Is it possible to rent/lease residential property for a year with prepayment

arleitiss

Hi,

Is it possible to rent properties in Ireland to live in for a year by paying full sum prepayment?


Like let's say there is property for rent for 1200 per month.
But I am willing to pay full lump sum of €14'4000 and live rent free for a year.


Is such thing possible and if so - would it be cheaper or same price? (12 x €rent)


I know I could probably find a room to rent with full prepayment but that feels risky as there is many pitfalls for shares/room rentals.

L1011

A lot of landlords would be extremely suspicious as to why you'd want to do this; if someone asked me I'd be immediately concerned about money laundering (looking for a refund). I'm not sure anyone would bother offering a discount for it either.

the_syco

What's to stop them evicting you three months down the line after some noise complaints?

mickdw

arleitiss wrote: »

Hi,

Is it possible to rent properties in Ireland to live in for a year by paying full sum prepayment?


Like let's say there is property for rent for 1200 per month.
But I am willing to pay full lump sum of €14'4000 and live rent free for a year.


Is such thing possible and if so - would it be cheaper or same price? (12 x €rent)


I know I could probably find a room to rent with full prepayment but that feels risky as there is many pitfalls for shares/room rentals.

Yes. No problem. What you do is put the full years rent into your bank account and let the monthly rent be taken from there.
Job done.
Why would you possibly want to do such a thing?

Assetbacked

arleitiss wrote: »

Hi,

Is it possible to rent properties in Ireland to live in for a year by paying full sum prepayment?


Like let's say there is property for rent for 1200 per month.
But I am willing to pay full lump sum of €14'4000 and live rent free for a year.


Is such thing possible and if so - would it be cheaper or same price? (12 x €rent)


I know I could probably find a room to rent with full prepayment but that feels risky as there is many pitfalls for shares/room rentals.

If your question is whether it's possible then the answer is yes of course it is possible. Not sure what the benefit to you would be if you weren't getting a discount though.

Car99

mickdw wrote: »

Yes. No problem. What you do is put the full years rent into your bank account and let the monthly rent be taken from there.
Job done.
Why would you possibly want to do such a thing?

They might like to get rid of some cash or bring the old bank savings balance down a bit.

Mellor

L1011 wrote: »

A lot of landlords would be extremely suspicious as to why you'd want to do this; if someone asked me I'd be immediately concerned about money laundering (looking for a refund). I'm not sure anyone would bother offering a discount for it either.

If their money was dirty. Paying rent like, whether they got a refund or not, wouldn't launder it.

L1011

Mellor wrote: »

If their money was dirty. Paying rent like, whether they got a refund or not, wouldn't launder it.

Provides a layer of deniability and easy to convince someone to put it in a different bank account. Used to be done to car dealers all the time - order, pay one way, cancel and ask for refund another

Marcusm

L1011 wrote: »

A lot of landlords would be extremely suspicious as to why you'd want to do this; if someone asked me I'd be immediately concerned about money laundering (looking for a refund). I'm not sure anyone would bother offering a discount for it either.

Not that uncommon (but not common by any means) for those who want to differentiate themselves to secure a place or who have limited Irish history/references, eg moved from abroad but not a corporate let. It’s actually very common in London high end. I wouldn’t necessarily expect a discount and I wouldn’t expect to be able to terminate early for change of mind etc.

Mellor

L1011 wrote: »

Provides a layer of deniability and easy to convince someone to put it in a different bank account. Used to be done to car dealers all the time - order, pay one way, cancel and ask for refund another

I'm sure you could get pay it from one account and paid into another.
But it's fairly transparent back to the source, not really "cleaned"

murphaph

Marcusm wrote: »

Not that uncommon (but not common by any means) for those who want to differentiate themselves to secure a place or who have limited Irish history/references, eg moved from abroad but not a corporate let. It’s actually very common in London high end. I wouldn’t necessarily expect a discount and I wouldn’t expect to be able to terminate early for change of mind etc.

Yep I've been offered 6 months up front in similar circumstances by new professional arrivals to Berlin. German landlords are more conservative and prefer to see German paperwork. I go more with my gut and am more interested in the person, their job etc. I haven't been let down by any tenant who has paid months in advance to differentiate themselves from others. No discount.

arleitiss

The only reason I was interested in this was:
I have more than required for deposit for mortgage but I want to save up additional money for about 12 months, so if there was such thing as residential lease (which would be cheaper than monthly rental) I would be interested in "investing" to save up more for a year while living rent free.


But thanks for responses, I guess I will just keep my head down and continue renting where I am now while saving.

Edgware

arleitiss wrote: »

The only reason I was interested in this was:
I have more than required for deposit for mortgage but I want to save up additional money for about 12 months, so if there was such thing as residential lease (which would be cheaper than monthly rental) I would be interested in "investing" to save up more for a year while living rent free.


But thanks for responses, I guess I will just keep my head down and continue renting where I am now while saving.

I wouldnt be discouraged by the conspiracy theorists here. If a landlord is willing and both parties are happy with the arrangement why not? You may even get a discount

arleitiss

Edgware wrote: »

I wouldnt be discouraged by the conspiracy theorists here. If a landlord is willing and both parties are happy with the arrangement why not? You may even get a discount

The logic behind my question was that many landlords would be happy to get lump sum to make big lump sum payment on any mortgage they might have thus reducing monthly payment/term.

I understand it also ties landlord to basically pay for 12 months for mortage from their own pocket but they still have to pay less now thus having big advantage as I would be out in a year while their reduced repayment remains.

SEPT 23 1989

Grow house is what I would think

Mellor

Mellor wrote: »

I'm sure you could get pay it from one account and paid into another.
But it's fairly transparent back to the source, not really "cleaned"

Unless it’s cash. Pay the full rent to use up cash though it would be just as handy to pay monthly with cash.

newuser99999

arleitiss wrote: »

The logic behind my question was that many landlords would be happy to get lump sum to make big lump sum payment on any mortgage they might have thus reducing monthly payment/term..

Aren’t you penalized for paying off your mortgage this way?

arleitiss

SEPT 23 1989 wrote: »

Grow house is what I would think

Not my style of "saving up"

newuser99999

newuser99999 wrote: »

Aren’t you penalized for paying off your mortgage this way?

Depends on the mortgage, variable unlikely but fixed it is likely.

Marcusm

arleitiss wrote: »

The logic behind my question was that many landlords would be happy to get lump sum to make big lump sum payment on any mortgage they might have thus reducing monthly payment/term.

I understand it also ties landlord to basically pay for 12 months for mortage from their own pocket but they still have to pay less now thus having big advantage as I would be out in a year while their reduced repayment remains.

Unless it secures the lease for you rather than anyone else or you are getting a reasonable discount, I wouldn’t consider it in Ireland.

Mellor

arleitiss wrote: »

so if there was such thing as residential lease (which would be cheaper than monthly rental) I would be interested in "investing" to save up more for a year while living rent free.

A rental apartment/house is a residential lease.

Reuben Wooden Stagecoach wrote: »

Unless it’s cash. Pay the full rent to use up cash though it would be just as handy to pay monthly with cash.

That would use dirty money up. But not launder it.

ted1

I’d assume that you are going to use it a brothel or similar

Victor

What if the property burned down or flooded? There would likely be no obligation for repayment.

dotsman

arleitiss wrote: »

The only reason I was interested in this was:
I have more than required for deposit for mortgage but I want to save up additional money for about 12 months, so if there was such thing as residential lease (which would be cheaper than monthly rental) I would be interested in "investing" to save up more for a year while living rent free.


But thanks for responses, I guess I will just keep my head down and continue renting where I am now while saving.

I still don't get it. You still finish the year on the exact same money. What have you gained?

Mellor

dotsman wrote: »

I still don't get it. You still finish the year on the exact same money. What have you gained?

I think he’s assume it would be cheaper as a “lease”. But I can’t see how it would.