How much rent should I charge?

cruais

We are owners of our 3 bedroom house which is located in drumcondra, dublin 9. Close to the city centre also the airport, with an array of shops and local transport within 5 minute walk from our property.

The room in which we are hoping to rent out is a newly renovated dbl room, which comes with a double bed, and bedroom furniture.

All mod cons in house, gas heating, upc phone and broadband etc.

Private parking.

Since this is a first time rental for us, we were wondering what to charge. €400 including bills? or €400 and bills on top?

If anyone can help!

Thanks a million

athtrasna

check out daft.ie and see what rooms are renting at. €400 + bills sounds about right to me

01902

Best bet is to check Daft and see what the going rate is for your area and if they are including the bills. I just had a quick look and you seem to be in the middle.

SureYWouldntYa

€400 including bills is more than fair, because these types of rooms are often taken by younger students who will go home at weekends and holidays etc

athtrasna

SureYWouldntYa wrote: »

€400 including bills is more than fair, because these types of rooms are often taken by younger students who will go home at weekends and holidays etc

Younger students tend to rent single rooms

moc moc a moc

In this market, I reckon you'd be able to get €450 plus bills easily enough.

cruais

My husband and I are both professionals working shift work, so we are hoping to get someone similar ie not a student.

Thanks all for your help! :-D

Longgreentrain

350/400 + a portion of bills

hfallada

I know people getting €480 for a double room including bills in drumcondra. Although tenants don't generally like living with couples so that maybe an issue. There is a huge demand for rooms in Dublin ATM.

cson

I'll point out that this'll be an awkward one you - you'll almost certainly consider it 'your' house. Which it is now, but not with a tenant. This means that if you rock in some evening they may be cooking or watching TV and you very well can't tell them to move even though it may be 'your' house - it becomes theirs too once you rent it to them.

cruais

cson wrote: »

I'll point out that this'll be an awkward one you - you'll almost certainly consider it 'your' house. Which it is now, but not with a tenant. This means that if you rock in some evening they may be cooking or watching TV and you very well can't tell them to move even though it may be 'your' house - it becomes theirs too once you rent it to them.

Where in any of my posts did I mention I would have an issue with a tenant cooking or watching tv?

If you bothered to fully read the thread, I was enquiring about rent prices.

Yes the house we live in is our house because we bought it. However, as soon as a tenant moves in, it will be an owner occupier scenario, and our tenant will have a free run of the house like we do.

Frankly I find your post to be very off topic.

cson

cruais wrote: »

Where in any of my posts did I mention I would have an issue with a tenant cooking or watching tv?

If you bothered to fully read the thread, I was enquiring about rent prices.

Yes the house we live in is our house because we bought it. However, as soon as a tenant moves in, it will be an owner occupier scenario, and our tenant will have a free run of the house like we do.

Frankly I find your post to be very off topic.

Relax, only trying to see if you've considered that side of things - obviously you have. Some folks think its great to have the extra income but then would get pissy having to share the common areas of 'their' house with an outsider.

In terms of rental prices; Daft is your indicator here. Typically €450 would be the going rate for your area but then it depends on if its a recent build or an older red brick terrace. The former go for the higher end of the €400-€500 range whilst the latter go for the lower end. I would advertise at €450 and see what offers you get, being prepared to go to €400 for the right tenant. That's key here; you really need to vet the person who's coming into your house. Ask everyone to prepare a prior landlord and current employer reference to be considered. Anyone who is serious about the place will do so.

As regards your tax implications; have a read of this - http://www.revenue.ie/en/tax/it/leaflets/it70.html#section11

Property Tax can be deducted in calculating your Income Tax for wholly let buildings but I'm not too sure about partially let so that's something you'd have to contact Revenue to get a definite answer.

So anyways, maybe don't jump down the throat of someone trying to help you the next time.

the_syco

cruais wrote: »

Since this is a first time rental for us, we were wondering what to charge. €400 including bills? or €400 and bills on top?

Check with any possible tenants from warm countries if they like a warm house. If they do, say you'll get back to them, and cross their names from the list, as there are people who like to warm their room with an electric heater, and if "all bills are included", you won't really have a foot to stand on. Just something to keep in mind.

gaius c

cruais wrote: »

My husband and I are both professionals working shift work, so we are hoping to get someone similar ie not a student.

Thanks all for your help! :-D

If you're not massively under pressure to get every cent you can, it might be worthwhile undercutting the local market by 20-25 euro so you can get the right tenant. Too many landlords price at the absolute maximum they can get leading to longer voids and a smaller selection of potential tenants. Be aware that living with a couple is a fairly undesirable situation for a lot of renters. I'm not familiar with Drumconda myself but 400-450 plus bills sounds pretty reasonable