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Becoming a landlord

  • 11-06-2009 2:48pm
    #1
    anywhichway69
    Closed Accounts Posts: 32 ✭


    I have a fairly nominal amount to repay on the mortgage of my current residence. For work reasons, I need to move from the capital.

    The plan is to get a loan and repay the mortage completely, then either rent or buy (in a while) in my new destination. I want to rent out my dublin house and I'm unsure how this income is treated from a tax point of view i.e what is liable, how would I pay it and all the various implications of becoming a landlord. Also, if there is any other thing I should be considering, people's experiences before I jump head first in.

    I want to move back to the capital in 5-10 years, so I think this is the best option so that I have a house to come back to, and I don't particularly want to sell into a bombing market.

    Thanks
    Clyde


Comments

  • #2
    Xiney
    Registered Users, Registered Users 2 Posts: 8,085 ✭✭✭Xiney


    Your local citizens information office will have the following booklets available for free: landlords' rights and responsibilities and tenants' rights and responsibilities.


    I suggest you pick them both up and read through them thoroughly.


  • #3
    chopley
    Closed Accounts Posts: 37 ✭chopley


    anywhichway69 wrote: »
    I have a fairly nominal amount to repay on the mortgage of my current residence. For work reasons, I need to move from the capital.

    The plan is to get a loan and repay the mortage completely, then either rent or buy (in a while) in my new destination.

    Why take out a loan to pay off a loan??? Just keep the mortgage. In fact, if you have only a relatively small amount to pay off, you're in a strong position to negotiate a lower interest rate with the mortgage lender. The higher the value of your home in proportion to the outstanding loan amount, the less risk for the bank. Lower risk means a lower interest rate.
    anywhichway69 wrote: »
    I want to rent out my dublin house and I'm unsure how this income is treated from a tax point of view i.e what is liable, how would I pay it and all the various implications of becoming a landlord. Also, if there is any other thing I should be considering, people's experiences before I jump head first in.

    You will have to have to pay tax on any profit (gross rental income less allowable expenses) from the rental income. See link and scroll down to section on 'Tax on rental income': http://www.citizensinformation.ie/categories/housing/renting-a-home/landlords_rights_and_obligations


  • #4
    anywhichway69
    Closed Accounts Posts: 32 ✭anywhichway69


    Thanks guys, very helpful

    I thought you couldn't have a mortgage out on more than one property - so thought it would be best to just pay it off and be free to buy whenever I like. But I will consider the above - thanks.


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