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Rental Apartment - Finish Expected

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  • 22-07-2012 12:12am
    #1
    peter_dublin
    Registered Users Posts: 385 ✭✭


    Hi All.

    I have a unit that a family member rents from myself and I rent elsewhere, the unit has never been on the private rental market per say and my brother has been given family rates, tax etc are all above board but he's now moving on to his own place so it's time to really rent it out.

    Question, what if any premium on the average rental rate in an area can you charge for a higher standard of finish. As an example units in the complex and area generally are 20+ years old with storage heating.

    My own unit has new four year old kitchen, marble tiling throughout, A rated Gas Heating with weather comp,zones etc, Pressuried Water, fully insulated, solid oak floors etc etc... I could go on.

    This was all done while it was my own residence some years ago, no expense spared and I am concerned now that unless I find the right type of tenent it will be destroyed.

    Any advice on how you would approach this, I had planned to have the rental rate at a premium of say of 10% min over the area rate so as is discourage those who may not appreciate the finish and be less likely to maintain it but am concerned it would be a disaster. I have a very good tracker rate so selling is pointless I think, Get three times more interest froms state savings that tracker costs.


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    #2
    TheTurk1972
    Registered Users Posts: 154 ✭✭TheTurk1972


    Generally you won't get higher rent than sililar properties in the same complex even if your finish is far better than the others on offer.
    Where there would be an advantage is that yours will be taken before the less attractive ones if they were on the market at the same time.

    To be blunt though, prepare to have all of your nice stuff treated like sh!t and wrecked over the next few tenants.
    When you replace, go for the cheapest replacements you can get because people renting in general do not look after stuff like it is their own.


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    #3
    peter_dublin
    Registered Users Posts: 385 ✭✭peter_dublin


    Thanks for the reply, this is what I was afraid of, to be honest I am thinking now of removing and selling a lot of the more expensive items if I cannot rent for a premium, the shower mixer was 800 euro alone and god forbid they broke the wireless controller it would be in excess of 100 for a new one so back to the drawing board for a good think over.


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    #4
    fasttalkerchat
    Registered Users Posts: 5,652 ✭✭✭fasttalkerchat


    Rent it out at the high end of others in the area that way you have a choice of tenants. Your tenant will have no respect for the place if it is just a place to sleep.


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    #5
    peter_dublin
    Registered Users Posts: 385 ✭✭peter_dublin


    Hi,

    That was my thinking, that someone who is will to spend extra for a place with the best of everything is more likely to look after it at the same time, Hard to know how to approach it, there is no shortage in rental demand in the area, demand for high end luxury is another thing though.


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    #6
    ANXIOUS
    Registered Users Posts: 3,095 ✭✭✭ANXIOUS


    peter_dublin wrote: »
    Hi,

    That was my thinking, that someone who is will to spend extra for a place with the best of everything is more likely to look after it at the same time, Hard to know how to approach it, there is no shortage in rental demand in the area, demand for high end luxury is another thing though.

    Where is your house located?


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