Robert Downey Jr. as Ironman in cinemas, poster’s advertising a musical based on the music of Abba, every inch of Dublin seemingly covered by scaffolding and construction equipment. You would be forgiven for thinking we are back in 2008.
A full 10 years after the crash, Dublin’s building boom is back. Everyone and their dog seems to be scrambling to get on the property ladder.
In can be tempting to get caught up in this building fever, just as we did before the crash. But no matter the similarities, this is 2018, not 2008. We are a little older now, a little wiser.
Rushing into buying or building a property isn’t a guaranteed way of doubling your investment. Despite what some overzealous building contractors might say.
A building boom demands caution and restraint. Below are some tips for the smart property investor.
This one seems obvious but you would be surprised by how many people try to save a few euros by sidestepping the legal requirements of property transfer.
No, you can’t do the paperwork yourself. And neither can anyone else. Only a fully certified conveyancing solicitor has the expertise and qualifications to handle the legal side of transferring a property from owner to buyer. If you are buying a home, hire a legitimate buying a home solicitor.
The Right Building Materials
As the old maxim goes, during a gold rush, sell shovels. This is certainly true in Dublin right now. The shovel sellers are building contractors. There seems to be an ever-expanding list of contractors to choose from. So how do you separate the good companies from those of lesser repute? Simply put, listen to referrals and online reviews.
Investigate Previous Clients
If an individual reviewer has left contact information you should get in contact with them directly. Ask them about their experiences with the contractor you’re investigating. This will give you a much broader overview of how the contractor operates. Any potential shortfalls with the contractor may also come up.
It takes no time to make a phone call or compose an email but it might save you money and the frustration of dealing with a sub-par contracting company. This rule is particularity true in Dublin where the market is saturated. From scaffold hire in Dublin to the installation of stone stairs and granite worktops, you should research every third party company before committing to anything.
The Number One Tip
The above is by no means an exhaustive list.
The number one tip when investing is being completely aware of the problems you may encounter. We may be in the midst of another building boom, but if you invest wisely the boom doesn’t have to burst in your face.