This week, we hear from Eimear Gourley, the NI Property Girl, a property expert in Belfast about the questions she’s often asked by those thinking of getting into property investing.
Investing in property is becoming more and more popular. I and many others believe it’s a safe, reliable and rewarding way to create new income for yourself, or prepare for the future. Saying that, if it’s something you’re new to, it can seem a bit daunting at first – but that’s why I’m here. I’m often asked a number of questions about the property market in Northern Ireland and how to get started. Well, first of all – some good news. In 2023, the market remains fairly stable, making it a great time for property investors to make smart, long term investments. If it’s something you’ve been thinking about for a while, then in my view, this is as great a time as any. It’s time for that leap of faith. So, what questions might you have?
What is the current state of the property market in Northern Ireland?
The property market in Northern Ireland, especially in contrast to Great Britain, has remained fairly steady, with occasional fluctuations due to factors like the impact of COVID-19. I’m advising the investors I work with to take advantage of this stability and invest in properties that offer long-term value.
What type of property should I invest in?
As a property expert, I always suggest that investors consider their investment goals when deciding what type of property to invest in. Buy-to-let properties are a great option for those seeking long-term investments, as they offer a steady stream of rental income and (most likely) will appreciate in value over time. Flipping properties can be a good option for investors seeking shorter-term returns.
What should I look for when buying a property?
When buying a property, it’s important to consider the location, condition, and potential return on investment. I advise investors to look for areas with good rental demand or that are up-and-coming. It’s also important to ensure that the property is structurally sound and requires only minor cosmetic upgrades. Finally, investors should look for properties that offer a good rental yield or have the potential for significant appreciation in value.
Should I work with a property management company?
Working with a property management company can be a smart decision for investors who are investing in a buy-to-let property that don’t necessarily have a lot of time on their hands. You should be careful to only ever work with reputable companies that can handle all aspects of managing the property, including marketing the property and finding tenants to handling repairs and maintenance.
What are some common mistakes that property investors make?
Overpaying for a property is a common mistake that property investors often make. Always conduct thorough research to ensure that you are paying a fair price. Additionally, investors should not underestimate the costs associated with owning a property, including repairs, maintenance, and insurance. Finally, vetting tenants is critical, and investors should take the time to ensure that they are selecting reliable tenants who will make timely rent payments and take care of the property.
Find out more at www.nipropertygirl.com
