Rental Market in Ireland?

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Musetta
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Rental Market in Ireland?

Post by Musetta »

Does anyone own a home in Ireland that they rent as a holiday home?

We are toying with the idea of purchasing somehing there in the future (as if Italy doesn't keep me busy enough!!)...maybe distant future...don't know.

Obviously, it's not the best time for me to buy (due to the great Irish economy and the really bad US dollar right now!!)...but it is something we woukld use personally (and save us from stying in the in-laws sitting room when visiting!!!), so it is kind of a selfish and not totally financially based idea :-)

We can't afford it though unless we think there is SOME sort of shot of renting out! I know the market is not huge for American guests as most seem to stay in B&Bs and really hit the popular tourist areas...ring of Kerry, etc. - we would try to find something in the North East.

I'm cuious to know if anyone else has been able to make a go of it in Ireland...how's business? ;-)
Thanks!
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Al Fresco
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Ireland rentals

Post by Al Fresco »

Hi Musetta, We have nearly finished our first year in renting our house in Donegal, and to be honest we have been very pleased, both with rates, booking levels and calibre of client (mostly)! Provided you dont need a complete capital return on your investment, then a holiday rental home in ireland does make sense. Also remember the running costs are low as there are no rates, and no water meters/rates.... only your electricity and rubbish collection. Compared to Spain or Britain this is a sizeable saving... go on do it!!
Musetta
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Post by Musetta »

how wonderful you posted this :-) and quite funny because I asked the question quite some time ago and then hadn't thought about it...until this week when the subject came up again...so...maybe it's in the stars (and maybe not, of course).(Our main reason, BTW is to have a place close to family, so the return wouldn't HAVE to be great to make it worth it...but would be nice ;-) )

Do you mind if I ask a dumb question? All the properties I've seen in the area are Board Failte approved...do you HAVE to be? not that we wouldn't want the *s ...but it seems it could take some time to sport out all their specifics and get them out to inspect and I was wondering if I'd have to wait before letting? what other sort of permissions do you need to get in Ireland?
Thanks again so much for posting!
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Al Fresco
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Bord Failte

Post by Al Fresco »

Hi Musetta,

I'm new to the board, so I'm just picking up threads where I have an interest, so your question is right up our street, and I thought also that the time elapsed might make the answer irrelevant, but no, thanks for replying!
As regards Bord Failte, we don't bother with it. We basically abhor any form of government intervention in our enterprises, and so stay away from such marketing opportunities. There is no doubt, Bord failte have their place in Irish tourism, but as we market exclusively through the internet... self catering rental sites, all of which are discussed elsewhere on this site, we have found no immediate neeed to go down the approval road. However we do have a brand new unusual property to rent, and because of it's uniqueness, this may be why we don't need Bord failte. I suspect if you are a smaller rental with no unique selling point then they could be essential. Certainly if you are running a bed and breakfast, then I think they would be worth registering with. Rental houses are certainly a different market, which you are no doubt already aware of with your current portfolio!
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TTYS!
Musetta
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Post by Musetta »

Thanks. We also have not needed, with the other two properties, to bother really with the tourist boards at this point and have focused on our own advertising, so I'm with you on that one! (I've never owned a rental in Ireland though, so I wanted to double check that it wasn't a silly legal requirement or anything that says we HAVE to be approved by them.)
Padraig
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Rental in Ireland

Post by Padraig »

We have had a property in Ireland for about 14 years in an East coast town. When we originally bought it where my wife was brought up, we were advised not to go for a seaside property, which would let well in summer (what summer?) and be empty the rest of the year. Initially let for 11 months in a year to one yenant, the property has been overtaken by new build so we converted to holiday lets through Welcome Cottages. We achieved 23 weeks letting last year but have decided to handle the lettings ourselves as Welcome were taking 40% of the takings and giving us a very poor service in terms of owner support. We have a big advantage that people that we know through my wife's family look after the properrty and make our guests very welcome (we pay them for the service) and generally comments are very favourable and especially in terms of our keyholder. Bord Failte is now Discover Ireland and have sub contracted their rating system for rental properties, so i would say "Don't bother".

Good luck.
catherinedonegal
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Post by catherinedonegal »

hi musetta - i am new to the holiday lets in ireland (though i live here) but one thing i did learn is that bord failte (now failte ireland) do not consider any holiday lets for their (EXPENSIVE) listings other than group lettings. in other words you need to have a block of at least 8 properties before they will evaluate you. which is all to the good. their previous criteria was just that you had to pay their massive fees basically. as far as i am aware they didn't do inidvidual checks and therefore how can you think one of their 'recomended' properties are good? simply because the owner ticked the right boxes? NAH.

so we are in our first year of holiday rentals and even if we could go with failte ireland we would not consider it. i refuse to pay for something that gives nothing so like other irish holiday rental folk, i will paddle my own canoe (with recommendations from laymyhat) and take my chances. :)
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greenfrog
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Post by greenfrog »

Hi Musetta,

That strong Irish economy you referred to is now a thing of the past. Property prices are plummeting so if you wait a bit, at least until near the end of this year, you'll find something that's more affordable.

It's hard to know where it's going and those LMHers with properties there - I'm strictly end user and observer - will know more.

What I have found is that there are far more self-catering rentals to be found, some really nice, some truly horrible that look as if they haven't been updated since the 'seventies.

Think too about flight costs. Aer Lingus is still in a perilous position and I haven't found a particularly cheap flight to Ireland in several months, and I go back a lot and am totally flexible on travel times.

That said, Ireland is a wonderful destination and a great place for a holiday home. :D I think a portfolio with both Italy and Ireland sounds fab! (although adding France would make it perfect!! :lol: )
Lounging on the lily pad...
Musetta
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Post by Musetta »

yes, it is funny how things change so quickly - seems like forever since I started this thread!

Anyway...as for cost of flights...doesn't really matter as we have to be over and back anyway to visit the family - my kid is the only grandchild, so we're expected often :-)

(NY to Dublin in the next couple of months is only $350 return...that's the best I've seen in a while...and ALWAYS much, much, much cheaper than Italy. In the past, we've stopped off in Ireland on the way to Italy anyway because it's a cheaper flight and usually ends up costing the same when you then factor in the extra flight to Italy)

so...keeping eyes open...found a really lovely place, but it needs a TOTAL renovation and I don't think we're up for trying to deal with planning permission, etc. from abroad ;-( going to keep looking for something though. (we're also torn on how near...or far...we want to be from my in-laws'!)
esentziak
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the Property Pin

Post by esentziak »

Hi

You can keep an eye on price of properties in Ireland on the following website (I think they track prices on daft.ie)


http://www.thepropertypin.com/


Best regards

Dominique
Musetta
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Post by Musetta »

thanks, yes - irishpropertywatch.com is a good one too (if anyone else is looking)
p.s. sorry about the double post...no idea how to delete one! sorry!
esentziak
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Post by esentziak »

Hi Musetta

thanks - did not know this website.

We have no intention of buying in Ireland at the moment but perhaps when our daughter has children, if we could buy something really cheap, we would be tempted so we could spend a few months of the year in Ireland.

Hope you find something. There is a thread on www.askaboutmoney.com on holidays rentals in Ireland if you are interested.

http://www.askaboutmoney.com/showthread.php?t=103091

Best regards

Dominique
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Al Fresco
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Post by Al Fresco »

Hi Catherinedonegal, we're virtually next door neighbours as we are in The Port, Inver, and Dunkineely is 2 mins away! Will be over in May, so will make contact with you then!!
catherinedonegal
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Post by catherinedonegal »

hello you al fresco! :) before we bought the house in dunkineely we were seriously considering one at port, inver. it was a small cottage on the right just before the pier. i really loved it but it was a bit small and the owner was making the garden at the back smaller too so we changed our mind, thankfully as it turned out, and found the one in dunkineely.

yes, that would be lovely to meet up in may. your house looks gorgeous - i'd love to see inside. i love the fairy lights above the fireplace - so pretty. our house should be ready within the next 3 weeks - just to do the final tweaking, which seems to be taking forever! i can't wait to stay down there ourselves for a night or two - i love that area so much.

eta: just reading over your site again - you mention the wee pub. we have tried a couple of times to see what it's like inside but it seems to be closed each time we are there. mind you, we did go to the old graveyard and i got some great pics.
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Al Fresco
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Post by Al Fresco »

Hi Catherinedonegal, we know the house, looks nice from the outside, but small! Yes will let you know when we're there, like your website as well, blog is a really good idea! See you in May!
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