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Buying to let

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  • 16-02-2004 4:50pm
    #1
    Lex Luthor
    Registered Users Posts: 11,220 ✭✭✭✭


    I'm thinking lately of buying to let. I'm currently living in Naas and was thinking of investing there, simply for the management side of things until I started realising the cost of the avg 3bed semi was about 265k. I don't fancy having a 2nd mortgage that high, so I'm starting to look further afield to towns like Carlow & Navan. Avg 3 bed semis there about 180-190k. I know people will say that you will get more rent the more expensive the area, but if/when mortgage rates go up I would rather it happen on a smaller mortgage than bigger one.

    Anybody have any sugestions/recommendations for me as its new territory to me for buying to let....


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    #2
    Victor
    Registered Users Posts: 78,278 ✭✭✭✭Victor


    A couple I know just bought in Dún Brinn in Athy. Prices are about €185,000 for a four bed. Not sure how much of a rental market there is though.

    Be aware you might only be able to get a 10 year mortgage if it is a second property.


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    #3
    Lex Luthor
    Registered Users Posts: 11,220 ✭✭✭✭Lex Luthor


    when you mean 2nd property, do you mean 2nd buy-to let ? I have approval for initially to start at 30yrs, but I plan to chip away at that as soon as my own mortgage is paid off in 7 years.

    I'm guessing the renatl market in large towns like Carlow & Navan would be nearly as good as Naas. (I hope)


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    #4
    uberwolf
    Registered Users Posts: 7,579 ✭✭✭uberwolf


    Originally posted by Lex Luthor
    I'm guessing the renatl market in large towns like Carlow & Navan would be nearly as good as Naas. (I hope)

    guessing and hoping with €185k. investigate first.


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    #5
    Villain
    Registered Users Posts: 15,944 ✭✭✭✭Villain


    Carlow rental is pretty good, but I reckon supply will outdo demand, they have started the firsdt row of 800 houses to be built on the hacketstown road.

    Tullow which is 9 miles from carlow also has a large number of houses for sale, 3 bedroomed timber frames from 136,000.

    I can reccommend a few Auctioneers in the area if you want.


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    #6
    Victor
    Registered Users Posts: 78,278 ✭✭✭✭Victor


    Originally posted by Lex Luthor
    when you mean 2nd property, do you mean 2nd buy-to let ? I have approval for initially to start at 30yrs,
    In your case, your home is your first mortgage, anything else is a second property, although if they are happy to give you 30 years, then fine. Just make sure it isn't secured on your own home also.


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