SSIA and Claim Money

[thefires]

ill have my ssia maturing in april and also a 15k claim so in total 35k,i was thinking of buying a new development house for 230k somewhere down in kildare, and then sell a year later for say somthing like 300k-330k.

i am completely new to this so any advice would be good new years present

 

[Kramer]

Interesting, I too would like to buy a property for 230k in Kildare and sell next year for 300-330k....
Let me know where to buy one of these assets

 

[CCOVICH]

My advice would be to search this site for 'flipping'-this is essentially what you are planning to do by the looks of it.

I would be very interested to here how you will make 100k on a property in Kildare in the space of 1 year-are you getting the propery at a discount to the market?

 

[DonKing]

ill have my ssia maturing in april and also a 15k claim so in total 35k,i was thinking of buying a new development house for 230k somewhere down in kildare, and then sell a year later for say somthing like 300k-330k.

i am completely new to this so any advice would be good new years present

I think this is totally unrealistic. Why do you think somewhere in Kildare is going to appreciate by 40 odd % in one year? Have you not been listening to the news or reading the papers over the last few months?

What will you do if you can't sell it for the price you paid? Can you afford to keep it? What's the rental market like in the area? (pretend to be looking to rent a property and approach estate agents or use daft?) Have you considered tax implications?

 

[thefires]

ok mayby an apartment near dublin city centre then,im looking to make a profir of mayby 30k40k is it possible

 

[DonKing]

ok mayby an apartment near dublin city centre then,im looking to make a profir of mayby 30k40k is it possible

So you're looking for a 10% profit over one year in a Dublin Apartment. After agents fees and taxes, I think you would be very lucky to achieve this in the present climate.

You should be considering if you can afford to keep the apartment for a bit longer than 12 months. Your rent achieved will not cover the mortgage, so you will have to fund the deficit.