...and I am feeling really happy and proud.
Renovated studio in renovated building, north side of Brussels near metro station, first "habitation" will be now.
I am thinking a rent around 850-900, because it's small and not in a fancy neighborhood, even though the street itself and facilities around are really ok.
I have some free time to spare (but not too much), would you advise in favor or against doing the whole tenant thing by myself?
Any other feedback you'd give for a first time investment landlady?
If it’s only this one apartment, and there’s little collective charges, then it’s okay doing the whole thing by yourself.
It’s hard to say yes/no without any real idea what it looks like.
What’s the level of finitions ? Surface ? Heating ? How are the common areas ?
35sqm, quite high end finish, fully equipped kitchen (Siemens), PEB C. Gaz individually. Second floor. Bright, two big windows.
There are other 5 apartments in the building.
Did you just say 35sqm for 900€?
I said 850-900, the renting company advised minimum 900, and it makes sense seeing the other prices in Immoweb. But it's still north of Brussels, so might be much, thus the question here.
https://loyers.brussels/
Try the reference rent test
Thanks! I will limit it at 850.
Actually is very much depending on PEB
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You never know who the trash-the-apartment people are when you screen for tenants unfortunately. There are plenty of flemish people who can trash a place as well (been there mutiple times).
Only advice I can give OP is: ask for the contact details of multiple (!) previous landlords of the candidates and do call them up to see what they think of the candidate. Ask some validation questions like the address they used to rent out to them to verify that the contact details are actually of previous landlords.
And call their employer for a reference of the person + verification that the pay checks they have given you are correct (not fake).
And see if you and the candidate are on the same level of communication. Always better if you can talk to them easily, are on the same page about certain things... Your tenants should not be your friend but there must be some trust and respect between you (like employer and employee kind of)
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If you wanna spend some money, do it your self. If you wanna spend some time, give it to aproperty management company.
Although, for a first flat, I would recommend you do it yourself. Managing companies are quite expensive for one flat and maybe you will discover you like doing it for yourself (depends if you've got good tenants, of course).
Just do it yourself. Management companies are expensive. If you have good tenants it won't be much work. If it's too much work you can still get a company to do it.
900€???
Between 820 and 920 are the official rental prices published in "Brussels logement" that someone above posted.
For a well isolated studio with a good PEB.
Crazy prices for bxl. It really went up
What's the PEB? With peb B and 35 quare meters the website says 731. Are you just adding the 20% on top?
Yes, I do. It matches the actual prices, the apartment is brand new and I will properly furnish it.
It is the legal maximum. Higher than that you can be sued for abusive rent.
OP sucks
Exactly, that’s why I also think that the price OP suggests is not “fair” as they like to think it is. The system we live in is truly depressing.
I think you pay more taxes on furnished apartments, at least you do in flanders, not sure about bxl.
Congrats! And lol to the jealous people in the comments.
Thank you so much!! I couldn't agree more.
"35sqm, quite high end finish, fully equipped kitchen (Siemens), PEB C." Care to share more investment details (cost, lending structure, monthly costs etc)
If you are a good judge of character, sure you can do the whole renting out process by yourself. Just get a good renting agreement somewhere (maybe testaankoop or something). Don't just make one yourself.
And get a lot of information beforehand from people who call you up for a visit to the apartment. If you don't have a good feeling about it (or they don't have a job or high enough pay check or something), don't let them have a visit.
You'll have plenty of candidates who will want a visit, you have to filter the best ones out beforehand
I am usually pretty good, yes. Thanks for the info!
Charging so much for 35sqm makes me disappointed in humanity. Housing should be accessible and affordable, as it’s a basic need. People like you make it a privilege. I rent out myself. I could try to squeeze out of people as much as possible, but I don’t (The price is 600 for 40sqm in center). The argument “but others do it” is ignorant. We should look out for each other.
The price range (820-920 euros) corresponds to the official rent price in the city, that goes hand by hand with the inflation in the house market, and also salary increase. I don't cheat nor steal anyone. It's a studio made for investment, you don't know the price I bought it nor the interest I am paying. I put nice furniture inside that makes it livable and enjoyable, and I enjoyed it too. Do want you want with own apartment, but I know mine is fair, and if it isn't, nobody will rent it out anyway.
“But all the other people exploit, so why can’t I?” my point proved…
To me it’s lying to yourself when thinking “my price must be fair since I found a tenant”. The housing is getting worse and worse, and people are forced to overpay, otherwise they don’t have a roof above their head.
I don’t think you’re a bad person, it’s not my goal to shame you or whatever. But it’s important to me to advocate for the hope that when renting out, home owners will not only think about satisfying their own needs. I hope you’re aware that you’re lucky and privileged enough to have extra asset that someone else is not able to afford because of the shitty system we live in. And therefore you won’t exploit and try to get the highest profit possible.
That's a lot of conclusion you got there.
Of course I know my privileges, but my financial privileges come from 12 years of studies and a job you won't even imagine people do. And I have lived in way more overpriced studios when I was studying and working 80 hours per week.
Now, as I mentioned, the price that I rent is in the legal limit, the whole house market is up but so are salaries. I am not exploiting anyone, studios are usually bought for investment, and people that rent them out are usually transitioning until they get a new job or their proper apartment.
Plus, if you want to debate, I also think having too low of a rent won't attract the safest people. Nobody appreciates what is given too easily, and on the opposite hand, having it in the legal range isn't exploitation. If you do it out of your heart or consciousness, good for you.
I can see why a person would draw such conclusions as you described. You worked super hard, finally got a little bit a of wealth and want to benefit. You’re assuming I wouldn’t be able to imagine the type of work you had to do, but I actually relate, my situation was quite similar when it comes to working your ass off and sacrificing, just because you have a bigger goal in mind. I really admire your 12-year studies and working so much, I’m glad you made it 😅
This is exactly why my views are as I described. I empathise with people who sacrifice their lives for future happiness and stability. I think everyone should have the right to it and that’s why, among other things, I advocate for affordable housing. I don’t like our system, which is based on constant exploitation of whoever can be dominated (I’m not saying you do that, I’m not gonna throw all world problems on you haha)
I actually enjoy this discussion so I’ll also share my thoughts on your last point. I have a hard time finding logic in it. It sounds to me like a little bit of prejudice. The fact that someone has less money to spend for housing doesn’t necessarily mean they are less safe. Of course there might be a correlation between where someone was brought up, their financially situation etc and being the “proper citizen”. However, I find it hurtful to make general assumptions about it. I think that bad people are in every financial class. That’s why you have to always take time to find a nice tenant. I had multiple people who wanted to rent out from me and were very wealthy and guess what - some of them were bad candidates. A logic behind higher rent = more proper, “safer” tenants doesn’t hold up.
I’ll read your response in case you have further thoughts but I think I’ll end my part here. I need a reddit detox during Christmas haha It was nice exchanging opinions tho, thanks! If you need any advice on renting (I rent myself, not with agency) feel free to reach out.
OP is whats wrong with the housing market...