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To Sell or to Rent

  • 05-07-2016 11:02am
    #1
    Eireog1
    Registered Users, Registered Users 2 Posts: 81 ✭✭


    Hi All I'm looking for a bit of advice. A bit of background info, I purchased a property 3 bed terraced house in Limerick city 11 years ago. I lived in it myself for 9 years but always had licensees sharing with me. I moved out 2 years ago to move in with my boyfriend in his house. I rented the house out to a single mum and her kids. I have had endless hassle trying to get the rent off her most months. She moved out last month without paying any rent and having left the property in a bit of a mess. I'm after spending 2 months rent to restore the property. I'm trying to decide whether to sell and had a auctioneer value the property which will just about cover the outstanding mortgage so I will be left the cost of the auctioneer and solicitors fees to pay. Would I be better of to take the chance and rent it again or should I cut my losses and sell? Any advise would be welcome.


Comments

  • #2
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,125 Mod ✭✭✭✭AlmightyCushion


    Fortunately most renters aren't like the person you just got rid of so hopefully you won't get stung again if you do decide to rent. Saying that, given the level of taxes, expenses and hassle that comes with being a landlord it might be best to get out.


  • #3
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    I've an apartment rented out for the last 11 years, 7/8 sets of tenants, never a problem.

    I was in the apartment last weekend as I'm moving back into itself and I was pleasantly surprised at the condition.

    If you are selective in picking tenants the odds are in your favour imo but if you are paying tax at the higher rate on the rental income and have a mortgage renting it out again won't really line your pocket so if you can sell and walk away without a financial hit that would appeal too.

    Unless a longterm investment appeals.

    Hard to know really.

    I always rented to people who were employed and only one set of tenants had kids in my case.


  • #4
    sammy2016
    Registered Users, Registered Users 2 Posts: 23 ✭sammy2016


    Hi im currently looking for a house to rent in Limerick We both work full time and have a 2year old son and a dog thats outside if u decide to rent could you drop me a pm on details we can provide you with a references


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