If you’re interested in Dublin investment properties, we have three tips that will help you be more successful.
The first thing you need to do is research. Check the market and the yields and the rental values in that area. If I was investing in Dublin and I chose a property and an area in which to buy, I’d check the property’s sale price and the rental rates in the area. When you click on an advert, you can see how many views it has received over the last two or three days. As an investor, that will tell you about the what kind of demand there is in the area. If the numbers are low, it changes your rental price. If the numbers are high, you have a lower risk of achieving that rental price. So research the sale value, the rental value, and demand.
It is so important that as a landlord you invest in the right manager. When you do, your interests will be protected at all times. You’ll earn a maximum return from your Dublin rental property, and as a landlord your investment will be enjoyable rather than stressful. Good property managers will have the right systems and procedures in place to protect you against financial or legal challenges. You will know the money you’re investing in property management is money well spent. After you invest in a property, you then need to invest in the right manager to run that property. It’s a business, and it needs to be run like a business. A professional Dublin property management company will do that.
It’s imperative that you select the right tenant. A good tenant will give you a good return, and a bad tenant will cost you money. Maximum rent is important, but getting a good rent with a good tenant is better. Think about charging a higher security deposit rather than more rent every month. A tenant who pays an extra 100 euro every month is no different from a tenant paying less if we’re talking about a bad tenant. Bad tenants have no respect for your home, and they won’t care about damage. So the rent doesn’t reflect that risk. I advise that you increase the deposit. Then, the tenant is more financially invested in that property and will be less likely to do damage. Ask for six weeks or two months plus a full month’s rent in advance. They know they will get that money back if they treat the property well. They might pay an extra hundred euros a month in rent, but they know they won’t get that money back.
These are three investment tips that will help you be successful with your rental property. If you have any questions about Dublin property management, please contact us at The Property Company.ie.