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Thinking of renting out my house

  • 19-06-2010 7:20pm
    #1
    born2bwild
    Closed Accounts Posts: 1,419 ✭✭✭


    Hi, I'm on the breadline trying to pay the mortgage. Thinking of renting it out and renting somewhere myself for a while. Anyone got any advice or experience of this?
    Thanks,
    The house is near the airport in Dublin.


Comments

  • #2
    Cathmandooo
    Registered Users, Registered Users 2 Posts: 17,324 ✭✭✭✭Cathmandooo


    That idea might blow up in your face. Tenants are hard to come by these days and your house could be left vacant for a while, you'd be paying mortgage plus rent for your place which leaves you more heavily in debt. There's costs associated with renting out your house so it's not as profitable as it used to be.

    Why not contact your mortgage provided and see what they can do for you.


  • #3
    The Big Red Button
    Closed Accounts Posts: 8,390 ✭✭✭The Big Red Button


    Would it not make far more sense to stay there and rent out any spare rooms?


  • #4
    Firetrap
    Closed Accounts Posts: 4,442 ✭✭✭Firetrap


    Don't suppose you've thought about seeing if you can rent out a room in the house? I know the thoughts of a stranger on your floor might not appeal but it could be a means to an end even just for the short term.


  • #5
    born2bwild
    Closed Accounts Posts: 1,419 ✭✭✭born2bwild


    Not going to work. I'm a slob. You would not want to live with me.


  • #6
    Treehouse72
    Registered Users, Registered Users 2 Posts: 1,003 ✭✭✭Treehouse72


    I know a few people who have become amateur landlords in recent years. Each of them is of the opinion that:

    a. It is far more hassle and stress than they'd imagined
    b. They way overestimated the income they'd receive
    c. They way underestimated their maintenance expenditure

    I think you need to be brutally, brutally honest/pessimistic about all of the above so you don't get into an even more stressful situation than you're currently in.


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  • #7
    iguana
    Registered Users, Registered Users 2 Posts: 12,917 ✭✭✭✭iguana


    born2bwild wrote: »
    Not going to work. I'm a slob. You would not want to live with me.

    It would likely work better than your plan. You will be liable for the current property tax as your property will not be you PPR. I think you will be liable for tax on any of the rental income that exceeds the interest payment of your mortgage. It will interfere with you interest relief if you are paying that and you could be liable for stamp duty clawback if you are less than two years in the house. You risk voids and non-payments from tenants and possible damage to your property.

    Surely it makes a lot more sense for you to get a bit tidier and share the living space for a while? Tbh, it's a good lesson to learn.


  • #8
    MidlandsM
    Banned (with Prison Access) Posts: 5,737 ✭✭✭MidlandsM


    Yes, get off yer arse and have a WASH!


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