We’ve all seen the news and read the articles online relating to the shortage of properties available for rent; tales of queues of eager tenants, deposits and references in hand, turning up at rental properties to view, only to be unsuccessful in their endeavour to find a home in their preferred area and more importantly within budget. It’s common knowledge that it is becoming more and more difficult to secure a rental property in certain parts of the country, which may lead you to ponder whether or not investing in a rental property is for you?
Things to consider when investing in Buy-to-Let property
There are many criteria to consider before you make this decision; what is your budget, where do you want to buy, what are your rental expectations, can you look after the property yourself, are you up to date with all the current legislation in relation to renting a property in Ireland?
Essentially it comes down to 2 main factors: Expenditure and Income. What must you spend on purchasing a property for rent versus what income (yield) can you expect to achieve in the current market? You must remember when buying an investment property, it is just that, an investment. It’s not your home, it doesn’t need to tick the boxes YOU may have for an ideal residence. What it must do is generate enough rent to ‘wash it’s own face’.
Factors which should be taken into account when choosing your location to purchase:
- Transport: Is the property close to good road/rail networks and serviced by good public transport
- Local amenities: What amenities will a tenant require? Shops, schools, entertainment/sporting facilities? Are these close by?
- Is the property in an established area with a good sales record? Check online at propertypriceregister.ie to see how property values have changed in the last couple of years. You’d like to know that you will see a capital increase on your investment when the time comes to re-sell.
- Check local market rental values; what is the average rent for a property similar to that you might be interested in buying. Henry Wiltshire will be happy to guide you through recent letting trends and what is a realistic expectation of rent achievable.
Investing in Dublin Property with Henry Wiltshire
With branches throughout Dublin and Kildare, Henry Wiltshire have an intricate insight into the rental market and are happy to advise you when thinking of buying a property to rent.
Once you have secured a property, our fully trained and qualified agents can ensure that you receive the best income and highest quality of tenant for your property. Our services can be individually tailored to suit your needs, be it on a Let Only or Fully Managed basis. Contact us to discuss our services or see more information here: