Balbriggan as potential investment area

Hi all

I am looking to make an investment soon and my budget will be max €110k for a 1 or hopefully 2 bed apartment. I am planning on letting it to the government on the 20years guaranteed rental income scheme as a long term investment opportunity (breaking even every month).

I notice there are lots of apartments in Balbriggan for sale, very reasonably priced which is making me suspicious.

Is there a pyrite concern in Balbriggan?
I know it hasn't got the best of names but the property is still very good value.

Does anybody have any comments on this. I would have thought the fact it was on a train link direct to the city would keep prices relatively competitive but they seem dirt cheap.

Would it be a good investment? Any advice much appreciated.

Ps as I plan to let to the government, they will have responsibility for tenants etc so that wont be an issue for me.

There is pyrite here in quite a few buildings, thats true.
Have the property inspected before you buy and make sure you get a pyrite-free certificate.
I dont really know much about the subject, just did some reading regarding home-buying and I wouldnt buy anything thats not thouroughly inspected with written guarantees of its conditions.

And who exactly is going to give you all those written guarantees? Get real.

noproblem said:

And who exactly is going to give you all those written guarantees? Get real.

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well, I do not know.
Quick google search showed up pyriteresolution.ie, where you can get a green certificate saying you do not have a pyrite problem.
Is that not reliable?

There is a pyrite problem and it is also an area which is at risk of becoming ghettoised.

Why not invest in REITs? Greater diversification, liquid, and zero hassle.

Hi , can I ask what are RETI's ?

creditworthy said:

Hi , can I ask what are RETI's ?

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No worries. REIT stands for Real Estate Investment Trust. These are publicly quoted companies which own multiple properties (sometimes thousands). Shares in a REIT are treated like share for tax purposes and they're forced to pay out most of their income, so shareholders get income.

The attraction is that small scale investors can get diversification (i.e. a wide spread of property exposure) without locking away their money (unlike an investment property, REITs can be sold almost immediately as they are publicly traded shares.

Thank you for that information Gordon, just wondering where you get information about investing in them ? Return has to be better than banks , have a lump dum to investwhich Iinitially was to go towards building a house . Circumstances changeed so , luckily can put it away for a block of time . Thanks .

thanks for advice so far.

gordon, i am getting a mortgage of 80k for investment. surely the banks wouldnt support and REIT. would i be getting an income of €400-€500 a month to cover this mortgage.

you are right, i dont want hassle. but i think the governement 20 year scheme looks good and takes away all the hassle. guaranteed income, no maintanence. basically they will just pay the mortgage for 20 years..all my other costs will be covered and at end of 20 year i have > 100k without really paying anything into it...i thought it was a no brainer...

but it is getting the right place.......