If not, where do you want to "live"
Yes, I'm looking to invest. I have seen a number of 1 and 2 bedroom properties in or near to Dublin city centre but just wondering about any pitfalls to look out for. Alternatively, would it be better to invest in a slightly larger property in a commutable town close to Dublin. Not averse to investing in other cities but just thought demand and returns would be higher in Dublin area.
Apologies - meant rent not invest.
Are you aware of the legislation relating to your obligations as a landlord etc? LL's on here will think you are crazy for comsidering getting into the market.
Have you considered investing in a REIT instead?
1 bed near the centre, ideally on the southside are a great investment opportunity. Bid high and bid often
Seriously though, cc is they way to go imo. They'll always be people looking for cc apartments and generally their is less to go wrong.
Thanks for the responses - much appreciated. I had thought that city centre would be the best option. I just wondered if I could get a decent enough property for 250k. I know that there are huge numbers working for Google, Facebook etc. Wouldn't be sure that the type of property I could get would appeal to this rental market. There appears to be a few options on Daft but haven't contacted any Auctioneers as yet.
daft.ie search will tell u
You'll get a one bed apartment, no more than that, and be prepared to bid until you're successful. There should be lots of people on good salaries looking for a pad for themselves in the center, if you do it up nicely.
with all the landlords leaving the market because they supposedly cant make any money! you should have no trouble picking up something..
The issue is the regulatory environment whereby even now- if a tenant decides to play the system- it can take over 2 years to regain vacant possession of a property that a tenant decides to stop paying the rent on. In addition- there just isn't any point in pursuing a case against them- they only have to plead penury- and you get nothing (or a derisory amount) from them- alongside your own legal costs (they get free legal aid).
Its a rigged system.
If the ability to reclaim a property promptly when a tenant overholds- and to impose a financial sanction that you could actually effect- was implemented- you'd have prospective landlords piling into the system.
According to the RTB- the lions share of 'new' landlords in the last 3 years- are the housing associations who are being encouraged to list tenancies one by one (other than in communal developments) which gives the absolute number of landlords an artificial boost- however, even that 'trick' has reached the end of the road.........
Rents are far beyond where they should be- and for some people that is incentive enough to keep going- however, for others- its a clarion call highlighting how unsustainable the situation is.
Salaries in some sectors- are doing very nicely- if you work in IT, Finance or a small subset of other sectors- you are doing very well indeed. For everyone else- the crash of 10 years ago- and the years of the wilderness- have never ended- we may have jobs- however, our pay rates may never recover- and job security and benefits will never ever be what they once were. Some salient issues trundling along in the undergrowth that haven't really factored for today's workers- include the incremental increases being added to the age at which the old age pension vests- we are rapidly going down the road of never retiring............
Current rent levels-other than for corporate and extremely high spec lettings- are clearly unsustainable- and need to fall. How/when this happens- is a function of just how quickly supply can be ramped up. The issue with the rental sector- is the absolute number of units in the sector- is not growing apace with demand- thanks to a reticence among the traditional landlords to buy further additional units (or indeed a single unit- which traditionally was the 'pension' for many people).
We need more supply (in general)- however, when we do get more supply- we need to be cognisant of how this supply is going to affect the macro housing environment (which in a Dublin context- where many people are suggesting prices have plateau'ed- means a further exodus from the market).
Houses in an Irish context- have an extremely troubled history- a history that we quite simply don't seem to have learnt any lessons from.
If someone wants to buy an apartment in Dublin city centre to rent out- at 250k- good luck to them finding one in a reasonable neighbourhood- and good luck to them if they ever have an issue with their tenant. They might get lucky- perhaps- perhaps not.
The latest FF wheeze- sounds like Property Bubble Mark 2- a race to see if we can bust a few more banks............
Personally wouldn't be buying for the next year or two,**** story on the way and god only knows what the knock on effects to our exonomy will be https://www.theguardian.com/business/2018/sep/13/recession-2020-financial-crisis-nouriel-roubini
Yeah better off to keep paying money to a landlord without security of tenancy until prices drop in the recession which will definitely happen in two years at which point nobody will give you a mortgage on a house, either because banks won't be lending or because you'll be unemployed.
I know it's just one example but the commuter belt around Galway City ( between 20 km and 30 km out) has most definitely hit a price limit, we had our five bed bungalow valued at 220k eighteen months ago, nothing is making more than 250 k today, ours has an acre around the house but the road is secondary so not as valuable as a house on a main road.
Anyway I don't know if that means much overall but pre crash this house would easily make 350k, it appears today that buyers will pay far more to avoid a commute.
PS. We bought in 2012 for 140k but have spent about 25k on improving it.