House Rental in Kilross - Your thoughts please

Chevy RV

Hello Everybody,

I own a large 4 bed house in Kilross and was thinking of renting same out. It was built c1970's and would require maybe €15-€20K spent on it to bring it up to a really modern standard. It is structurally perfect so mainly cosmetic work.

My question is as follows :-

(a) should i spend this type of money on the house and then try to establish what the rental return might be given that there is not much on Daft around there to indicate demand for same in Kilross

(b) try letting it out cheaply as it stands?


Your thoughts please would be most welcome - what would you do?


Regards,


Chevy RV

Xenophile

Chevy RV wrote: »

Hello Everybody,

I own a large 4 bed house in Kilross and was thinking of renting same out. It was built c1970's and would require maybe €15-€20K spent on it to bring it up to a really modern standard. It is structurally perfect so mainly cosmetic work.

My question is as follows :-

(a) should i spend this type of money on the house and then try to establish what the rental return might be given that there is not much on Daft around there to indicate demand for same in Kilross

(b) try letting it out cheaply as it stands?


Your thoughts please would be most welcome - what would you do?


Regards,


Chevy RV

As you are no expert in property I would advise you to sell it.

Paddico

Hi Chevy,

I know the area well, my family are a mile from the village.
Hope this helps
First of all
"(a) should i spend this type of money on the house and then try to establish what the rental return might be given that there is not much on Daft around there to indicate demand for same in Kilross.
(b) try letting it out cheaply as it stands?"
Do some research first, speak to estate agents and get their thoughts, there’s 3-4 in town so that could be a start and see what demand is.
20k for renovation seems like lots, how much would a cosmetic upgrade cost, there’s a good builder in the village, I'm sure you know him so you could pick his brains.
I would imagine there is certain demand, its a nice area and if it has a view or is on one of the quitter roads then you could be looking at good potential.
Do you calculations, (annual rent - costs - tax if applicable). How long would you recoup your 20K. Maybe some new kitchen appliances, a carpenter for a few days and some paint might go a long way.
Also if you know anyone else who is renting in the area, ask them how they find it, find tenants etc
Hope that helps a wee bit.

P

mikep

Hi Chevy
We rented out our house in Thurles and in the long run it wasn't worth the hassle. One tenant decided to drop his rent as the amount he got from social welfare dropped..another did "renovations" without permission and left the place in a mess..
If you are mortgage free it might be worth it, otherwise I'd be very slow to do it..think about what will happen if you get a tenant who decides to stop paying rent..getting them out will be difficult and you will be without income from the house..
Sorry for being a downer on a Friday but the way things are set up at the moment I think landlords of single properties are in a very risky position so I think selling is the best idea..