Thinking of selling a rental property? You should probably get a move on...

As I dig deeper into the house I keep finding more damage that was well hidden, things missing etc. I've changed my mind and decided to deduct the appropriate amount from the deposit and let them go to the RTB.
 
Silvius said:
Yes, I'm selling it, absolutely no question of renting again! Yeah, that's a possiblility, as far as I know they've left the country.
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Can you tell me, i have read you can offset the tax own in regard to the mortgage interest used to buy the property.
If your rental income is 15k per year and 9k of that is interest you only pay tax on 6k is that correct??
 
Silvius said:
As I dig deeper into the house I keep finding more damage that was well hidden, things missing etc. I've changed my mind and decided to deduct the appropriate amount from the deposit and let them go to the RTB.
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I'd advise lodging a complaint with the RTB yourself first seeking full costs for all damage caused. I have a friend who has similar issues with damage and furniture removed from the property who just withheld the deposit. The tenant lodged a complaint to the RTB and even admitted to some of the damage and removal of furniture during the hearing, but the RTB still ordered the landlord to return the full deposit.
 
Government consulting with AG re proposed eviction ban.

If any landlords are still debating whether or not they should exit the business, this may well push them over the edge.

www.rte.ie

Govt to do 'everything' to prevent evictions - McEntee

The Government will do "everything that we can" to ensure people remain in their homes this winter, the Minister for Justice has said, adding that the Government is seeking the advice from the Attorney General on whether it can implement an eviction ban.
www.rte.ie www.rte.ie
 
As of today the Bill had completed all Dáil stages, Seanad stage next. Although Oireachtas.ie says that the Seanad won't resume until 8 November so not sure when it will be at the point where the President can sign.
 
I had a look on daft.ie at "Portlaoise and surrounds" on daft.ie this morning. I don't know the place at all but I just picked it as an example of medium-sized urban area with about 10k dwellings.

I was astonished at what I saw. There is literally ONE property for rent (0.01%) and 115 properties (1%) for sale.


I think 1% of all properties for sale is pretty normal in any market. It means if you want to buy in the area you'll probably find something of the type you want in or around the location you want. This is healthy!

But literally 0.01% of properties are officially to rent which is completely crazy in any market and indicative of huge undersupply and landlord exit from the market. For sure there is no doubt a grey market where exiting tenants find friends who'll take over and agents have lists of potential tenants for any property that comes up. I was last properly on the rental market in Dublin in 2009 and at any point there were literally 20 properties within a ten-minute walk of where I lived, ten of which would have been suitable for my needs there and then. I know that was abnormal (oversupply and a collapsing economy) but a situation like today where literally 1 dwelling out of 10,000 is officially for rent is crazy.

There has been a complete policy failure here. No one likes landlords but the world still needs them and policy (tax, rent controls, planning) has conspired to ensure that old landlords are leaving and no new ones are entering.
 
NoRegretsCoyote said:
Read the rest of the sentence. I've put it in bold in case you missed it first time.



And if a little hyperbole isn't allowed to make a point from time to time I think we'd have a pretty dull experience here :)
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You still said it, and it's unfortunate when anyone says it, as that attitude is at this stage baked into the national psyche and has as a consequence done immense harm. The last acceptable bigotry?
 
Ah stop with that nonsense,

I read NRCs mail in its entirety, nothing in it suggested LandLord Bashing. Its easy to pick out snippets and twist them to suit your narrative.

It is a shocking read,

I checked in Lucan out of curiosity, a now huge area, 11 properties available on Daft to rent.. I don't know at this stage if this is even fixable.
 
NoRegretsCoyote said:
I was astonished at what I saw. There is literally ONE property for rent (0.01%) and 115 properties (1%) for sale.
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I think, and it's only a hunch, that some / a lot of landlords are leaving their properties empty due to excessive tennant rights and taxes. Otherwise we'd see a lot of properties up & down the country for sale, but we're not. Maybe the property investors are happy with long-term capital appreciation. Of course, if this is true, it's a double-whammy for those looking to rent and to buy.
 
Firefly said:
Otherwise we'd see a lot of properties up & down the country for sale, but we're not
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There are literally a hundred times more properties for sale than to rent in the example I've given.

A reasonable assumption is that a lot of landlords are selling.
 
NoRegretsCoyote said:
There are literally a hundred times more properties for sale than to rent in the example I've given.
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That might be true, but is the number of properties for sale a lot higher than it was say, 3 years ago? If landlords are leaving the rental market and selling up, I would expect a lot more For Sale signs around the place & online, but I don't see it.
 
Firefly said:
If landlords are leaving the rental market and selling up, I would expect a lot more For Sale signs around the place & online, but I don't see it.
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Listings of houses for sale on myhome.ie are up 32% year-on-year.

Meanwhile the number of rental properties on the market is at an all time low. This is also reflected in a dramatic drop in the number of new tenancies being registered with the RTB.

All the evidence points to an exodus of landlords from the market and this has led to a chronic shortage of rentals coming to the market.
 
Sarenco said:
Listings of houses for sale on myhome.ie are up 32% year-on-year.
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Thanks Sarenco. It's good to get something more official and accurate than my hunch!

Sarenco said:
All the evidence points to an exodus of landlords from the market and this has led to a chronic shortage of rentals coming to the market.
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I agree, they're leaving the market alright and in droves
 
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