Is it a good idea to buy a holiday home as an investment?

KPM Group - Property Management Blog - Ireland - Holiday Home

As the country begins to re-open many of us are eager to get a break away from our busy lives and have a relaxing few days on holiday. While foreign holidays may still be off the cards it seems holiday homes in Ireland could now be the craze as people begin to realise just how beautiful our wee country can be. While the idea of buying a holiday-home seems fairly straightforward, there may be some things people have to consider.

Some of the main things for people to understand when buying a holiday home is that anyone in Ireland is eligible, such as those of an Irish nationality and overseas investors. Purchasing a property is generally carried out through an estate agency. Besides the price of the property there are a number of other fees that need to be considered, such as, legal fees, survey fees, stamp duty and annual property tax. Of course, there is always an opportunity of making a ROI by renting your property out when not being used by you and your family.

Be aware there may be some pitfalls, in buying a holiday home in Ireland, so ensure to consider all possibilities before making the commitment. There are a number of holiday homes that may seem like a bargain asking price but these may come with hidden costs such as faulty septic tanks or unsafe drinking water, so ensure to do your due diligence.

Issues around rights of way can be difficult so should there be any potential issues around right of way to a property, get legal advice before you buy, a right of way is a right to access a piece of land over a lane or other piece of ground owned by someone else. So best to get all things checked before signing any contracts or handing over any payments.

However, having a home in a quiet rural part of Ireland as your escape can overpower these ‘pitfalls’ when you have the chance to enjoy your new property. As always, if you require any guidance, please don’t hesitate to contact us here at KPM Group.

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