Considering purchasing an Investment Property Limerick City

M

MG Midget

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Hi,

Am considering purchasing an investment property in Limerick city.

Anything up to €225K

Our teenagers will more than likely go to UL, that said we are not wedded to the UL and Castletroy area alone.

Would like a property location that would be attractive to working tenants and close enough to UL for our kids to get to college.

We don’t want to pay €8k a year to a landlord and don’t really live close enough to commute.

would city centre be an option? Don’t know geography of Limerick too well. Any estate agents you would recommend?
Any advice?

I am comfortable with property investment and the pros and cons of same in the current environment.

Thanks for reading and any input
 
For that price, houses in Castletroy is very much a student ghetto these days, especially close to UL. Hence as a long term investment to let to students you wont have an issue but selling it afterwards is likely to be to another landlord. It's a relatively safe area for students.

City centre means a bus in and out each day so over the course of a week. A weekly student ticket is currently €13.40. To be honest, not a fan of the City Centre, very run down in places.

Annacotty might be another option to consider
 
If you are thinking your kids will go to UL and not one of the city centre campus (eg MIC) then I would def buy in Castletroy. Nothing more painful as a student to have to commute, living near by means you can go home for meals between lectures, live near your friends, socialise on campus and use the sports/labs/library facilities. Limerick can be a rainy damp place and the bus system is only ok. One of the good things about UL is the campus feel so if you are a student there it is nice to experience that.

Castletroy is def a student suburb. But nice in parts and the campus is a great amenity, lovely side of town as well. So plan your exit at the same time as the entrance....will your kids want to live in the property still during early career, do postgrads etc What timeline are you looking at until the last one is done? Do you have a good network where you have a pipeline of students who you can rent to after your kids are done (eg their younger cousins!) where the work as a landlord might be reduced if you have good tenants?
 
As previous post mentioned, if UL Castletroy campus, then Cois Ghruda isn't bad... its a mix of mainly profs and some students, but nice and tidy and only 10/15 mins walk from main gate.

Bloomfield in Annacotty, also decent but mainly profs and owner occurpiers. About 20/25 mins walk.

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Hi

Many thanks for your input so far.

Timeline until youngest is completed would be in about 10 years. Eldest will be sitting leaving cert in 2025.

I suppose like and property investment the day you buy is the day you sell. Just looking for best location to hold/increase in value, convenient to UL and would be a good option for tenants that aren’t students also.
 
i know the Castletroy and Annacotty area very well. There are estates that I would avoid but many more in which I would happily purchase and live in myself. Message me directly if you want more info. Happy to oblige.
 
Boyddbookman said:
i know the Castletroy and Annacotty area very well. There are estates that I would avoid but many more in which I would happily purchase and live in myself. Message me directly if you want more info. Happy to oblige.
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Thanks, I appreciate the offer.

I might link in with you when I have a few properties identified
 
MG Midget said:
Eldest will be sitting leaving cert in 2025.
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Why don't you wait until 2025 when the eldest will know which college they will go to.

If they decide to go to Maynooth and you have bought in Castletroy, then you will be kicking yourself.

It's also not clear that if you buy a house now in the right place that you will be able to get rid of the tenants just because you want it for your own family. So you would be kicking yourself if you were getting €15k a year rent subject to 50% tax while shelling out €15k for your child and getting no tax relief.

Brendan
 
Brendan Burgess said:
Why don't you wait until 2025 when the eldest will know which college they will go to.

If they decide to go to Maynooth and you have bought in Castletroy, then you will be kicking yourself.

It's also not clear that if you buy a house now in the right place that you will be able to get rid of the tenants just because you want it for your own family. So you would be kicking yourself if you were getting €15k a year rent subject to 50% tax while shelling out €15k for your child and getting no tax relief.

Brendan
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Hi Brendan, fair points and certainly worth considering
 
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