Dear Roy


Thank you for your kind comments. I will attach some key points in my opinion, but please bear in mind this is for guidance only and no doubt I will have missed on other points which I would be obliged if others would add to.



1. Believe absolutely nothing you are told until you have verified it else where.
2. Under pain of death do not set up a company unless it is a subsidiary company of your UK or Irish company. Do not set up in your own name. The law does not state you must regardless what agents say.
3. Look at the development you are buying, is it only being sold to the foreign market?
4. Location is the 2nd most important factor of any property, value is the first. Are you getting both?
5. Is there going to be an over supply of rental properties.
6. Are the rental returns you are being told realistic.
7. If your projected rental return is over 6% be suspicious.
8. What are the maintenance charges on the property? These should be no more than 40 cents per meter. Anything above this will be a burden on resale.
9. Beware of borrowing. We have recently saw one companies lending fee jump from just over 6% to 16% after year one. Know your arrangement fee for mortgage, interest rate for 1st year and most importantly the 2nd year. What is the early repayment fee.
10. Beware of guaranteed rental return. You may get your 6% rental return for year one, but will be obliged take their furniture pack at an extortionate rate get this. This can amount to 4000 euro more than else where. Then they will take 15% management fee not to mention another 1 maintenance fee with effect you will be paying for your guaranteed rental return. An investor should be buying a property that the market guarantees not the agent.
11. If going on an inspection trip make a decision before you go that you will not make a decision until you return home and stick by this. If being pressurized to commit to purchase continue to repeat this statement and stand by it. If it is as good as you think, it will still feel as good when you go home.
12. What is the finish? What sort of heating is in the property, gas electric, mains gas or tank?
13. If ground floor bear in mind you will need a security door and security grids or shutters on the window and this is additional cost.
14. Ask to speak to previous purchasers with your agent so as to get an insight into their service.
15. Does the agent handle the property management or is it good luck to you once you have purchased.
16. Make sure you have a contract with the selling agent so they to will be liable.
17. Be aware may prices do not include VAT so can be deceiving.