I am looking at buying a rented residential property with a sitting tenant paying €1,000 per month in rent.
* I understand this tenant has been living and renting the property since 2013 - no issues.
* The tenant appears to be a good tenant and property is in good/walk-in condition.
* I would intend to buy this property serve notice on the tenant use the property as my new home. Straightforward transaction one would think.
* I obviously have sympathy for the tenant, I would respect all relevant legislation and procedures. But nevertheless they would move on and I'd move in (after a notice period)
* I would expect by the time, if I am the successful buyer, I'd issue new lease then issue a notice of termination to the current tenant. I'd wait the appropriate time and they should vacate in about six months minimum.
* To finance this deal I'd sell my current property, rent in the short term and move to a new property once it is vacated.
* I'd obviously have to manage the new property's mortgage, rental costs and possible legal costs with the sitting tenant and any additional income tax obligations.
* I think the current rent is fair but similar properties to rent would be more expensive in the area. I know nothing of the current tenant but expect they're reluctant to move. It is a massive inconvenience after all for them.
* This property is good value compared to the market in the same area.
* I would obviously engage a solicitor plus a residential agency surveyor during this process and have budgeted about €5k to cover additional legal costs (excluding purchase transaction costs). Even with the E5k the house would be good value. However, having read "nightmare" situations in the newspapers we are concerned about the potential the hassle. It may be in the tenants interest to have a "drama" in order to buy time and look for somewhere else suitable to live.
* I would like to hear the views of anyone who has experienced a similar transaction.
I'd like your views on the pro's and con's - or would I be better off looking at something less complicated!
* I understand this tenant has been living and renting the property since 2013 - no issues.
* The tenant appears to be a good tenant and property is in good/walk-in condition.
* I would intend to buy this property serve notice on the tenant use the property as my new home. Straightforward transaction one would think.
* I obviously have sympathy for the tenant, I would respect all relevant legislation and procedures. But nevertheless they would move on and I'd move in (after a notice period)
* I would expect by the time, if I am the successful buyer, I'd issue new lease then issue a notice of termination to the current tenant. I'd wait the appropriate time and they should vacate in about six months minimum.
* To finance this deal I'd sell my current property, rent in the short term and move to a new property once it is vacated.
* I'd obviously have to manage the new property's mortgage, rental costs and possible legal costs with the sitting tenant and any additional income tax obligations.
* I think the current rent is fair but similar properties to rent would be more expensive in the area. I know nothing of the current tenant but expect they're reluctant to move. It is a massive inconvenience after all for them.
* This property is good value compared to the market in the same area.
* I would obviously engage a solicitor plus a residential agency surveyor during this process and have budgeted about €5k to cover additional legal costs (excluding purchase transaction costs). Even with the E5k the house would be good value. However, having read "nightmare" situations in the newspapers we are concerned about the potential the hassle. It may be in the tenants interest to have a "drama" in order to buy time and look for somewhere else suitable to live.
* I would like to hear the views of anyone who has experienced a similar transaction.
I'd like your views on the pro's and con's - or would I be better off looking at something less complicated!