Advice on selling and renting.

[Carmel]

Hello
We have just accepted an offer on our house. We are planning on renting in the area that we eventually want to buy for a while, until we find a house that we would like to buy. The purchaser wants to close the deal quickly so that they qualify for mortgage interest relief (I think that the deadline is the end of June).

I am wondering if anyone has done this and has any advice, especially in relation to the following:
- We are a bit wary about putting down a deposit on a rented house until we are sure that the sale is going to go through. Is there anyway around this?
- We are hoping to rent an unfurnished house so that we don't have to put our furniture into storage. Most houses advertised seem to be furnished. Is it reasonable to ask a landlord to remove their furniture or do we have to limit ourselves to unfurnished houses?
- What is the rental market like at the moment - is it possible to negotiate an advertised rent downwards?

Tks
Carmel

 

[leonmahon]

1. Interest relief is sticking around till the end of the year (http://www.rte.ie/news/2011/0328/mortgage.html).

2. It is reasonable. Depends on the landlord as to whether they'll accept. Still, you're in a strong position as a renter in the current market.

3. Should be possible. If no one else is showing interest in the house then I would say you should most definitely be able to knock a couple of hundred off.

 

[michaelm]

We are a bit wary about putting down a deposit on a rented house until we are sure that the sale is going to go through. Is there anyway around this?

My understanding is that there will be time (a few weeks perhaps) between the signing of unconditional contracts and giving vacant possession of the house. The purchaser is legally committed to the deal at that stage and you should be able to organise a rental with confidence.

 

[bugler]

My tuppence worth from my recent experiences:

Unfurnished houses are rare, but landlords are slowly catching onto the fact there is a specific market for them. You can only ask to see if a landlord will remove items from the house - if they don't have somewhere for them they may be reluctant. A large amount of clutter in rentals is fit only for the skip - it isn't worth storing. I would say negotiate over this point, but don't be surprised if you're rebuffed. Many a potentially good rental has been ruined by an awful couch.

- What is the rental market like at the moment - is it possible to negotiate an advertised rent downwards?

It is, but not for every property. Good properties at the right price will let quickly, specifically when you have specific requirements like you (and I) do. If a rental has been up some time and hasn't let then take that as a cue that you might make an offer.

Good quality houses are still a rarity in the rental market in my experience. I viewed one this week that had been advertised for €1600, then dropped to €1350. It's a three bed redbrick. It is a big house and has a lot of potential, but it was stuffed full of old and ugly chests of drawers and bedside tables, and its carpets were filthy. I wouldn't rent it full stop. If you replaced the carpet (it was just in the hall and landing areas) and took the terrible 'furnishings' out of it it I'd have been interested. If the tenants you're after can afford €1350 (never mind €1600) then they can probably afford some bedside lockers from Ikea for €10.