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Rent a Room

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  • 18-10-2020 10:14am
    #1
    lemmno
    Registered Users Posts: 418 ✭✭


    Would like to get people’s opinions on this. Is the rent a room market still as busy as ever? If a house was bought on the basis that a room would always be rented out within it would it be a reasonably safe bet? Mortgage can still be afforded without the extra income if the rent a room market tanked, but the extra income would obviously be useful. My friend and I are thinking of investing, we already live together long term and we’re basically paying the live in landlord’s mortgage for him so we were thinking of buying a 4 bed between us and renting the other two rooms out, maybe even just one of the rooms, obviously staying below the threshold. Looking at Kildare and Wicklow commuter towns.


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    #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    It all depends on price, but AFAIK Rent a room income is no longer taken into account when applying for a mortgage.

    We found in a lower demand area, with not the greatest fixtures and fittings in fairness, we would have had to drop the price to a point where we couldn't be arsed with it. We will do it again when we start traveling again and someone, if they're willing to make it their own, is going to get a bargain... if they like cats.


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    #3
    lemmno
    Registered Users Posts: 418 ✭✭lemmno


    It wouldn’t be something I’d even mention when going for the mortgage. I can afford mortgage repayments alone, even without my friend. However to get the actual mortgage itself it’s easier if we’re together. He has the large deposit, I have the larger permanent salary so we’d get a bigger/better house together. The renting out of the rooms would be purely to lessen the mortgage for ourselves, to have more disposable income so we can continue to do nice things for ourselves like travelling etc...whenever having fun is permitted again!

    Edit: the areas we’re looking at, to rent a room is anything between 400-700 a month.


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    #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    My area is still busy and all I do is keep my room a little under the areas prices and its taken before the old licensee has left. Have the same same person for the past 2 years now though so I havent checked lately.

    When I got my mortgage they factored it in but they also factored in future raises, overtime. Stuff that really they shouldnt but was the Tiger and that was the only way I could get on the ladder. It has changed I think but prices are still too high


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    #5
    lemmno
    Registered Users Posts: 418 ✭✭lemmno


    Niner leprauchan wrote: »
    My area is still busy and all I do is keep my room a little under the areas prices and its taken before the old licensee has left. Have the same same person for the past 2 years now though so I havent checked lately.

    When I got my mortgage they factored it in but they also factored in future raises, overtime. Stuff that really they shouldnt but was the Tiger and that was the only way I could get on the ladder. It has changed I think but prices are still too high



    And have you found it was worth it once you’d factored everything in? I’ve been renting a room for years, and I’ve come across some really unfair practices-if I was going to rent a room out I’d bear that in mind. I certainly wouldn’t be charging some poor soul €700 that’s for sure, doesn’t matter how nice the room is.


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    #6
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    lemmno wrote: »
    And have you found it was worth it once you’d factored everything in? I’ve been renting a room for years, and I’ve come across some really unfair practices-if I was going to rent a room out I’d bear that in mind. I certainly wouldn’t be charging some poor soul €700 that’s for sure, doesn’t matter how nice the room is.

    Charge the market rate. Charge under it and you'll get every hard-luck story under the sun. Be fair with the tenant, realise you're providing a service, but don't over think it with written contracts or get taken for a mug.


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    #7
    lemmno
    Registered Users Posts: 418 ✭✭lemmno


    Samuel T. Cogley wrote: »
    Charge the market rate. Charge under it and you'll get every hard-luck story under the sun. Be fair with the tenant, realise you're providing a service, but don't over think it with written contracts or get taken for a mug.


    Don’t worries on that front. I’ve lived with enough questionable characters over the years to know how to weed them out!


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    #8
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    lemmno wrote: »
    And have you found it was worth it once you’d factored everything in? I’ve been renting a room for years, and I’ve come across some really unfair practices-if I was going to rent a room out I’d bear that in mind. I certainly wouldn’t be charging some poor soul €700 that’s for sure, doesn’t matter how nice the room is.

    well thats your choice.

    I charge all inclusive because I just dont need to be chasing people for bills. That results in people not really caring about turning lights off, heating and so on but as its a licensee, if I dont like them or they are acting the ass, they are gone.

    some assholes OK, that happens but most are fine and theres a few that I have become genuine friends with and stayed in contact. Had two Indian lads share the room, I was told not to and I went ahead, Im not a racist. They lasted 3 weeks. Overall though I wouldnt say I have found any race / nationality better or worse than another. Same with ages. No particular pattern in regards good / bad.


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    #9
    lemmno
    Registered Users Posts: 418 ✭✭lemmno


    Niner leprauchan wrote: »
    well thats your choice.

    I charge all inclusive because I just dont need to be chasing people for bills. That results in people not really caring about turning lights off, heating and so on but as its a licensee, if I dont like them or they are acting the ass, they are gone.

    some assholes OK, that happens but most are fine and theres a few that I have become genuine friends with and stayed in contact. Had two Indian lads share the room, I was told not to and I went ahead, Im not a racist. They lasted 3 weeks. Overall though I wouldnt say I have found any race / nationality better or worse than another. Same with ages. No particular pattern in regards good / bad.


    I agree on the bills. Couldn’t be bothered with an ‘everyone owes €72.67’ text every month! And I’d certainly have no issues with asking someone to leave if it wasn’t working out. I also assume as I’m not in Dublin, even though close enough, I wouldn’t have students, etc to worry about.

    I suppose the real question is can anyone see the rent a room market going away anytime soon? It hasn’t in the 10+ years that I’ve been doing it anyway.


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    #10
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    lemmno wrote: »
    I agree on the bills. Couldn’t be bothered with an ‘everyone owes €72.67’ text every month! And I’d certainly have no issues with asking someone to leave if it wasn’t working out. I also assume as I’m not in Dublin, even though close enough, I wouldn’t have students, etc to worry about.

    I suppose the real question is can anyone see the rent a room market going away anytime soon? It hasn’t in the 10+ years that I’ve been doing it anyway.

    Well I cant comment on where you are as each area will have its own types. Im close to the airport so I have had a lot of new staff from Ryanair and also a good few English language students. Most areas will have a certain amount of new staff for businesses in the area though. Or a college.

    If you get the right one, its money for nothing. They become just a mate thats handing you cash and everything runs fine.


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    #11
    Caranica
    Registered Users Posts: 10,001 ✭✭✭✭Caranica


    I rented a room during the summer after my lodger of 5 years moved home and while I still had many replies, it was very much a different kind of person than last time. I also only received about 40% of the 100+ responses I had previously.

    With Covid, people who can work from home are working from home, that means parents houses or cheaper rural rentals than houseshares in Dublin or commuter areas. So you don't have the same pool to pick from as you had before. Having said that, I'm getting a higher rent but then I've gone from a 5 day rental to a to 7 day one which is taking a lot of getting used to.


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    #12
    juneg
    Registered Users Posts: 1,083 ✭✭✭juneg


    Caranica wrote: »
    I rented a room during the summer after my lodger of 5 years moved home and while I still had many replies, it was very much a different kind of person than last time. I also only received about 40% of the 100+ responses I had previously.

    With Covid, people who can work from home are working from home, that means parents houses or cheaper rural rentals than houseshares in Dublin or commuter areas. So you don't have the same pool to pick from as you had before. Having said that, I'm getting a higher rent but then I've gone from a 5 day rental to a to 7 day one which is taking a lot of getting used to.

    Where would you advertise a 5 day rental please?


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    #13
    Caranica
    Registered Users Posts: 10,001 ✭✭✭✭Caranica


    juneg wrote: »
    Where would you advertise a 5 day rental please?

    Same place as 7 day, daft etc. I put both options on my ad but got 0 replies for 5 day as all people like my previous lodger, who kept his social life in rural Ireland, have already moved home. The only reply I got from an Irish person was someone looking for a place for a couple. Chances of finding someone for a 5 day rental these days are very very low.


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    #14
    Claw Hammer
    Registered Users Posts: 6,160 ✭✭✭Claw Hammer


    lemmno wrote: »

    I suppose the real question is can anyone see the rent a room market going away anytime soon? It hasn’t in the 10+ years that I’ve been doing it anyway.

    Rent-a-room follows the normal rental (house-sharing) market. If there is an active house sharing market in the vicinity, renters will be attracted to rent a room deals on the basis of lower charges or superior facilities/better-managed accommodation.

    If there is no house-sharing market in the vicinity, it will be difficult to attract renters.


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    #15
    lemmno
    Registered Users Posts: 418 ✭✭lemmno


    salamiii wrote: »
    what happens if you and a friend falls out

    who owns the house

    also rents will start dropping for the next few years

    also your buying at top of market

    no matter what you read hiyses are not selling

    it would be better rentals in Dublin than wicklow


    Are houses really not selling at the moment? I keep hearing that they’re not but 3 houses for sale in my estate, two were sale agreed within a month of the sign going up. The third one only went up for sale two weeks ago.
    Kildare is our preference. Dublin isn’t an option financially. Wicklow/Meath is the last option. House won’t be bought until summer 2021 earliest, just doing some research now.


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    #16
    lemmno
    Registered Users Posts: 418 ✭✭lemmno


    Claw Hammer wrote: »
    Rent-a-room follows the normal rental (house-sharing) market. If there is an active house sharing market in the vicinity, renters will be attracted to rent a room deals on the basis of lower charges or superior facilities/better-managed accommodation.

    If there is no house-sharing market in the vicinity, it will be difficult to attract renters.

    Might be a stupid question but sure that’s why I’m here! How to know if there’s a house sharing market in the vicinity? Other than knowing that I have house shared there, and a few other people I know?


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    #17
    Claw Hammer
    Registered Users Posts: 6,160 ✭✭✭Claw Hammer


    lemmno wrote: »
    Might be a stupid question but sure that’s why I’m here! How to know if there’s a house sharing market in the vicinity? Other than knowing that I have house shared there, and a few other people I know?

    Look at the advertising for house shares. How much are they? How quickly do they rent.


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    #18
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    lemmno wrote: »
    Might be a stupid question but sure that’s why I’m here! How to know if there’s a house sharing market in the vicinity? Other than knowing that I have house shared there, and a few other people I know?

    Daft.ie


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    #19
    celtic_oz
    Registered Users Posts: 1,548 ✭✭✭celtic_oz


    lemmno wrote: »
    My friend and I are thinking of investing, we already live together long term and we’re basically paying the live in landlord’s mortgage for him so we were thinking of buying a 4 bed between us

    Dont do it.

    If there is EVER a money issue you may lose a friend, your credit record.

    If one of you gets married\sick or unemployed there will be huge pressure to sell even in a down market.


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