Best place to buy a house to rent out - Dublin

treenytru

Hi guys
This is a question from a complete newbie in the housing market. Basically My mum and I have some savings were are looking to invest in a property in dublin. The plan is for me to live in the house and take in 2 tenants. I currently live in Drumcondra and feel this area is a good place to buy considering the amount of students that are always looking for accommodation from DCU and St pat's but are there any other areas of the city where you think you'd be guaranteed a good and constant rental market. Thanks.

john_bane

treenytru wrote: »

Hi guys
This is a question from a complete newbie in the housing market. Basically My mum and I have some savings were are looking to invest in a property in dublin. The plan is for me to live in the house and take in 2 tenants. I currently live in Drumcondra and feel this area is a good place to buy considering the amount of students that are always looking for accommodation from DCU and St pat's but are there any other areas of the city where you think you'd be guaranteed a good and constant rental market. Thanks.

there is still a bit of value out a little further from you around the likes of Beaumont , its a boring but decent area and you would have no bother finding tenants

Gumbo

It depends on where you want to buy. In most places you will have a que to take the house. I advertised my property recently in a well known settled estate in Finglas and I could have rented it out 19 times over.

Tennants were vetted and deposits paid within 4 days of the initial ad being live.

treenytru

Thanks guys...it's comforting to know i can be assured a rental income. Kceire were you renting out the whole house or individual rooms....i'd be looking to live in the house myself so I'd have to rent it our room by room

Gumbo

treenytru wrote: »

Thanks guys...it's comforting to know i can be assured a rental income. Kceire were you renting out the whole house or individual rooms....i'd be looking to live in the house myself so I'd have to rent it our room by room

I was renting the whole house out.

handlemaster

if its purely rently your after try dublin 15. Demand is there prices not as high as where you have been looking

MarkAnthony

If they're buying it to support you at college, rent near college. If it's also to support siblings, hedge and go somewhere in central Dublin, Drumcondra, selected areas of D3/D7 where the Trinners lot like to rent.

If it's some kind of paddy property investor scheme for your own sanity think again. It's a massive bum-ache being a landlord and most of the profit gets swallowed up in tax. If you need it long term buy near work/ease of access to work, two tenants renting rooms will hit the cap (for tax) relatively quickly where ever you buy.

Piriz

it might not be wise to aim for the student tennant as they will have less cash and may only want a room for 9 months per year. there is plenty of young people in employment who will pay alot for a decent room in a stylish clean house with modern facilities.. that's what id recommend..

treenytru

thanks everyone for the advice...the more the merrier:)

riclad

IF you are living in the house avoid students ,
maybe buy house in dublin 15,clonsilla, roselawn, less than 200k,
maybe try and get 1 with large garden,
with a side garage.
AS above students look for 9 month place to stay,
theres loads of tech workers in dublin 15 ,
easy to get tenants ,
who are full time workers .
ask for 500 plus deposit,
maybe tenants over 20 under 40 years of age .
Forget students as tenants ,thats my advice .

handlemaster

riclad wrote: »

IF you are living in the house avoid students ,
maybe buy house in dublin 15,clonsilla, roselawn, less than 200k,
maybe try and get 1 with large garden,
with a side garage.
AS above students look for 9 month place to stay,
theres loads of tech workers in dublin 15 ,
easy to get tenants ,
who are full time workers .
ask for 500 plus deposit,
maybe tenants over 20 under 40 years of age .
Forget students as tenants ,thats my advice .

I think 1300 would be easily achievable for a three bed there . Or even a one bed apt your looking at 950

treenytru

I guess I'll have to square up my needs with what's the most sensible rental wise....I work in the city centre and quite like being within walking distance of work. I guess I'm also thinking of a place with long term potential...universities been less like to close up shop than big foreign companies but you guys have definitely give me lots to think about.

pandoraj09

It can be a nightmare living with tenants. Try to get people with the same lifestyle as you ie working hours/days etc. The less you have to share with your tenants the better for you...look for a place with an ensuite and if possible your own sitting room. Think about overnight guests....meeting strangers on the landing is not the nicest thing in the world. Also get people at the same stage in life as you....Things won't be easy if you're in your 30s and they're early 20s.
Might be an idea to start off with just one tenant and get used to having a stranger around. It all sounds great talking about the extra money etc but on a day to day basis it can be a nightmare if you have no experience of this and just jump in head first....I had a terrible experience of a post grad who was in fact making bombs in the box room I was renting him...detectives called and took away all my rubbish etc. He had excellent references and Uncle was a very high profile person.....He used to stand outside my room at night...I knew he was there but I couldn't do anything...Another tenant tried to kill herself in my bath...I was called home to see bloody water everywhere and blood all over my walls....!!!
Not trying to scare you but there are odd people out there...
I had good experiences renting on a Mon to Fri basis to people who went home at weekends...
Maybe think about that.
Good luck!

riclad

Yes ,there,s odd people out there,
so avoid students,
get someone 21 plus working full time in a job.
Some students go to lectures 3-4 days a week,
get someone works full time mon-friday.9-5pm every week.
MY friend takes on mainly foreign tenants,
female,
as they tend to be quiet,
they don,t drink much,and work hard .
They know no one in the area , apart from their co workers .
You ask for letter from employer,
joe works full time,mon-friday,
at job x.
no interns ,or part time staff .
Maybe ask for payslip ,some proof of salary .
Look for someone earning say at least 400 euro per week.


Yes ,you could buy house in city centre,
and just get tenants from large companys ,tech firms etc
IF a tenant is not working ,
he/she maybe entitled maybe to apply for rent allowance .
Look for documents,payslip etc,
people will lie,or say they work at x company.
Every landlord may get 1 bad tenant ,the point is think what you want.
BE careful,
make sure the tenant has a good job ,on a reasonable wage .
DO you want a tenant in a permanent job, on a good wage .
DO you want a tenant ,20 or 30 years old .
You get tenants anywhere in dublin,
you don,t have to take on students ,
theres a big demand for rental units in most parts of dublin .
Don,t take a tenant on jobridge or working as an intern .
Theres hospitals all over the city centre,
nurse,s junior,medical staff, are always looking for rental accomodation .