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Cork city : where should i buy to let?

  • 05-10-2011 12:06am
    #1
    crackcrack30
    Registered Users, Registered Users 2 Posts: 1,161 ✭✭✭


    Thinking of buying a house to let in cork city...I know maddness.....but kids comming up & they will prob go down there to work/college ect in a few years. Is cork flooded with rental accomadation? where would be a good area to buy/let in the city centre area (walking 3-10 min) & how long are landlords being left with empty property on their hands nowadays?

    cheers cc30................


Comments

  • #2
    dory
    Moderators, Recreation & Hobbies Moderators Posts: 4,575 Mod ✭✭✭✭dory


    I've been watching the rental market in Cork for over a year. And in that time many of the properties I first saw are still being advertised. Maybe the landlords just got lazy and didn't take them down, but I know some of them are definitely still available. I've also seen rents go for less than advertised. I can only see this making an ounce of sense if you're a cash buyer who can make up the shortfall every month when interest rates go up.

    As for a good area - anything within walking distance of UCC is usually ok.


  • #3
    Milly33
    Registered Users, Registered Users 2 Posts: 8,658 ✭✭✭Milly33


    Uhh you could buy the place we are renting at the moment and you would have perfect tenants while waiting for your kids to grow up and move in. Tis in Ballintemple our landlord just told us he was putting it on the markey...Great spot close to the city...


  • #4
    curly from cork
    Registered Users, Registered Users 2 Posts: 1,550 ✭✭✭curly from cork


    massive shortage of family homes to rent, i walked the length of the mall today and came home with 2 listings. every office told me the houses are snapped up as soon as they are advertised. the areas i am looking for are douglas . blackrock. rochestown, ballinlough.. None of them are near to UCC or CIT for students , if you are thinking of your kids you would be wiser to try glasheen. wilton. college rd. areas.


  • #5
    rcdk1
    Closed Accounts Posts: 558 ✭✭✭rcdk1


    dory wrote: »
    As for a good area - anything within walking distance of UCC is usually ok.
    Ya they're still renting if a bit slower than previous years.

    I'd have a serious think about this OP, not because of the property market crash but because there's a lot of hassle involved in being a (proper) landlord. You have to deal with tenants, the taxman, PRTB, neighbours, colleges (if you rent to students), the Gardaí (if you rent to students :p) etc etc

    Also, as dory said, don't expect to make a profit in the short term, expect to put money into the house every year. Having said that, if you do it right and treat it as a long term investment (i.e. a pension fund), it can be a good investment.


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