re not a builder or construction specialist, you might miss something on your visual appraisal of the home.

• Get actual quotes for renovation work.  Although the initial purchase price might be less for a fixer-upper purchase, the costs of repairs and renovations need to be considered.  Sometimes the problems are only cosmetic, which means repairs are relatively minor - if this is the case, a “steal” might remain so even after renovations are completed.

• Consider local regulations.  Make sure to check into local building regulations for do-it-yourself jobs in particular.  Meeting proper codes and practices for building can save you trouble down the road.

• Time involved.  If your intent is to buy property in Ireland and move in next month, a renovation home might not be the best choice.  Take a very good look at the expected time frame for work completion.

Buying a home in one of Ireland’s legendary towns or villages is a dream for many people.  While Irish real estate prices are coming down, they are not coming down a great deal or very fast!  To buy into the dream and save a little money along the way, renovations can be a great choice.  Limerick offers some very real possibilities on this front but just make sure that a full assessment of the property is taken into account before putting any money down.

SHARE: del.icio.us   Digg   Facebook   Google   Mixx   NewsVine   StumbleUpon   Technorati   YahooMyWeb