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Renting a House / Letting an Apartment

  • 23-04-2010 11:14am
    #1
    Paco Mendozza
    Closed Accounts Posts: 5 ✭


    Hi All,
    I'm looking to move from my 3-bed apartment in Inchicore, which I own, to rent a house in Lucan. I've got 2 babies and we'd like a garden for them to play in etc. so that's why we're looking at moving.
    Just wondering if anyone has had experience in doing this? I'm worried that I'll find it difficult to rent my apartment and I'll end up having to pay my mortgage and also my rent for the house in Lucan for a month or two before I get tenants who'll cover the mortgage payments on my apartment.
    I spoke to my bank to inquire if suspending my mortgage payments for a month or two until I get it sorted would be possible but they'll only go for that if you're in financial difficulty (which I'm not, thankfully). Does anyone have any other suggestions?
    Any advice on this would be much appreciated.
    Thanks,
    Paco


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    have you done all your figures for this ?

    Dont forget you will be lible for the NPPR fee of €200 will have to pay tax on the rental income, you might be lible for a stamp duty clawback if a FTB, you might be lible to clawbacks if you bought under affordable housing aswell.

    This may not be as good an idea as you thought. Im also really surprised your bank havent told you that doing thsi could mean increased interest rates on your mortgage. Most buy to let rates are far higher than residential mortgage rates and Id be surprised if this switch doesnt mean an impact your your interest rate


  • #3
    Treehouse72
    Registered Users, Registered Users 2 Posts: 1,003 ✭✭✭Treehouse72


    The only ways I have ever found to get around the "overlap" when moving between rentals (which is in effect the same as your situation since the issue is not having to cover 2 rent/mortgage payments at once) is either to get extremely lucky with timing (one lease ends at the exact same time as your new one starts) or to stay with family/friends (rent free) during this "overlap" period so you only have 1 shelter payment to make.

    I also agree with you that a void period is very likely given the large supply of rentals in Dublin 8, so you are wise to assume this will happen.


  • #4
    Paco Mendozza
    Closed Accounts Posts: 5 ✭Paco Mendozza


    Thanks very much for the feedback D3PO and Treehouse.
    I hadn't thought of the tax and the NPPR charge. Food for thought!
    Paco


  • #5
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    Do you think you'll get enough rent to cover your mortgage, have a look at rents in the area. Might be better off lowering rent, increase chances of getting a tenant.


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