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Property to rent query

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  • 29-03-2020 5:26pm
    #1
    dodzy
    Registered Users Posts: 9,999 ✭✭✭


    Quick one folks...

    2 friends have a shared ownership on a property for many years now in the castleknock of Dublin 15. The property is in a well maintained complex close to all ameneties, very good location in fairness and its in very good nick. 3 double bedrooms, 2 down & 1 up with enusuite and main bathroom

    First query: They have been way under-renting for quite some time and their intention was to sell in the current situation with all that is going on, they have decided to rent for 1 more year and then off-load. In terms of actually viewing the property with current restrictions in place, is it even possible ? (to arrange to open up for private viewings)

    2nd: The previous tenants have obviously moved out so in terms of rental price, are they bound by the previous rental price or are they free to increase to current market level? I would have thought the latter.

    Any info greatly appreciated.


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    #2
    accensi0n
    Registered Users Posts: 2,777 ✭✭✭accensi0n


    dodzy wrote: »
    First query: They have been way under-renting for quite some time and their intention was to sell in the current situation with all that is going on, they have decided to rent for 1 more year and then off-load. In terms of actually viewing the property with current restrictions in place, is it even possible ? (to arrange to open up for private viewings)

    Not sure about this one. But I imagine that they don't 'need' to rent it immediately so therefore they shouldn't open up viewings.
    Also, given the general circumstances, just wait a few weeks.
    dodzy wrote: »
    2nd: The previous tenants have obviously moved out so in terms of rental price, are they bound by the previous rental price or are they free to increase to current market level? I would have thought the latter.

    They can only increase 4% per year since the last rent review. They are not free to increase it to whatever they deem the current market value to be.

    https://onestopshop.rtb.ie/calculator/rpz


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    #3
    dodzy
    Registered Users Posts: 9,999 ✭✭✭dodzy


    accensi0n, thanks a mill for the input. Being in a Rent Pressure Zone is obviously the reason for their inability to increase.

    Someone will be getting a very nice deal so! One final Q.... Daft / Myhome.ie - are they 2 separate entities with the requirement to pay for ads on both sites if you wish to avail of them both ??


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    #4
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    Go with daft.ie it goes on rent.ie for free...there really is only daft...my home is so far behind.

    While you can’t do physical viewings you can do a lot. Take plenty of photos of every room. Or do a video tour of the property And show it to your short list of potential tenants. Short list the tenants get their references in. Do a digital lease through daft. It is possible to let the property without tenants viewing it or you ever meeting tenants.


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    #5
    Millem
    Registered Users Posts: 7,729 ✭✭✭Millem


    Baby01032012 wrote: »
    Go with daft.ie it goes on rent.ie for free...there really is only daft...my home is so far behind.

    While you can’t do physical viewings you can do a lot. Take plenty of photos of every room. Or do a video tour of the property And show it to your short list of potential tenants. Short list the tenants get their references in. Do a digital lease through daft. It is possible to let the property without tenants viewing it or you ever meeting tenants.

    We rented two properties without ever physically viewing them....one in 2005 and again in 2007. It was no problem at all.


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    #6
    Edgware
    Registered Users Posts: 5,874 ✭✭✭Edgware


    Millem wrote: »
    We rented two properties without ever physically viewing them....one in 2005 and again in 2007. It was no problem at all.

    People coming from over seas do it all the time but usually with reputable letting agents.
    They might still be interested in a private deal but with a lesser financial commitment until they are in Ireland


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    #7
    JustAThought
    Registered Users Posts: 5,324 ✭✭✭JustAThought


    OP - google your area in daft and see what the comparable market rate is and set your rent at that. You say it hasn’t been rent reviewed in years and the previous lodgers were there for years? Local Market rate it and do screengrabs of comparable properties rent advertised in your area.

    Regarding renting at the moment I’d hold off - apart from the obvious risks to all concerned there is the question of why people would be moving in the middle of a pandemic and lockdown and whether the would or will retain their ability to pay. Far safer to wait a month or two than find yourself with someone whose job or company no longer exists and who you move in and then are forced to wait 2 years to evict while they have a free ride and your expense. Quite likely to happen atm.

    daft ads are free - I’d only put one up first as you should be inundated with replies.


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    #8
    dodzy
    Registered Users Posts: 9,999 ✭✭✭dodzy


    JustAThought wrote: »
    OP - google your area in daft and see what the comparable market rate is and set your rent at that. You say it hasn’t been rent reviewed in years and the previous lodgers were there for years? Local Market rate it and do screengrabs of comparable properties rent advertised in your area.

    Regarding renting at the moment I’d hold off - apart from the obvious risks to all concerned there is the question of why people would be moving in the middle of a pandemic and lockdown and whether the would or will retain their ability to pay. Far safer to wait a month or two than find yourself with someone whose job or company no longer exists and who you move in and then are forced to wait 2 years to evict while they have a free ride and your expense. Quite likely to happen atm.

    daft ads are free - I’d only put one up first as you should be inundated with replies.

    Yes renting for years and never upped the rent as tenants were top notch. That said, it was easily 500plus lower than it should have been at the end of the tenancy but that said, I believe assensi0n’s reply is correct as it falls into a RPZ so they are very restricted in terms of what they can rent for unless it has either not been rented for minimum 2 hrs or has undergone substantial refurb.


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    #9
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    I think renting is not a runner at least till the end of the summer. Even then worst case they could get in and refuse to pay and it would take years to never get them out. Could cost you tens of thousands. Why risk it?

    Selling it and doing it all online is possible but I think there is a window where people ready to buy will still be able and willing to buy. Especially in a place like D15 which has no supply for years. If it hasn't sold by the end of the summer I think the market will slow to a crawl and people will wait and see that happens.

    Depends on how fast China gets going again and if we can repeat that here. Lots of unknowns.

    You could sell then buy back in later in a place that's not been rented before. No cap then. Free to set market rate.


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