Rental - sell, upgrade or carry on under market value

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NellS82

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I got some advice to re-post in this section:

Hi everyone- would appreciate some advice
accidental landlord here
tenant going to be served with termination as part 4 tenancy ending after 6 yrs with low rent - Management Agent said notice has to be served or lease will roll over for another 6 years
we are in a RPZ
Termination in Spring 2025
can anyone recommend a financial advisor who deals with property investment please?
who could advise about whether to sell, update to get a market rent or re-let or what ?
struggling to know what to do
if I re-let the property tenant will have the keys for another 6 yrs at a low rent
any advice appreciated
I'd like to get more money for the house it's in v good condition
I'll take a loan if necessary to upgrade -
have scope to do an attic conversion to add bedroom

current rent €1700
HAP tenants currently - lately have expressed expectation of replacement of furniture, painting of house etc so investment may be required regardless
open rent could be up to €2.5k per month
3 bed house with parking
mortgage interest rate of 4.9%
Property agent 6% per month
fully complaint with Revenue/ RTB
I can sell property without having to offer to current tenants as Part 4 lease
Mortgage another 15 years ish to run



 
Give notice

Option 1
Convert attic to ensuite, furnish as bedroom.

Depending on your layout, add or remove an internal wall.

for example one or more of the following:

Use the box room to make a bedroom into an ensuite.

Redo the kitchen into kitchen / common room

Take out the fireplace & make the living room a bedroom

Get your BER up (depends on what your BER is now)

Make sure you have fully documented, photos, engineers report, contractor invoices.

option 2 - leave property untenanted for 2 years

And then re-let at market rate, and ditch the agent. In my opinion, no one looks after your business as well as you do.
 
Last edited:
What price do you think the house would achieve on the open market with vacant possession?

Also, how much is the mortgage outstanding on the rental and do you have a mortgage outstanding on your home?
 
NellS82 said:
I got some advice to re-post in this section:
Click to expand...
When I suggested that you might post here I meant using the usual Money Makeover template. Without the sort of information that it covers it's difficult to give meaningful feedback.

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
www.askaboutmoney.com
 
DannyBoyD said:
And then re-let at market rate, and ditch the agent. In my opinion, no one looks after your business as well as you do.
Click to expand...
I agree. The main reason for using an agent is if you don’t live nearby. But if you live close you should be doing regular inspections and taking care of minor repairs yourself.

In my experience agents can add a little bit of value in being able to get tradesmen out at short notice, but they inevitably do the lowest quality job possible.

If you really want to use an agent ring around and bargain and you might get something more like 5% plus VAT. Some of them will give you a better rate if you pay annually and in advance.
 
DannyBoyD said:
Give notice

Option 1
Convert attic to ensuite, furnish as bedroom.

Depending on your layout, add or remove an internal wall.

for example one or more of the following:

Use the box room to make a bedroom into an ensuite.

Redo the kitchen into kitchen / common room

Take out the fireplace & make the living room a bedroom

Get your BER up (depends on what your BER is now)

Make sure you have fully documented, photos, engineers report, contractor invoices.

option 2 - leave property untenanted for 2 years

And then re-let at market rate, and ditch the agent. In my opinion, no one looks after your business as well as you do.
Click to expand...

DannyBoyD said:
Give notice

Option 1
Convert attic to ensuite, furnish as bedroom.

Depending on your layout, add or remove an internal wall.

for example one or more of the following:

Use the box room to make a bedroom into an ensuite.

Redo the kitchen into kitchen / common room

Take out the fireplace & make the living room a bedroom

Get your BER up (depends on what your BER is now)

Make sure you have fully documented, photos, engineers report, contractor invoices.

option 2 - leave property untenanted for 2 years

And then re-let at market rate, and ditch the agent. In my opinion, no one looks after your business as well as you do.
Click to expand...
thank you Poster - I never thought of converting the front room - there's a gas fire there which is never used
kitchen / dinner is big - could definitely be separated into 2 rooms
BER isn't bad it's a C could probably get it up but I think it needs to go up 6 notches
could do attic - there's nothing up there right now
 
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