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Buy apartments, no insurance, need info

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  • 14-02-2013 1:32pm
    #1
    blops2013
    Site Banned Posts: 46 ✭


    Ive been looking into apartments in belfast to rent out and have seen 2 in the same block in an area with good rental market.

    The guy who owned the block of 9 apartments had a few different mortgages from different lenders and i think theyre all sold. I would guess that all the properties are empty because the estate agent has informed me that there has been a few breakins and the gas copper pipes have been stole from the hallway.

    There is an offer in at this moment for both these apartments but im in a position to offer double for them but theres a few things id need to know first.

    Im wanting to know what sort of costs is involved when owning apartments in same block. I know id have to pay rates and taxes on the income on said properties but how does insurance work on apartments. The EA has informed me that there is no insurance on the block or any block management security. Would i have to take out extr security for the hallway of the apartments or would this be shared.

    As for security for the building, i cant see how there could be any because the apartments look to me that this was a house at one stage and was converted into apartments over the years and i cant see where youd put security to look after them. I have even lived in an apartment block like this before and never once seen any security anywhere near it. Im wondering is this a new thing and every apartment block has to have some sort of security for indurancr purposes.

    Im going to look more into it but thought id makr a thread here first.


    ,...note to mods. This thread isnt looking for any legal advice, just curious to know a few things before i take it any further...,


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