New rent restriction rules meant my tenant was renting my property at 60% of market rate. He’d been there for years and I was foolish enough to keep the rent low as he was a good tenant; looked after the place, paid on time etc.
Thanks to the introduction of the rent increase restrictions, I decided to put the property up for sale and served adequate notice on the tenant. He was less than pleased about this.
When he left he told me if I didn’t follow through with the sale (ie. re-let to another tenant at a higher rent), he would report me to the RTB and take me to court. (Apparently, his father is a solicitor.)
Anyway, the property has been vacant and on the market for two months now. I’ve had a couple of offers (including one from the tenant) but nothing near what I would like to sell it for (it's barely out of negative equity).
I’m struggling to cover the mortgage with no rental income. Rents in the area are good and there is no shortage of prospective tenants. I know I can’t just re-let it without renovating so even though it’s already in good condition, I plan to renovate and re-let it at market rate. I’ve asked the RTB how much I need to spend and they said It’s up to me but it must add value to the property. My budget is about €2K.
I have no doubt my former tenant (via his father) will come after me for anything he can get so I want to make sure I am covered when he does. Can anyone tell me the best way to do this?
Thanks to the introduction of the rent increase restrictions, I decided to put the property up for sale and served adequate notice on the tenant. He was less than pleased about this.
When he left he told me if I didn’t follow through with the sale (ie. re-let to another tenant at a higher rent), he would report me to the RTB and take me to court. (Apparently, his father is a solicitor.)
Anyway, the property has been vacant and on the market for two months now. I’ve had a couple of offers (including one from the tenant) but nothing near what I would like to sell it for (it's barely out of negative equity).
I’m struggling to cover the mortgage with no rental income. Rents in the area are good and there is no shortage of prospective tenants. I know I can’t just re-let it without renovating so even though it’s already in good condition, I plan to renovate and re-let it at market rate. I’ve asked the RTB how much I need to spend and they said It’s up to me but it must add value to the property. My budget is about €2K.
I have no doubt my former tenant (via his father) will come after me for anything he can get so I want to make sure I am covered when he does. Can anyone tell me the best way to do this?