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Rental potential - help!

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  • 28-06-2010 9:35am
    #1
    Lara_Croft.ie
    Registered Users Posts: 80 ✭✭


    Hey all,
    Just wondering really if anyone knows if Togher area (to be precise Lehenaghamore) has good rental opportunities? I'm looking at buying a property and would like to maybe rent out one or two rooms for about a year or so. It's very close to Wilton, Airport, Link Road etc so one is inclined to think that it sounds like an ideal spot for renters?! :rolleyes:
    Any information/replies would be appreciated. Thanks in advance!


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    #2
    Blitzkrieger
    Registered Users Posts: 6,660 ✭✭✭Blitzkrieger


    I don't want to be too negative but I wouldn't be buying a house needing to rent out two rooms to pay the mortgage. Half the country did that in the last 10 years and coupled with the amount of "investment properties" out there, there's a glut of places to rent available. Even at the height of the boom, I knew of several places that were vacant for 18 months or more. Places that the landlord didn't even bother advertising anymore. There's a lot less people looking for accomodation now, and they expect lower prices.

    That said, you might be able to make it work. It being near the link road you might be able to get tennants if you make it attractive enough. Just don't think it's going to be easy no matter where the house is....


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    #3
    Lara_Croft.ie
    Registered Users Posts: 80 ✭✭Lara_Croft.ie


    Blitzkrieger wrote: »
    I don't want to be too negative but I wouldn't be buying a house needing to rent out two rooms to pay the mortgage. Half the country did that in the last 10 years and coupled with the amount of "investment properties" out there, there's a glut of places to rent available. Even at the height of the boom, I knew of several places that were vacant for 18 months or more. Places that the landlord didn't even bother advertising anymore. There's a lot less people looking for accomodation now, and they expect lower prices.

    That said, you might be able to make it work. It being near the link road you might be able to get tennants if you make it attractive enough. Just don't think it's going to be easy no matter where the house is....

    Thanks for your reply Blitzrieger.
    I'm not looking for tenants to cover the mortgage, it's actually just to have some company and obviously to make some money on the side aswell as to help with paying bills etc. I'm not buying the house for the soul reason of renting it out, it is an investment home more than anything else for me. One tenent would be great, two would be a bonus especially if they are easy to get on with. I just wanted to know what are the chances of getting people to rent in the area. I know already a few houses in the same estate are rented out either to families or professionals, so personally i think myself there would be no problem but i'd just like to hear some feedback :D


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    #4
    [Deleted User]
    Posts: 23,339 ✭✭✭✭ [Deleted User]


    Lara_Croft.ie wrote: »
    it is an investment home more than anything else for me.

    Not a great time to invest really, quite likely the house will be worth less this time next year. Certainly worth severe pondering I would think. You'd also be better off buying a bit closer to the city centre me thinks.


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    #5
    Blitzkrieger
    Registered Users Posts: 6,660 ✭✭✭Blitzkrieger


    RoverJames wrote: »
    Not a great time to invest really, quite likely the house will be worth less this time next year. Certainly worth severe pondering I would think. You'd also be better off buying a bit closer to the city centre me thinks.

    Some of that can be offset by interest rates going up. TBH, I've been seeing some houses suffer huge drops in price in the last few months. There's many that would be 20% or less away from what a lot of people predict the bottom will be. In the next couple of months, we could see the bottom or very close to it anyway.......... or of course it could continue to crash....

    I think there's kind of a reverse-goldilocks zone around the city centre. Once you get too far out to comfortably walk to town, you want to be able to commute easily. A lot of professionals would probably rather be further out than be stuck in a warren of side streets.

    I feel for you OP. I'm in a similar situation myself. Thinking of buying somewhere but don't want to be stuck in a house by myself, even if I can afford the mortgage on my own.


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    #6
    Lara_Croft.ie
    Registered Users Posts: 80 ✭✭Lara_Croft.ie


    RoverJames wrote: »
    Not a great time to invest really, quite likely the house will be worth less this time next year. Certainly worth severe pondering I would think. You'd also be better off buying a bit closer to the city centre me thinks.

    But when is a 'great time' to invest? Most houses around Cork City in particular are unlikely to fall much further in price. In fact most Estates Agents have said that house prices have more or less bottomed out! The 'lower' priced houses will not fall by much more and the more 'expensive' houses will have to fall more for those who can afford them, i believe. Unfortunately, purchasing a property closer to the city centre will mean more money and besides i'd prefer a place in the suburbs to avoid such hustle and bustle associated with cities, but thanks for your opinion :)


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    #7
    Lara_Croft.ie
    Registered Users Posts: 80 ✭✭Lara_Croft.ie


    Blitzkrieger wrote: »
    Some of that can be offset by interest rates going up. TBH, I've been seeing some houses suffer huge drops in price in the last few months. There's many that would be 20% or less away from what a lot of people predict the bottom will be. In the next couple of months, we could see the bottom or very close to it anyway.......... or of course it could continue to crash....

    I think there's kind of a reverse-goldilocks zone around the city centre. Once you get too far out to comfortably walk to town, you want to be able to commute easily. A lot of professionals would probably rather be further out than be stuck in a warren of side streets.

    I feel for you OP. I'm in a similar situation myself. Thinking of buying somewhere but don't want to be stuck in a house by myself, even if I can afford the mortgage on my own.

    Cheers again for the reply, being stuck in a house on your own isn't necessarily a bad thing though ;) having not to abide by any 'rules' etc has got to be a good thing :D


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    #8
    [Deleted User]
    Posts: 23,339 ✭✭✭✭ [Deleted User]


    Lara_Croft.ie wrote: »
    In fact most Estates Agents have said that house prices have more or less bottomed out!

    What else do you expect them to say, I used to regularly chat to an estate agent in the last gym I was in in Cork before going to Galway, 2 years ago he maintained they had bottomed out. There is a house near me on the market for €290,000, 3 bed semi in the suburbs yet only 10 minute walk to the city centre. Best of both Worlds, although it's on a corner (I don't like corners tbh)


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    #9
    Blitzkrieger
    Registered Users Posts: 6,660 ✭✭✭Blitzkrieger


    RoverJames wrote: »
    What else do you expect them to say

    They are indeed lying toe-rags. We won't truly know if it has bottomed out for another year or more. On the flip side I expect it to get harder and harder to get a mortgage.

    I thank god that I spent my youth travelling and doing the things I wanted to do rather than bury myself under an oppressive mortgage. Maybe I should have saved just a little bit more though :o


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