Time to get rid of the rental property?

[moneymakeover]

The killer is the 7k tax bill each year
And how to prepare for that

 

[NoRegretsCoyote]

@Sarenco

I suspect it will be replaced by something functionally equivalent if a bit less extreme.

I quite like something like the following for sitting tenants. No more than a +4% increase per year once it leaves rent no lower than 15% below market prices.

 

[Brendan Burgess]

Or just simply "the landlord can increase the rent to the market level but not beyond that"

Or the landlord can set the rent at whatever level he likes for new tenants. The problem with that is that the landlord might try to kick out the existing tenant so that they can get a new tenant at market rates.

Brendan

 

[NoRegretsCoyote]

"the landlord can increase the rent to the market level but not beyond that"

That's what the 2004 Act said before RPZs were introduced in 2017. I don't think we're going back there...........

 

[Sarenco]

Or just simply "the landlord can increase the rent to the market level but not beyond that"

That's the current position outside an RPZ (where rents may only be increased once every 24 months).

So it wouldn't require a "new system" - it already exists.

The funny thing is that asking rents in Dublin actually fell by 3.2% in the year to 31 March 2021, according to Daft.

 

[LS400]

. Perhaps also to give the kids some kind of a head start (but we don’t know how much we subscribe to that given that myself and my spouse were never handed anything). We

I don’t buy that thought frame, we have it way more easier than the up and coming mob. I didn’t get anything handed to me either, but there’s no way I could aspire to achieve what I worked for now days I can tell you.

I have a daughter living in a rental property of mine, (in a nice part of Dublin and, paying a reasonable fee course) she loves her independence, and is comforted in the sense that she won’t get turfed out. She’s 26 works ferociously hard and has a fantastic paying job. There’s no way she could afford to live there even on her decent salary. Im glad I can help them out. Her friend is a qualified barrister, and earning good money, yet she has all but given up on securing a decent property in Dublin to buy.

The point I’m making is that they grow up fast, and with property, there’s more peaks than troughs. So, even though my saying, when it’s gone, it’s gone is irksome to some contributors here, I’m reluctant to advise selling unless your heart is not in it anymore.

As regards having to put money into the property, well that’s the joys of owning a property. It’s keeping an investment in good order for the day you sell. It doesn’t go to waste, and, Your existing tenants seem like the ideal people to look after your investment for the foreseeable future. I wouldn’t spook them unless you need to.

 

[Solari245]

The point I’m making is that they grow up fast, and with property, there’s more peaks than troughs. So, even though my saying, when it’s gone, it’s gone is irksome to some contributors here, I’m reluctant to advise selling unless your heart is not in it anymore.

Thank you. Yet another interesting perspective. We are definitely leaning towards allowing the current tenants run their course and then making a decision on whether to sell when the time comes. Very helpful inputs from everyone. Much appreciated.