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1 or 2 bedroom apartment in the city for investment purposes

  • 14-09-2019 1:00pm
    #1
    Minime2.5
    Registered Users Posts: 1,109 ✭✭✭


    I'm considering buying 1-2 bed apartment in the city . I would probably live in it myself for 6 to 12 months and then rent it. Would appreciate advice on where would be decent and where to absolutely avoid . ?


Comments

  • #2
    Stopitwillya
    Closed Accounts Posts: 531 ✭✭✭Stopitwillya


    Minime2.5 wrote: »
    I'm considering buying 1-2 bed apartment in the city . I would probably live in it myself for 6 to 12 months and then rent it. Would appreciate advice on where would be decent and where to absolutely avoid . ?

    Was listening to a property section on wlr about a month ago and the person being interviewed was saying the best value is in apartments, at present they are for sale for less than they are being built and apartments in Waterford city were expecting a 30% price increase over the next 3 years.
    Mind you the contributed was an estate agent.
    The old infirmary, railway square, ardkeen woods and possibly maritana gate look the best of what's on daft. They are more expensive than the likes of Penrose lane but you would get a better tenant (less hassle) with a nice apartment.


  • #3
    Minime2.5
    Registered Users Posts: 1,109 ✭✭✭Minime2.5


    If used an agency like liberty blue how much would they charge and woukd they be responsible for chasing down the rent and getting involved with the legal proceedings if I ended up with a bad tenent


  • #4
    Hello 2D Person Below
    Registered Users Posts: 13,755 ✭✭✭✭Hello 2D Person Below


    Stay a gazillion miles away from the ones in Railway Square. I'd rather buy a one man tent on Skid Row.


  • #5
    Minime2.5
    Registered Users Posts: 1,109 ✭✭✭Minime2.5


    Hello 2D Person Below wrote: »
    Stay a gazillion miles away from the ones in Railway Square. I'd rather buy a one man tent on Skid Row.

    Really why is that


  • #6
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    With the crash coming at the end of next month I wouldn't see a point in buying now. Especially in the smaller cities that are dying out.


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  • #7
    Daisy 55
    Registered Users Posts: 504 ✭✭✭Daisy 55


    Why not look at a small 2bed house in or near city centre. No building management fees, having your own private front door/ access. Should be able to rent out even in a downturn. At the moment pretty much every small 2 bed house is rented whilst an apartment down near the bridge might seem like good value but could be difficult to rent or sell in a few years


  • #8
    vriesmays
    Registered Users Posts: 1,570 ✭✭✭vriesmays


    GarIT wrote: »
    With the crash coming at the end of next month I wouldn't see a point in buying now. Especially in the smaller cities that are dying out.
    The North Quays development will defeat Brexit and save Waterford.


  • #9
    debok
    Closed Accounts Posts: 814 ✭✭✭debok


    vriesmays wrote: »
    The North Quays development will defeat Brexit and save Waterford.

    What does that actually mean ?


  • #10
    mayordenis
    Moderators, Education Moderators Posts: 9,603 Mod ✭✭✭✭mayordenis


    There may well be a recession in the near future, but until there is an increase in the supply of housing, or a massive decrease in the population it is very difficult for house and rent prices to significantly drop.


  • #11
    Wanderer78
    Registered Users Posts: 28,780 ✭✭✭✭Wanderer78


    mayordenis wrote:
    There may well be a recession in the near future, but until there is an increase in the supply of housing, or a massive decrease in the population it is very difficult for house and rent prices to significantly drop.


    Famous last words, a recession could of course happen within the next few months, but we ve no real way of telling that for sure, accurate predictions in that game aren't a real possibility, but I'd say an investment in accommodation is probably a good bet, best of luck op


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  • #12
    mayordenis
    Moderators, Education Moderators Posts: 9,603 Mod ✭✭✭✭mayordenis


    Wanderer78 wrote: »
    Famous last words, a recession could of course happen within the next few months, but we ve no real way of telling that for sure, accurate predictions in that game aren't a real possibility, but I'd say an investment in accommodation is probably a good bet, best of luck op

    What famous last words? It's not like I'm spouting some positivity crap that the economy will boom and boom and boom. I'm saying that we have a massive massive supply shortage, until the massive supply shortage is rectified the prices of housing and in particular rents will remain stupid, even accounting for a recession. Nobody can guarantee any of this but there is plenty of precedent for this.
    We're looking at this right now through the lens of a potential purchaser but for years we've all been talking about the housing crisis - many other countries have had a broadly similar crisis and only 1 thing makes a significant difference. Rent caps don't help, recessions barely help, half-baked schemes to move elderly people out of their homes don'y work - supply or nothing.


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