How much could you rent this for?

jackiebaron

How much rent would this place go for per month:

http://www.daft.ie/searchsale.daft?id=574038

Moonbeam

check what rent allowance would be for it and it is a good guide.

jackiebaron

Moonbeam wrote: »

check what rent allowance would be for it and it is a good guide.

I mean if I owned it, how much could I realistically expect to rent it out for?

the groutch

I'd say about €800-€850 a month, defintely a good buy-to-let opportunity if you can afford it

The_Conductor

I'd suggest between 800 and 1000 a month- depending on how its furnished and what demand in the particular development is like

A similar property nearby here

Ortiz

Def €900 - €950 p/m

iguana

If you are thinking of buying as a rental investment I suggest you do serious research into what effect a reduction or removal of the current rates of rental allowance will do to the rental market. At the moment the market is being propped up by this allowance so today's rent and the rent achievable 3 years from now could be in completely different leagues.

Additionally you need to take into account potential rises of the duty owed on non ppr properties. The management fee and how that may change in the future. And of course IR increases over the lifetime of the mortgage.

Darlughda

Moonbeam wrote: »

check what rent allowance would be for it and it is a good guide.

Yeah moonbeam that means for the majority of RA tenants who are single
€529 a month.

Then again, its a niche market considering most landlords have silly prejudices and refuse RA tenants

athtrasna

Darlughda wrote: »

Yeah moonbeam that means for the majority of RA tenants who are single
€529 a month.

Then again, its a niche market considering most landlords have silly prejudices and refuse RA tenants

Single people rarely get RA for a 2 bed unit. They are supposed to get 1 bed places.

Darlughda

athtrasna wrote: »

Single people rarely get RA for a 2 bed unit. They are supposed to get 1 bed places.

Well duh!

That was my point.

Moonbeam made a smartass comment regarding rent allowance, I was trying to point out that most people on RA are single and can only afford the worst bedsits!

Azureus

Im considering renting a place near that and similar enough to it. The asking is €950 and we are hoping to get it for €900, but would pay the extra if we couldnt get it reduced.

Hope that helps

Ortiz

Darlughda wrote: »

Yeah moonbeam that means for the majority of RA tenants who are single
€529 a month.

Then again, its a niche market considering most landlords have silly prejudices and refuse RA tenants

A single mother would get €696 p/m, would be allowed to get a 2 bed for up to €800 p/m - most still get somewhere for up to €1,000 p/m, then lie to the welfare and get the landlord to put €800 p/m on the lease.

I would say if this property was available to rent there would be many RA tenants looking to take it for around €950 p/m so I think the amount of RA someone gets is very relevant when assessing the rental value of properties of this type.

Btw I have a "silly prejudice" against RA tenants and wouldn't let them near any property I was renting. From my experience most of them are liars that have made a life choice to apply for RA and will cheat the system in any way they can. The system should be monitored closely so that all these scumbags are filtered out and penalised for what they've stolen from the state

gurramok

athtrasna wrote: »

Single people rarely get RA for a 2 bed unit. They are supposed to get 1 bed places.

Define places?

Single people in Dublin are only entitled to a single bedroom sharing not a 1 bed apt as 1 bed apts are a few hundred above that 526 threshold in Dublin. And of course assuming that they satisfy the means test in the first place!

Darlughda

Ortiz wrote: »

A single mother would get €696 p/m, would be allowed to get a 2 bed for up to €800 p/m - most still get somewhere for up to €1,000 p/m, then lie to the welfare and get the landlord to put €800 p/m on the lease.

I would say if this property was available to rent there would be many RA tenants looking to take it for around €950 p/m so I think the amount of RA someone gets is very relevant when assessing the rental value of properties of this type.

Btw I have a "silly prejudice" against RA tenants and wouldn't let them near any property I was renting. From my experience most of them are liars that have made a life choice to apply for RA and will cheat the system in any way they can. The system should be monitored closely so that all these scumbags are filtered out and penalised for what they've stolen from the state

How do you sleep at night knowing all those scumbags mothers are laughing at hardworking you?

SteoL

Darlughda we get it. You're angry. Stop highjacking threads though ffs you have one started to express your annoyance.:mad:

Darlughda

SteoL wrote: »

Darlughda we get it. You're angry. Stop highjacking threads though ffs you have one started to express your annoyance.:mad:

Excuse me? I was replying to a post that quoted me. Why don't you quit back-seat modding?

Moonbeam

It was not a smart ass comment but advice based on my experience of renting out houses.
In a lot of areas rent is set by the max allowed on rent allowance so it is a good guideline to start at.
Whether they are private or rent allowance tenants doesn't matter.

The_Conductor

Guys- a word of warning- I am not happy at how this thread is being derailed into a social welfare bashing thread. If you have pertinent information to impart to the OP- do so in a reasonable manner. Otherwise- take your opinions of social welfare recipients etc elsewhere.

If you have any doubts as to whether something you intend to say is appropriate or not- read the forum charter, and if you still have doubts, contact one of the moderators.

I will not stand for sniping at one another- or people getting on hobby horses concerning matters not relevant to threads. I will also take action against anyone who decides to personalise their posts, or attack another poster.

Its not that difficult to remain civil towards one another- and if you're not willing to remain civil towards one another- you will have your rights to post in this forum withdrawn.

Regards,

SMcCarrick

jackiebaron

Ortiz wrote: »

A single mother would get €696 p/m, would be allowed to get a 2 bed for up to €800 p/m - most still get somewhere for up to €1,000 p/m, then lie to the welfare and get the landlord to put €800 p/m on the lease.

I would say if this property was available to rent there would be many RA tenants looking to take it for around €950 p/m so I think the amount of RA someone gets is very relevant when assessing the rental value of properties of this type.

Btw I have a "silly prejudice" against RA tenants and wouldn't let them near any property I was renting. From my experience most of them are liars that have made a life choice to apply for RA and will cheat the system in any way they can. The system should be monitored closely so that all these scumbags are filtered out and penalised for what they've stolen from the state

Ortiz, that's a cruel and mean way to talk. If I owned (and am looking into the possibility) this little flat I would gladly rent it to a single mother on assistance. In fact I'd prefer to rent it to some abandoned wife and her child/children who would have a safe and pleasant environment than a couple of privileged DCU students who would trash the place and make life hell for the neighbours before taking a dump in the hallway and going off on their "gap year".
Please, don't speak so spitefully of those who have been dealt a crappy hand.

jackiebaron

smccarrick wrote: »

I'd suggest between 800 and 1000 a month- depending on how its furnished and what demand in the particular development is like

A similar property nearby here

SMC, Thank you for that. With this rental that you showed, I take it that utility bills are still the responsibilty of the tenant. I have rented in "all-inclusive" flats and also in separate bills apartments. I really enjoyed the freedom of renting in all-in because I didn't have to bother with paying gas and electric bills, etc. But I'm very conscientious and never waste anything even if it's technically "free". I know people who go off to work and just leave the lights on because it's "all inclusive". It's crazy.
I would have no problem including cable telly and the maintenance charges, even internet, into the rental price as they really can't be abused. But electricity and gas and heating should always be billed to the tenant, correct? Would you agree?

The_Conductor

jackiebaron wrote: »

SMC, Thank you for that. With this rental that you showed, I take it that utility bills are still the responsibilty of the tenant. I have rented in "all-inclusive" flats and also in separate bills apartments. I really enjoyed the freedom of renting in all-in because I didn't have to bother with paying gas and electric bills, etc. But I'm very conscientious and never waste anything even if it's technically "free". I know people who go off to work and just leave the lights on because it's "all inclusive". It's crazy.
I would have no problem including cable telly and the maintenance charges, even internet, into the rental price as they really can't be abused. But electricity and gas and heating should always be billed to the tenant, correct? Would you agree?

Hi Jackie- its very unusual for the headline 'rent' to be an all-in price (unless perhaps if you're in a bedsit or renting a room in a house rather than the whole property- and even then it would be more normal to billshare).

You are very conscientious- however the vast majority of people out there are not. I'm quite conscious of energy consumption etc myself- however irrespective of how conscientious I am- I have to pay my bills by direct debit- as I've a memory akin to that of a goldfish.

I'd not include cable tv or any other incurred charges in the headline rent- its nice of you to consider it, but really, if a tenant wants cable tv, its up to them to pay for it- and also if you supply it- you go down the slippery slope of who has to pay for the tv licence, whether internet gets included with the cable tv- etc etc

Maintenance charges relate to membership of the management company- and only a property owner can be a member of the management company, not a tenant. These are yours to pay- and really are nothing to do with the tenant. On the brightside- they are entirely tax deductable against rental income, before determination of taxable income, so its not all bad......

While I'd be very hesitant to recommend people go out and buy property at the moment- particularly if you see that the stress tests on the banks consisted of what would happen if there was a further 50% fall in property prices, and prices are still actively falling month on month- if you look at the fundamentals associated with this property purely on a business basis- the asking price does reflect quite a satisfactory return on investment (its not at a price that I'd be throwing a party over- but the figures do add up).

I couldn't see any issue with getting finance to purchase this- particularly given your employment status- you will need to check the current rules though (its now 4-5 times gross income or max 30% of net income necessary to service whatever mortgage you're looking for).

If I were in your position, I'd be quite interested in this as a possible investment.

Ortiz

jackiebaron wrote: »

Ortiz, that's a cruel and mean way to talk. If I owned (and am looking into the possibility) this little flat I would gladly rent it to a single mother on assistance. In fact I'd prefer to rent it to some abandoned wife and her child/children who would have a safe and pleasant environment than a couple of privileged DCU students who would trash the place and make life hell for the neighbours before taking a dump in the hallway and going off on their "gap year".
Please, don't speak so spitefully of those who have been dealt a crappy hand.

Sorry Jackiebaron I came across a little harsh alright. I know that there are a huge number of people drawing welfare that are genuine - be it a single mother or someone actually looking for employment.

However the point I was trying to get across was that there are also a huge number of people cheating the system and it disgusts me. I see examples of it everyday. People working in full time employment being paid cash in hand from their employers while also getting the dole, rent allowance, medical card, financial assistance with their monthly bills etc. - while i'm working my ass off for pennies trying to make ends meet. I could go on and on giving you examples of liars and cheats on the welfare system but I won't.

I'm sorry if my comments upset you but as you can see I feel quite strongly about this topic. I'm also sorry for going off topic once again but I just wanted to respond to your post.

On topic I will say that the rental market is doing very well at the moment and I don't think you'd have too much of an issue renting that property for c. €950 p/m. There are a lot of good tenants out there looking for a long term rental so this can lead to steady rental income and low enough costs as there's no need to do the place up in between tenancies. Good luck with it!

Fran79

Ortiz wrote: »

However the point I was trying to get across was that there are also a huge number of people cheating the system and it disgusts me. I see examples of it everyday. People working in full time employment being paid cash in hand from their employers while also getting the dole, rent allowance, medical card, financial assistance with their monthly bills etc. - while i'm working my ass off for pennies trying to make ends meet. I could go on and on giving you examples of liars and cheats on the welfare system but I won't.

If this is the case I assume that you are reporting these individuals, rather than just complaining about it here?

Darlughda

Ortiz wrote: »

A single mother would get €696 p/m, would be allowed to get a 2 bed for up to €800 p/m - most still get somewhere for up to €1,000 p/m, then lie to the welfare and get the landlord to put €800 p/m on the lease.

I would say if this property was available to rent there would be many RA tenants looking to take it for around €950 p/m so I think the amount of RA someone gets is very relevant when assessing the rental value of properties of this type.

Btw I have a "silly prejudice" against RA tenants and wouldn't let them near any property I was renting. From my experience most of them are liars that have made a life choice to apply for RA and will cheat the system in any way they can. The system should be monitored closely so that all these scumbags are filtered out and penalised for what they've stolen from the state

Ortiz wrote: »

Sorry Jackiebaron I came across a little harsh alright. I know that there are a huge number of people drawing welfare that are genuine - be it a single mother or someone actually looking for employment.

However the point I was trying to get across was that there are also a huge number of people cheating the system and it disgusts me. I see examples of it everyday. People working in full time employment being paid cash in hand from their employers while also getting the dole, rent allowance, medical card, financial assistance with their monthly bills etc. - while i'm working my ass off for pennies trying to make ends meet. I could go on and on giving you examples of liars and cheats on the welfare system but I won't.

I'm sorry if my comments upset you but as you can see I feel quite strongly about this topic. I'm also sorry for going off topic once again but I just wanted to respond to your post.

On topic I will say that the rental market is doing very well at the moment and I don't think you'd have too much of an issue renting that property for c. €950 p/m. There are a lot of good tenants out there looking for a long term rental so this can lead to steady rental income and low enough costs as there's no need to do the place up in between tenancies. Good luck with it!

Quoted you in full in both posts. Neither of which do you any justice, and well deserved. You would think by the likes of your mentality that this country's woes were to do with single mothers on RA.

Jackie, whatever rent levels or price you ask-get to know your tenants as if these are people you would want in your life, seriously!

Without having to state the obvious here, despite the prejudice of the likes of Ortiz, many RA tenants have disabilitys or long term illnesses which means they are not only potenial good long term tenants, but they will appreciate a landlord who is kind to them.

The_Conductor

Darlughda wrote: »

Jackie, whatever rent levels or price you ask-get to know your tenants as if these are people you would want in your life, seriously!

Darlughda-

I'm genuinely curious as to why you have this picture of landlords having tenants in their lives?

I've been a tenant- and have been thrilled that I was left alone by the landlord to do my own thing. I didn't cause any trouble whatsoever for him- and he didn't cause any for me.

There are very few people who when renting, imagine they are going to be a part of their landlord's life- they simply want as nice a property as possible, for as low a rent as possible- and as troublefree an existence as possible. Ideally appliances, furniture and fittings would never break- and there would be as little interaction as necessary between the landlord and the tenant.

I know you have a big issue with my suggesting that renting a property from a landlord, or to a tenant- is a business transaction. It is though. A landlord is providing a service to a tenant. A tenant is purchasing a service from a landlord.

You can obfuscate the transaction into looking at the fundamental rights of a tenant- which are to have to warm safe lodgings and food. It is not the job of the landlord to provide this however.......

There are minimum standards set out in law for all rental accommodation- and failure to comply with these standards can result in fines, imprisonment and even as in the case of one property on Upper Rathmines Road- the property being condemned.

If people come across blatantly subpar property- they should not attempt to rent it- they should report it.

This is miles offtopic to the original post from Jackie however- she is proposing to consider purchasing a nice apartment in a reasonable location- and wondering what the possible rental income for the property might be. Simple as.

Tenancy law has come a long way- since the dark days of dingy bedsits that many of us are familiar with. The rights and responsibilities of tenants and landlords are spelled out in black and white in several pieces of legislation- notably the 2004 Residential Tenancies Act.

Its very easy to portray a group of people as a persecuted group when one is only dealing with those people on a daily basis. Its equally as valid- to look at the recent repossessions of property by Riada and RBS- several of which were BTL properties where the rent hadn't been paid in some time and the mortgages were in arrears.

Things are only going to get a hell of a lot more acrimonious and difficult in the near future- we've had the first interest rate increase in 3 years, there is a set deflator being applied to RA and RS disbursements, property prices are continuing to fall- and those lucky enough to have jobs are going to see their taxes increased. Mortgage interest relief, as a tax allowable deduction for landlords was reduced to 75% and is due to be abolished in total over the next 6 years (fully by 2017). Specifically for people letting out their only property as they can't afford the mortgage- these people simply cannot afford the luxury of developing a human relationship with their tenants- its a business relationship, pure and simple. To pretend otherwise- is naive.

subway

Over half the private rentals in the state are paid by ra. There is no widespread discrimination and ra rates will set the rental prices in any area given how much of the market they hold.

Without seeing it, i would say 850-900 for a 2 bed. That could drop to 400 over the next 3 years.

The_Conductor

People do need to realise that there is a set across the board deflator being applied to the various schemes- including RA.

The big issue with RA (and to a lesser extent RS) is if you are renting a property- you are expected to sign a lease- part of which includes details of the rent to be paid, and the manner in which the rent is paid. The legislation stipulates that this is revisited once a year, and any adjustments should be based on prevailing market conditions, in any given area. Its entirely possible that someone might have to wait 11 months to revisit their rental agreement- and the government somehow expects landlords to pick up the slack in the interim- which is grossly unfair (particularly in an era of increasing interest rates).

Rents are going to fall. Property prices are going to fall. RA and RS payments are going to fall. There is going to be a massive contraction in this sector- hopefully a return to what are considered to be 'fundamentals'.

EUR400 to rent a 2 bed in an area like this- 3 or 4 years down the road. It may seem extreme- but given the fundamentals, unfortunately it is plausible. It the same timescale- interest rate increases to 'normal levels' (defined as an ECB overnight rate of 4-4.5% and mortgage lending rates ~6-7%) also forseeable.......

Unfortunately- we are making a lot of assumptions with pretty much everything.

We have a few bumpy years ahead.........

jamesbrond

jackiebaron wrote: »

How much rent would this place go for per month:

http://www.daft.ie/searchsale.daft?id=574038

Thats a coincidence. My brother wants me to look at a couple of investment properties he has his eye on next week so he can get a second opinion. This is one of them.
Dont forget DCU is nearby too, if you were ok with students.

Im actually against him investing in property at the moment anyway, but he is dead set.

jackiebaron

Ortiz wrote: »

Sorry Jackiebaron I came across a little harsh alright. I know that there are a huge number of people drawing welfare that are genuine - be it a single mother or someone actually looking for employment.

However the point I was trying to get across was that there are also a huge number of people cheating the system and it disgusts me. I see examples of it everyday. People working in full time employment being paid cash in hand from their employers while also getting the dole, rent allowance, medical card, financial assistance with their monthly bills etc. - while i'm working my ass off for pennies trying to make ends meet. I could go on and on giving you examples of liars and cheats on the welfare system but I won't.

I'm sorry if my comments upset you but as you can see I feel quite strongly about this topic. I'm also sorry for going off topic once again but I just wanted to respond to your post.

On topic I will say that the rental market is doing very well at the moment and I don't think you'd have too much of an issue renting that property for c. €950 p/m. There are a lot of good tenants out there looking for a long term rental so this can lead to steady rental income and low enough costs as there's no need to do the place up in between tenancies. Good luck with it!

Ortiz, you did come across harshly, and I would tell you that for every sponger there are 9 on assistance who would love to improve their lot and get themselves into a position in society where they are proud and valued and happy. Of the spongers that you've encountered you use their example to tar an entire socio-economic demographic. This is not right.

I know people who make these sweeping statements to lambast an entire segment of society and yet when I (albeit sneakily) bring up the notion of US soldiers committing war crimes, they are happy to go for the "few bad apples" explanation. I know that dramatically off topic but the comparison shows a skewed and viciously biased angle.

But thanks for your explanation and your best wishes.