I live in Cork and have a rental property in Dublin (it used to be my home). It's been rented out for the last five years to the same tenants, a family of three, from the area. They've always paid their rent and have never asked for anything. When I moved out of the house I'd intended using a letting agency as I live so far from the property, but these tenants presented themselves and have been ideal in all regards. I gave them a favourable rate and haven't increased the rent once. There are few house available in Dublin for less than €1,000 per month, I'd say? For the last five years good tenants rather than good rent has been my priority.
Their employment has been precarious over the five years. When employed they've paid the rent themselves; when not employed they've received Local Authority (LA) assistance. Anytime they've been late with the rent, it's only been for a few days and have contacted me in advance.
Recently they've suggested HAP, but want me to concur. I suppose I've taken the view "leave well enough alone", but now I'm thinking of what the pros could be, and the cons. My own financial situation is becoming squeezed by young children getting older.
They way I see it, the advantages to me are:
Are there any pros and cons I'm missing? Are their any landlords out there that have had been in similar circumstances?
Thanks.
Their employment has been precarious over the five years. When employed they've paid the rent themselves; when not employed they've received Local Authority (LA) assistance. Anytime they've been late with the rent, it's only been for a few days and have contacted me in advance.
Recently they've suggested HAP, but want me to concur. I suppose I've taken the view "leave well enough alone", but now I'm thinking of what the pros could be, and the cons. My own financial situation is becoming squeezed by young children getting older.
They way I see it, the advantages to me are:
- Tax free rental income for three years.
- I can increase the rent by the RPZ amount (4%?). I would have been unable to increase the rent in the past without squeezing them, but now that the LA is paying for it it's not a concern.
- The above two points can be done with the same tenants.
- My fear of not "leaving well enough alone".
- My concern that the LA inspection may demand silly fixes (I've no problem fixing genuine problems). I'm hoping as that there is no change in tenants the inspection will be a formality.
Are there any pros and cons I'm missing? Are their any landlords out there that have had been in similar circumstances?
Thanks.