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We first reported a downturn in house prices in November 2006.Five years have passed since then and the Irish economy and property market has been rocked to its core.Prices have fallen by close up 60%.
And not surprisingly investors are returning to the market to pick up bargains.
Today’s investors follow the profile of pre boom landlords,and they typically have strong secure income and cash resources.We see significant overseas interest ,which is interesting in that it gives a more independent perspective as to whether or not the property downturn may be close to the bottom.
The same fundamental rules still apply .
1. Does the investment make economic sense?.Is the return adequate?.You can no longer assume that property prices will increase.This is a long term investment and you need to examine that the term fits in with your long tern financial plans.
2. Satisfy yourself as to the rent potential for your chosen property. Don’t take the selling agents advice as a guarantee.If you are buying an apartment make sure you see the Management Company accounts.
3.You need to be in a position to live with rent free periods.
3. Keep a fund aside to maintain repayments up to date in the event that your property is vacant for some period of time
4. Be sure you budget for taxation obligations (see calculator)
5. Where possible it is our advice that you should supervise the letting and rent collection yourself. (For multiple investments this may not be possible).This is your property and there no better way to know your tenants than to vet them at the outset and to make regular monthly visits.
6. Be prepared to become a landlord and deal with the related tenant issues.
7. A slightly lower rent from a solid long term tenant can very often be the best option.
If investing in property interests you, you should come talk to us and we can advise you on the best path to take and give you the correct package for your investment opportunity.