Opinions wanted on renting out cottage rather than selling

esmeralda

I just wanted to run an idea past you good people …

My partner is trying to sell a cottage in a rural area (tiny village, 4km from nearest small town and 2hrs from where he lives in Dublin) which has been on the market for the last 4 months with practically zero interest. Although he would love to sell, fortunately he is not desperate. We are both desperate, however, to not to have maintain the place – it has quite a big garden and really needs to be heated over winter and personal circumstances dictate we can very rarely get up there. It is structurally sound but needs some updating, notably the bathroom and kitchen, and the windows need double glazing. The original idea was not do anything and just sell it as it is as a buyer would propably want to do ther own thing anyway.

So, here’s the latest idea. Do up the bathroom and kitchen to at least look nice and modern, if not luxurious, get the windows done (this based on the fact that I would personally refuse to live there if this wasn’t done so I presume most other people would feel the same) and then rent it out with or without furniture at a very low rent (just something symbolic) to someone who would be prepared to cover running and basic maintenance costs (the idea being that we do not need to go up there to sort anything out - excepting anything structural that might emerge).

The idea would be to let it out on that basis for 2-3 years in the hope that the market would pick up by then. Variations could include giving tenants the possibility of first call when we decide to sell, based on a price and time limit agreed when they move in (inspired by the thread that talked about builders who are doing this) or, if they only want it on a short-term basis, offer them a commission if they manage to sell it.

I know it would be a bit risky not to have an agency managing all this – but I think if the rent is so small (I presume no rent at all would place us at risk from squatters) there wouldn’t be much point in not paying it and risking eviction!
Is any of this feasible, I mean could such a set-up possibly be of interest to anyone or am I being a bit too creative? Or is it full of possible drawbacks that haven’t occurred to me? All observations welcome.:)

thecountry1

where is the house located??

Del2005

thecountry1 wrote: »

where is the house located??

It's 9 years ago. The rental crisis then was over supply and people were negotiating rent reductions, which somehow never resulted in a news story, not the current crisis where there is a lack of supply in certain areas not helped by government interference.

gizmo81

This is not a criticism but more a warning, once you rent out the property for €1 or €1000 you are responsible for the maintenance of the property.

And just from experience, a house like that which hasn't been lived in, there will be issues at the start.

Charge a rent that is reflective of properties in the area but importantly that will cover an agent in the area if you don't want to be actively involved.

Many posters here will tell you renting is a mugs game, I won't, theres money to be made but there are a lot of responsibilities which from your post you don't really want I think.

Rent it, but get an agent and make sure you charge a market rent and give the agent authority to carry out essential maintenance and you shouldn't be getting too many calls.

Also there's other options than private renting, perhaps HAP scheme, RAS, or even 10 year leases with the local authority if there is demand in the area.

Hope that helps.

Graham

Folks this thread is 9 years old and the OP hasn't been back in 8 years.

gizmo81

Graham wrote: »

Folks this thread is 9 years old and the OP hasn't been back in 8 years.

Hilarious

thecountry1

It was just a question