Longterm lease to the local council

[olivia]

We are thinking of leasing 2 properties on the long-term lease arrangement to the local city council and would like to make contact with someone who is already doing this or knows anything about it.

 

[KOW]

Hi Olivia,

Background. I am leasing an apartment in Palmerstown Dublin 20 to SDCC on the long term rental scheme for a period of 8 yrs where I am payed 80% of the going rental rate for the area. Two and a half yrs into contract all good so far.
Previously to this contract I had it with SDCC under RAS scheme where I got 90% of going rent for the area for period of four yrs.
Before that privately let out.

Why I went with long term rental.
1. Paying tax on rental income very little difference between RAS and long term contract. Paying tax at high rate.
2. Once the contract was started after six month period I was no longer responsible for any repairs maintenance etc. No calls no hazzle.
3. Council return property to original condition on completion of contract.

Before council take on property inspection takes place. Prior to inspection council will advise you what needs to be in order. Bit of paperwork and procedure required. Examples tax clearance cert, electrician to inspect and certify all in order, proof of ownership of property fire blanket carbon monoxide detector etc etc. Bit of pain but all doable with a little effort.

Advantages over been a landlord directly or staying with RAS.
Minimum drop in income if any at all when ongoing maintenance over such a long period is taking into consideration.
Great if you dont like been a landlord.
Rent payed on time every time.

Go for it.

 

[galway_blow_in]

I bought a two bed town house in Limerick city in early 2018, I handed the keys to the local authority July 27th for ten years, I argued for a high reference point when it comes to rent so by the time 20 % waa deducted, I still felt I was getting a good monthly rent, council did not argue, I was responsible for everything for the first six months but the phone never rang

I was lucky with the council inspector, his demands were not unreasonable at all and not especially costly, no complaints there

All in all its been good for me to date.