Unsurprisingly, the past decade has seen massive emigration from Ireland. But the movement of people does not affect all areas equally. Not only are younger rural dwellers more likely to emigrate, but those who remain are more likely to move from their local areas into larger towns and cities. This effectively shifts the population away from rural areas into the main cities and, in the past, the only way to halt or reverse this was to encourage large-scale employment in the rural areas. But as the economy recovers, this trend is starting to shift slightly. In the last year or two, we are starting to see the return of our more recent emigrants. Specifically, we are starting to see these people – who are or have been working on contract basis in the high-tech or telecommunications sectors in Australia or Asia – plan a return to Ireland. For some, the move to Ireland is immediate, for others, they will work abroad for another few years before returning permanently. For many, they will continue in their contract roles, with their existing employers after they return to Ireland. As remote workers, they can generally work from anywhere in the world.
These buyers are typically Irish, or with an Irish partner, living and working overseas for much of the past decade and with cash savings in excess of €50,000. Many have multiples of this amount and do not require any mortgage funding. While these buyers do not appear in national statistics as first-time buyers, they usually are, and they appear as investors, despite buying the homes to eventually live in themselves.
What most returning buyers want is a property that will work as a good investment initially until they return to Ireland, at which time they need it to function as a home for some length of time. This is a tricky balance to achieve. Generally, a suitable family home will be more expensive than suitable rental home but will not achieve a higher rental income. Similarly, an affordable rental/investment property might not be in the type of setting that makes a long-term family home. There is certainly a fine balance with this, and when added to the fact that these buyers tend to be researching and buying while still overseas, the process can be difficult. One of the major challenges experienced by buyers overseas is that some auctioneer firms are reluctant to engage with them or to accept bids from ‘unknown’ bidders. This can be frustrating for buyers, especially for those who are unable to get back to Ireland on a regular basis. The technology exists for buyers to see the area, the street, the property and full 360 degree views of every nook and cranny internally; booking deposits can be transferred on-line; buyers, together with their solicitors, can complete a Power of Attorney to facilitate conveyancing… There is no reason not to deal with buyers in Australia in much the same way as we would deal with buyers who walk into our offices!
Here at Kinsella Estates, we understand that returning buyers have enough on their plates without trying to master the finer details of sourcing an investment property as compared with house-hunting for their family home. We now have a dedicated team member, Aisling, who will be helping remote buyers work through their buying requirements, she can carry out viewings on their behalf and unlike other estate agencies, we have adopted a policy of accepting bids from qualified remote buyers. By ‘qualified buyers’, we are referring to those who have supplied us with proof of identification, as required to satisfy anti-laundering legislation, and proof of funds.
If this is something that you need or are interested in finding out more about, contact Aisling in our office or you can email me directly on Michael@KinsellaEstates.ie with your Skype (or similar) contact details.
For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at kinsellaestates.ie.
Email me directly on email@example.com or telephone : +353 53 94 21718