| The Comments |
Dear all,
My name is Jude and I own two apartments in Mojon Hill. I am having problems with renting out my properties, even though I registered with some estate agents to help me rent them but they hardly get anyone. I discovered that they were actually asking for €300 or £350 per week for 2 bed apartments with 1 bath and 1 toilet. I have been paying the mortgages with borrowed money from the UK and now my debts have piled up. For the past 4 months I am not able to pay the mortgages and the bank is planning to repossess the properties.
I am sending this email just to find how you manage to rent out your properties and how much you actually charge per week or monthly for rents. What are the current actual rents and demands for apartments in Mojon Hill? Any help and advice from you would be highly appreciated.
I truly look forward to hearing from you regarding my current situation.
Kind regards,
Jude Lawani
0
Like
|
Hi Jude,
Not sure it'll help, but off the cuff the rental prices sound reaonable, given the area. As you must know it's the wrong time of year and unless your properties have something really special you'll struggle to find much interest this time of year. Possibly until Easter.
You may want to take the initiative and possibly try to sell one of the flats whilst you can, before the bank acts. If you do I would see the bank and tell them what you are doing to give you some time. The selling market is equally tough, but there are signs of an improvement.
Good luck
_______________________
Don't argue with an idiot, he will drag you down to his level and beat you with experience.
1
Like
|
Hi Acer,
Thank you for your response. Could you please tell me how easy it is to rent out properties and how much do owners currently charge for 2 bed apartment with 1 toilet and 1 bath in Mojon Hills? Please advise.
Thanks,
Jude
0
Like
|
|
I think you have got some bad advice when you bought the apartments if you are looking for holiday rentals only then you will be looking at a max of 12 weeks rental per year between 250eu and 350eu per week say you get a full 12 weeks at approx 300eu per week that works out 3,600eu less agents fee less tax less running cost I am sure you can work the rest out .
If you rent them out long term you will get around 400eu per month and all the hassel that comes with long term renting good luck.
1
Like
|
Thank you for your response.
Jude
0
Like
|
Hi Jude,
One point I hadn't realised was the importance of repeat business that can make this sort of business worthwhile. And also after a year or two word spreads by word of mouth - a lot more effective than using agents or spending money on adverts.
Of ccourse there is a massive amount of hard work into achieving this situation. Probably not much help with the bank knocking at your door, but I would say you have to plan and budget for this being a long term exercise. So possibly consider selling one of the flats.
_______________________
Don't argue with an idiot, he will drag you down to his level and beat you with experience.
0
Like
|
|
You could try advertising on Holiday Lettings as they have 2 methods of advertising one is an upfront fee and the other is where they take a percentage of your let - the advantage here is that you don't have to pay anything unless you get a letting. It may increase your rental income - also look on these and similar sites to see what other properties in your location are charging.
0
Like
|
Thank you Nigela. Please could you tell me precisely how much it is for 2 bed apartments per week letting and per month letting? Your response would help me to advertise my apartments with the correct rental values to beat the high competition in the region.
Regards,
Jude
0
Like
|