Cork - first time buying property.

Thinkingalot

Hello, I'm living in a tiny studio apartment in Cork city and my LL is increasing the rent. I have been thinking of buying a cheap but decent (second hand) one bed apt that I can use for my own occupancy for 3 years or so and then if I have to move counties or country for work, either rent it out or sell it out. I'm a complete novice to buying and was hoping if I could get some advice. Some of my questions maybe specific to Cork city.

1) Is the Blackpool area in Cork safe?
2) Will a second hand one bed apartment in Blackpool area have any demand if it need to be sold on 4-5 years?
3) Is the D2 rating a bad BER rating?
4) what things might need to be considered when buying a second hand apartment?
5) can the sale price be negotiated and do the solicitors or agents help in this?

If you have any advice on my situation or any of the above questions, I would be most grateful.

Thanks a million!

Smouse156

Thinkingalot wrote: »

Hello, I'm living in a tiny studio apartment in Cork city and my LL is increasing the rent. I have been thinking of buying a cheap but decent (second hand) one bed apt that I can use for my own occupancy for 3 years or so and then if I have to move counties or country for work, either rent it out or sell it out. I'm a complete novice to buying and was hoping if I could get some advice. Some of my questions maybe specific to Cork city.

1) Is the Blackpool area in Cork safe?
2) Will a second hand one bed apartment in Blackpool area have any demand if it need to be sold on 4-5 years?
3) Is the D2 rating a bad BER rating?
4) what things might need to be considered when buying a second hand apartment?
5) can the sale price be negotiated and do the solicitors or agents help in this?

If you have any advice on my situation or any of the above questions, I would be most grateful.

Thanks a million!

I assume you are looking at the Orchard Court 1-bed for 98k. Tbh and I’ve hardly ever said this, the asking price is reasonable/low.

I worked in Blackpool when I was younger so to answer your questions:

1) Blackpool is not exactly a “good area” but it isn’t that bad either. Where that apartment is located near the shopping centre/retail park is probably safe enough.

2) Yes definitely! Many working in Blackpool plus it’s near the city

3) D2 would be cold in winter yes and require heating until at least April although not freezing like G rated properties.

4) Property survey, solicitor to check the usual stuff

5) Sale prices of second hand properties are always negotiable, however, if it’s the listing I believe you are looking at (98k Orchard Court) I would be offering asking price if you were serious about it.

An investor will likely get €900/month plus or 10% gross yield based on asking price so it could well go for 110k even.

Thinkingalot

Smouse156 wrote: »

I assume you are looking at the Orchard Court 1-bed for 98k. Tbh and I’ve hardly ever said this, the asking price is reasonable/low.

I worked in Blackpool when I was younger so to answer your questions:

1) Blackpool is not exactly a “good area” but it isn’t that bad either. Where that apartment is located near the shopping centre/retail park is probably safe enough.

2) Yes definitely! Many working in Blackpool plus it’s near the city

3) D2 would be cold in winter yes and require heating until at least April although not freezing like G rated properties.

4) Property survey, solicitor to check the usual stuff

5) Sale prices of second hand properties are always negotiable, however, if it’s the listing I believe you are looking at (98k Orchard Court) I would be offering asking price if you were serious about it.

An investor will likely get €900/month plus or 10% gross yield based on asking price so it could well go for 110k even.

Thank you so much. Yes that's the one in Orchard Court that I had on my mind.

Dolbhad

I work in Blackpool and from the area originally.

There are good spots and bad spots but generally speaking, it’s actually really improved last few years and it good value for money considering how close you are to city centre. There are a lot of IT companies in the retail park - Teamwork’s, blizzard, zandou etc. So I would expect renting it in the future would be fine.

So near the retail park and anything newer built is better than the older areas. The old blackpool area could do with a revamp.

Thinkingalot

Dolbhad wrote: »

I work in Blackpool and from the area originally.

There are good spots and bad spots but generally speaking, it’s actually really improved last few years and it good value for money considering how close you are to city centre. There are a lot of IT companies in the retail park - Teamwork’s, blizzard, zandou etc. So I would expect renting it in the future would be fine.

So near the retail park and anything newer built is better than the older areas. The old blackpool area could do with a revamp.

Yep, thank you. Got it, seems like rent wise it would be a good investment. Some people on here in the Cork forum are specifically suggesting to avoid Orchard Court and Spring Lane areas and the apt that I was looking at is in Orchard Court, so I think I need to reconsider everything and look for more options.

Smiley11

I'd avoid that particular estate with regards to living there yourself but very rent-able. My advice would be to drive/walk around there in the evenings/weekends & you'll get a feel for it.

Dolbhad

Thinkingalot wrote: »

Yep, thank you. Got it, seems like rent wise it would be a good investment. Some people on here in the Cork forum are specifically suggesting to avoid Orchard Court and Spring Lane areas and the apt that I was looking at is in Orchard Court, so I think I need to reconsider everything and look for more options.

Yes avoid Spring Lane but Orchard Court would be better than Spring Lane but it’s in the older sort of Blackpool which is rougher looking. As another poster said, you’d have no issues renting it but long term I wouldn’t want to live there myself

Thinkingalot

Thank you for the suggestions. Since I'm looking to live in the apt before renting it out, I think I'd drop the idea of considering that Orchard Court apt. Now hoping something reasonable comes up in other areas in and around the city. Also keeping eye on areas surrounding the Kent train station or lower glanmire.