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Property in Limerick

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  • 01-10-2004 9:13am
    #1
    threebeards
    Registered Users Posts: 1,040 ✭✭✭


    Folks, I'm giving consideration to buying a Section 23 apartment in Limerick city. The development is off the Roxboro Rd at Cathedral Place/Newtown Mahon St. I was told last night that this is a no go area, particularly at night but I don't know Limerick so I'm looking for a second opinion. Can anyone give me that opinion? Thanks.


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    #2
    narommy
    Registered Users Posts: 469 ✭✭narommy


    I don't know Limerick at all but there is always a reason for section 27 properties and it's usually cos they are either dilapidated or no go areas. But the thinkin is that the new development will improve the area in time. It's a risk youj have to take.

    The student schemes are usually in better areas.


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    #3
    thegills
    Registered Users Posts: 1,802 ✭✭✭thegills


    Hi,
    This part of town isn't that bad. Its about 1/2 mile from the City Centre and it's near the Fire Station. You should really come down and see for yourself if you are serious about buying here.
    BTW how much is the apartment and how does Section 23 work?
    Dave


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    #4
    threebeards
    Registered Users Posts: 1,040 ✭✭✭threebeards


    thegills wrote:
    BTW how much is the apartment and how does Section 23 work?

    They start at €189K for a 1 bed on the ground floor and go up to €310K for a penthouse on the 5th floor. Section 23 properties have an allowance against which you can offset all rental income in Ireland. They have to be held onto for 10 years so as not to face a clawback of relief gained. The relief is the purchase price less site cost (usually works out about 85%). Thanks for the info about the location.


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    #5
    445279.ie
    Registered Users Posts: 9,978 ✭✭✭445279.ie


    It's an OK area. Quite central and near the prison. In relation to renting, not near either the IT or UL but near the bus stops and maybe better for Mary I students


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    #6
    narommy
    Registered Users Posts: 469 ✭✭narommy


    There are also some "Section 23 Type" reliefs that allow for owner occupiers. Get a similar relief over 10 years


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    #7
    threebeards
    Registered Users Posts: 1,040 ✭✭✭threebeards


    narommy wrote:
    There are also some "Section 23 Type" reliefs that allow for owner occupiers. Get a similar relief over 10 years

    Yeah, you're bang on. I should have mentioned that but there I go again thinkin 'bout myself. I'll not be livin' in it (at least until she throws me out!)


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    #8
    thegills
    Registered Users Posts: 1,802 ✭✭✭thegills


    Have you done your homework on the rent market in Limerick? I heard that you would be lucky to get over €550 for a one-bed apartment.
    thegills


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