2. QUICK IS THE TRICK Buying in the North is 'quick', so having the monies and/or mortgage in place will de"nitely help in securing the property you want. The buying process differs from the southern market in that there's rarely time for a deposit at sale-agreed point. Solicitors draw up contracts, etc, after sale agreed and then monies are transferred within a few weeks. If there is a deposit, mortgage companies typically require a minimum 15%.

3. STAMP DUTY Stamp duty in Northern Ireland is lower than the ROI. Make sure you are aware of the cost criteria per price of property. Also, be aware that there are concessions for buying in disadvantaged areas;

there is no stamp duty up to £150,000 ( 223,751). Otherwise, the rates are: 1% over £125000 to £250,000; 3% over £250,000 to £500,000; 4% over £500,000.

4. KNOW WHAT YOU WANT FROM PROPERTY It's vital to know what you want to do with your new property. There are stricter rules in place for would-be landlords who plan on carving up their houses into HMOs (Houses in Multiple Occupation). Make sure to check this out with the local authority where you plan to buy. "For example, around the university area of Belfast, the rules around HMOs are very strict now, " says Aidan Robinson of Remax Property Sales, Belfast. "I wouldn't advise an investor to go for a house like this unless they really were sure what the future of that property holds for them."

5. FACTOR IN COSTS There are other costs that apply to a property north of the border, such as water rates, that are not in place in southern Ireland. From April 2007, new water and sewerage charges will be introduced. Every household will pay a direct charge for their water supply. They will also pay a separate charge if they are connected to the public sewerage system. The new charges will be made up of two parts . . . a "xed charge and a variable charge. The variable charge will depend on the capital value of a home. Water and sewerage charges will be gradually introduced over three years, so people will pay only onethird of the cost in the "rst year.

6. THE RATES SYSTEM Note that the rates system in Northern Ireland is changing. The current rating system is based on how much it would have cost to rent a home 30 years ago, and the amount people pay in rates is based on the rental value of their property compared to the rental value of other properties.

Obviously alterations to the economy over decades mean that some households are now paying a larger share, and others are paying a smaller share than they should. From 2007, rates bills will be based on the capital value of homes. (Capital value is the amount a property could reasonably have sold for on the open market on 1 January 2000).

However the problem with changing the system is that the new level of rates is wildly variable. For example, large Victorian four-storey terraces at the foot of the Cavehill/ Upper Antrim Road in Belfast, while price tags are very 'reasonable', are being rated at almost £8,000 ( 11,929). This is higher than rates for Kensington and London, the richest borough of the UK's capital. On a more optimistic note, if the parties sign up to the St Andrews Agreement, the British government has promised a reduction in the new rating system.

7. TAX IMPLICATIONS Make sure you know all the potential tax implications prior to making any investment in another jurisdiction. For example, capital gains tax is much higher in the UK than in Ireland. However, according to Morgan McManus solicitors, under the Irish UK Double Taxation Treaty, an Irish investor selling UK investment property is only subject to capital gains tax in Ireland.