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to Rent - Is Balbriggan a place to buy?

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  • 05-03-2020 6:25pm
    #1
    darthbandon
    Registered Users Posts: 2 ✭


    Hi Guys,

    I have recently sold a property abroad and have been looking at investing (to rent out) in Dublin. I am not overly familiar with the city but have seen some apartments and houses for sale in Balbriggan. I have about 180k to invest. Is Balbriggan worth it?

    I know vicinity to the dart is major advantage, but considering Balbriggan isn't on the line is that a problem?

    Thanks for any advice.
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    #2
    Muahahaha
    Registered Users Posts: 19,654 ✭✭✭✭Muahahaha


    I wouldnt go investing in Irish property right now. Returns are too low and taxes too high. Rents are high now but wont be forever either. Not saying a profit cant be made but more so that there are better investments out there with better returns and less risk.

    Aside from that Balbriggan has its problems with anti-social behaviour as well as an ongoing traveller feud. People live there just fine but things can kick off at any time. Thats why property is 'cheap' there.


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    #3
    darthbandon
    Registered Users Posts: 2 ✭darthbandon


    Muahahaha wrote: »
    I wouldnt go investing in Irish property right now. Returns are too low and taxes too high. Rents are high now but wont be forever either. Not saying a profit cant be made but more so that there are better investments out there with better returns and less risk.

    Aside from that Balbriggan has its problems with anti-social behaviour as well as an ongoing traveller feud. People live there just fine but things can kick off at any time. Thats why property is 'cheap' there.


    Thanks for the advice. People have always told me that property is the best place to put your money. I guess it may not always be the case.


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    #4
    Muahahaha
    Registered Users Posts: 19,654 ✭✭✭✭Muahahaha


    It generally is but timing is everything, we're at the top of a market cycle now and some property types are now falling in price. Lots of unknowns down the road too such as a potential hard Brexit, global recession, etc

    Take a look at the landord thread over on the AMA forum. He invested in property in 2004 and is only now seeing a profit after almost 16 years of subsidising his investment from his own pocket. Ask yourself if you're prepared for that kind of stress and dealing with tenants on top too.

    With 180k to invest you should be seeking a professional financial adviser and coming up with an investment strategy that is diverse and doesnt put all your eggs in one basket as buying a single apartment does. Build up a portfolio across a number of sectors rather than just one. If you really want some exposure to Irish property then it is much easier and less hassle to buy shares in an Irish REIT


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    #5
    TSQ
    Registered Users Posts: 283 ✭✭TSQ


    Why would you go near a Reit at the moment ?... even more overvalued than individual properties and even more likely to suffer in a downturn . If you earn enough to put a large sum into a pension, then Buying a better class of property as part of a pension a is worth looking at. You may be able to do this via a pension backed mortgage, thus buying a more expensive property (180k in Balbrigganis the very low end of the market), or you can use cash built up in your pension to buy a property outright. Balbriggan has Some very dicey areas, so you would need to be careful what estate you buy into.


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    #6
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    Muahahaha wrote: »
    Aside from that Balbriggan has its problems with anti-social behaviour as well as an ongoing traveller feud. People live there just fine but things can kick off at any time. Thats why property is 'cheap' there.

    OP, you need to do more research on this area. It cannot be said here because there will be complaint made about the specific problem. Lets just say its youth related. Also there is a load of Pyrite houses in the area when I was looking at it.

    Either someone is desperate to cashout or have an up and coming investment in the waiting.


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    #7
    [Deleted User]
    Posts: 3,505 ✭ [Deleted User]


    OP I'd echo what others here have said in that investing in property at the moment isn't automatically going to be a profitable endeavour.

    Putting that aside, I still wouldn't recommend Balbriggan. I'd say Balbriggan is a good place for first time buyers to go for, if you're being crushed by Dublin rent and both have drivers licences, it's somewhere that your money can go farther and you can get settled down. But for renting, I can only see people renting there if they have a connection to the area (just generalising). It would be seen as being quite far out from the city.

    If you go closer to the city say, inside the M50, your investment property would be much smaller, but you'd be overrun with people wanting to rent from you. You might have to contend with rent pressure zoning (meaning you can't raise the rent by more than 4% in a 12 month period), taxes and other expenses, meaning it might not be very profitable, but you'd have your pick of tenants. There are plenty of high-paid professionals working in the city centre that are looking to rent.


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