Buying rental property in Newry

K

Knuttell

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Looking at Newry to buy perhaps 2 rental properties. Cannot buy in Dublin as Govt not competent & cannot be trusted (not going into it, well understood by any LL).

Has anyone from the South any recent experience of potential trip hazards and advantages of buying up North?
 
Knuttell said:
Looking at Newry to buy perhaps 2 rental properties.
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I don't know the regulatory framework up north but understand it's more landlord-friendly.

That's a positive but in return you are taking on a lot of currency risk. Is the trade-off worth it?

EUR-GBP rate has been known to move 15% in six months.
 
NoRegretsCoyote said:
I don't know the regulatory framework up north but understand it's more landlord-friendly.

That's a positive but in return you are taking on a lot of currency risk. Is the trade-off worth it?

EUR-GBP rate has been known to move 15% in six months.
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Thanks for reply NRC.

In terms of investment its all I know, I dont like shares etc, just not for me, have enough in work shares and pension etc.

Have started looking at NI in earnest hence the post...if it works out will look at selling what I have here (once tenants move out) and moving to NI/UK maybe Spain.
 
1. You're thinking of buying two rental properties in Newry. I know nothing of the potential rental income in Newry, but a trawl through rental websites there should give you enough information re rental opportunities.
2. I know something of the rental opportunities/non-opportunities in Spain. Contrary to popular belief, it isn't a guarantee to good (or any) rental income. In Spain, there is 24% take on short term rentals by the local council. If you use a rental agency you're looking at another 20% for the agent. You're asking how you can make a few bob there? No matter what anybody tells you it ain't easy but it can be done, but you will have to live there and do the rent-outs, cleaning, meet-and-greet etc. The upside is for what you would pay for two properties in Newry you'd get more properties in Spain. Since we retired five years ago we spend the equivalent of six months in Spain each year. (I know what I'm talking about).
 
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We were looking buying a property in Newry a few years ago and values have increased very little. You have to know where you are buying in the city. Make sure you do your homework like everywhere.

Have a look at citizens advice uk and see the rules regarding providing housing.

You need to put the tenants deposit in a protected service If you do not you can be fined. https://www.citizensadvice.org.uk/h...eck-your-landlord-has-protected-your-deposit/

Also make sure you know about rules regarding giving notice if the tenant does not pay. They have no fault eviction but deposit needs to be protected.
If you decide to rent by the room you need to have the house registered under multiple occupancy. You are under UK law for renting and it is a different ball game.
Then you need to register for non resident tax.
Exchange rate can effect your return.
Then if you are looking for a mortgage it can be very difficult to obtain a mortgage in a different jurisdiction.
Then you need to register rental on your tax return here. There is double taxation but you need to register.
Lots to consider.
 
I wouldn't have enough knowledge/ confidence to invest in the Dublin area, I don't think I would want to by the sounds of things here. However, there are still some deals to be had in the South East. I can say with confidence you could have a 10% ROI before costs or 7.5% to 8% ROI after costs.

Feel free to get in touch if you want some info and I can fill you in on a few areas that might be of interest.
 
Thanks, sadly appetite for further BTL in Ireland is at zero. Cannot trust current govt cannot trust future govt. It feels like they are attempting to or could nationalise private rental property. Sooner there is a court challenge the better.
 
Knuttell said:
Thanks, sadly appetite for further BTL in Ireland is at zero. Cannot trust current govt cannot trust future govt. It feels like they are attempting to or could nationalise private rental property. Sooner there is a court challenge the better.
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Don't count on Northern Ireland being any different. The various Tory governments have been gradually turning the screw on landlords ever since Cameron's premiership. Michael Gove very recently promised new measures on outlawing no-fault evictions. And if as seems likely Labour will sweep to power at the next election, things will get immeasurably worse for landlords.
 
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