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Potential First Time Landlord

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  • 22-07-2013 11:33am
    #1
    cullenswood
    Registered Users Posts: 2,322 ✭✭✭


    Hi,

    We are thinking of moving home, but are not in a position to get a mortgage for this for the next few years until the wife returns to work.

    We have been keeping an eye on the rental market in the area and have seen a house that would suit our needs perfectly. We were then thinking of going down the route of renting out our house, and renting this house for 2-3 years.

    I was looking for advice from others who have done this, or even just from landlords in general. How have the process of letting out their own house. What costs should I expect, and did they mount up to a lot more than you would have envisaged. Also, would we be better off renting our house through and estate agent, or on our own?

    Thanks for the help,


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    #2
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,380 CMod ✭✭✭✭Pawwed Rig


    What do you mean by move home?
    Home to parents house? Home to Ireland? Home to (insert small town here)?
    If you are living abroad any advice will be dependent on what country your property is located in.

    If your current house is in Ireland please advise where it actually is as that will make a huge difference to what advice I would give you regarding whether it is a good idea or not.


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    #3
    foggy_lad
    Closed Accounts Posts: 20,373 ✭✭✭✭foggy_lad


    cullenswood wrote: »
    Hi,

    We are thinking of moving home, but are not in a position to get a mortgage for this for the next few years until the wife returns to work.

    We have been keeping an eye on the rental market in the area and have seen a house that would suit our needs perfectly. We were then thinking of going down the route of renting out our house, and renting this house for 2-3 years.

    I was looking for advice from others who have done this, or even just from landlords in general. How have the process of letting out their own house. What costs should I expect, and did they mount up to a lot more than you would have envisaged. Also, would we be better off renting our house through and estate agent, or on our own?

    Thanks for the help,
    You will not be able to guarantee a steady income from renting out your own house and could not rely on income from that to pay the rent in your new rental property


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    #4
    cullenswood
    Registered Users Posts: 2,322 ✭✭✭cullenswood


    Pawwed Rig wrote: »
    What do you mean by move home?
    Home to parents house? Home to Ireland? Home to (insert small town here)?
    If you are living abroad any advice will be dependent on what country your property is located in.

    If your current house is in Ireland please advise where it actually is as that will make a huge difference to what advice I would give you regarding whether it is a good idea or not.

    Current house in Enfield, and moving to a different house in Enfield. More space, less over looked, closer to bus, shops, school etc.


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    #5
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,380 CMod ✭✭✭✭Pawwed Rig


    The rental market in small towns like Enfield is extremely weak at the moment. It may be difficult to find a tenant. In the event you get some interest it will be the tenants dictating the terms as it is a tenants market out that way. You should be looking at the social welfare rates to see what kind of rental income you will be likely to get. You may get more, an agent will be able to advise you.
    How do people normally get properties in your area? Is it through agents or through ads in the local shop/newspaper?
    You could try advertising it yourself if you have time to show it yourself. Alternatively you could approach an agent on the understanding that he does not have exclusivity on the contract which means if you find someone yourself you can just cut the agent loose.

    Costs? PRTB registration, agent fees (probably a months rent), more expensive insurance, advertising, paying mortgage on a potentially empty house, tax on the rental income.

    Being a landlord is not easy and can bite you in the arse pretty badly if you don't know what you are at. Research these websites to up your knowledge base a little on what it means to be a LL in Ireland

    www.revenue.ie
    www.prtb.ie
    www.threshold.ie
    http://www.irishstatutebook.ie/2004/...027/index.html
    http://www.citizensinformation.ie/en/


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