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Rental advice needed

  • 29-03-2011 4:13pm
    #1
    tommysasta
    Registered Users, Registered Users 2 Posts: 2 ✭


    I currently have a mortgage on my home .I am thinking of moving to the west to get employment.I have checked property lettings in clare and are a fair bit less than kildare. can i let my current home out and make a profit each month or what other implications could there be.Do i have to advise my lender of this move and would this affect my house insurance premiums. Thanks


Comments

  • #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    If you let out your home you pay tax on all the income less allowable expenses, not just on the "profit".

    Depending on when you bought you may be liable for stamp duty. You will have to pay the NPPR tax (currently €200 a year) plus the PRTB registration fee for your tenants.

    You will need a BER cert for the property. You will also need to tell your lender, you will lose your tax relief at source.

    Other potential expenses include agents fees (if you use one) and landlord insurance.


  • #3
    tommysasta
    Registered Users, Registered Users 2 Posts: 2 ✭tommysasta


    thanks for advice .not as simple as i thought .


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