Looking to rentout a box room in the family home

degav

Hi can people give me some feedback,
I'm looking to rent the box room in our family home in an effort to create more income. We live in the Dublin 6W area close to Rathmines and surrounding area. I was thinking of 100 per week all inclusive i.e bills, broadband, it's a fully functioning home.
What do people think ?

Thanks
D

SCOOP 64

Why not, great idea, pc brigade will be along in a minute about payng tax on it , declaring this and that,insurance,etc..

Mrs OBumble

Have you thought through how sharing the kitchen / washing machine etc is going to work?

Do you have children - do you realise that you won't be able to garda-vet anyone you choose?

And yes, you will need to declare the income (first 10k is tax free), and tell your insurance company.

gaius c

Price level is probably about right including bills but if it's a genuine box room and you are not getting interest once it's advertised, consider knocking a few quid off.

degav

All very valid points, thanks for replying - defo food for thought!
Especially the garda vetting -

Lenin Skynard

SCOOP 64 wrote: »

Why not, great idea, pc brigade will be along in a minute about payng tax on it , declaring this and that,insurance,etc..

I didn't realise that this meaningless umbrella term "PC Brigade" has grown to include people who adhere to proper legal procedures or pay their taxes.

Santa Cruz

degav wrote: »

Hi can people give me some feedback,
I'm looking to rent the box room in our family home in an effort to create more income. We live in the Dublin 6W area close to Rathmines and surrounding area. I was thinking of 100 per week all inclusive i.e bills, broadband, it's a fully functioning home.
What do people think ?

Thanks
D

Good idea. But I would suggest that the payments be directed to a special bank account or else it will just disappear into everyday spending. If you could resist the temptation to spend it for 12 months you would have a lump sum of 100 x 52 =5,200. Not bad

bmwguy

On a purely financial point of view you can earn up to €10,000 a year without being liable for tax....you will only get €5,200 so you can pocket it all

Other considerations only you can answer, weigh up the extra income v the loss of privacy etc..

Holiers

Consider keeping a foreign student. Some are mature and longer term.

Victor

bmwguy wrote: »

On a purely financial point of view you can earn up to €10,000 a year without being liable for tax....you will only get €5,200 so you can pocket it all

A few things:
1. While if you receive less than €10,000, there is no tax liability, going over than means you are liable for tax on the full amount, subject to the usual tax credits and cut-offs.
2. You will have some expenses if you have an extra occupant - more electricity, heating, cleaning, etc.
3. D6W is not Rathmines, be honest and call it what it is.

Clive

OP I think €100 a week is overly optimistic - that's €435 roughly a month. A quick look on DAFT shows a box room in a shared house for €335. Granted yours includes bills, but the person would be living with a family and could be kicked out with little notice.

As Holiers said would you consider being a host family for foreign students? They are specifically looking to slot into a family arrangement whereas most renters would run a mile. Your local language school (or one on a good bus route) could be worth a call.

Another option to consider is someone who just needs a place to sleep a few nights a week, say Monday-Thursday if they're working in Dublin and living elsewhere. At the right rate they may not be put off by the family environment.

L1011

SCOOP 64 wrote: »

Why not, great idea, pc brigade will be along in a minute about payng tax on it , declaring this and that,insurance,etc..

Firstly, referring to people who obey the law as the "pc brigade" is misguided and idiotic

Secondly, 100 a week is significantly under the threshold where there is any tax liability anyway.

maguic24

Sure take a chance and see what happens but doubt you'll get €100 euro a week for a box room in a family home. It's worth a try though, accommodation in Dublin is scarce at the moment.

digzy

You'd have to pay me 100 quid a week to live in that room! Jesus I can't think of anything worse.the depression!

Having rented out rooms in my gf's house a few years back and having rented rooms with strangers previously most of them tend to watch tv in their rooms. I can't remember too many evenings where we all sat down together watching tv like the Brady bunch.

Hope you get someone, but the kind of person that'd take that box room ain't the type I'd want sharing a house with my family. It'll never last, one or the other of ye will become disillusioned. Plus, can you imagine some of the possibilities that may go wrong. No point in listing them but is it worth the 5k per annum.

Victor

SCOOP 64 wrote: »

Why not, great idea, pc brigade will be along in a minute about payng tax on it , declaring this and that,insurance,etc..

Constructive posts only please.

Moderator

mattobrien

I'd rent that off you anyway

mattobrien

I'd rent that room from you anyway

MagicMarker

Why would I want to live among your family when I could live with others like myself for probably less money?

I agree with others, you could look for foreign students, maybe include meals too? But I can't see many Irish people wanting to share a family home.

my teapot is orange

Apart from concerns about the tenants behaviour which have been covered, the problem I'd see is that the whole family has to make sure they are good housemates for the tenant too. I don't know if there are kids/what age they are etc., but if there were to be the odd late-night tantrum/messy toy-strewn living room etc., an awkward individual might be quick to complain on the basis that "I'm paying for this".

There would also be the tenants right to live their life as an independent adult, coming and going at any hour they wish (and given that someone renting a single room will probably be young they may have a "slightly different schedule" to your family). They might also wish to bring their friends over. You can reference check them, but not their friends.

ElleEm

I don't know how many people would be interested in sharing a family home. Have you fully thought it through? How do you feel about them entertaining tgeir friends/ family, having overnight guests, etc.?
I would second what other posters are saying about looking into foreign students. They are less permanent, and could generate more income for you. You can specify an age group too (adults only) if you want, although I think you get more money for under 18's (could be wrong).

KungPao

Just remember that you would not just be renting out that pokey little room and getting some easy money...the person would be all over the house i.e. the bathroom, kitchen, livingroom...I imagine most people in your position would view the livingroom as your room, but it should be as available to him as it is to you.

If I were paying 400+ a month, I certainly wouldnt want to feel restricted to my little room all the time or feel like I'm imposing on the family when Im in the livingroom or while rustling something up in the kitchen.

So in reality, most people would muuuuch prefer to share a place with single people etc, where they can bring friends/girls back without offending the "family".

It would feel way too much like living in a B&B for me and most people I think. The host family idea may be good though.

degav

Thank you all for your valuable insight, unfortunately on consideration it does seems it's not a perfect idea way tooo many alternative considerations for both our family and tenant. Ah well, thinking cap back on again....
Many thanks

loyatemu

do college students still stay in digs? might be an option, particularly as you are near Rathmines.

other than that, as others have said, host family for foreign students is probably a better option.

L1011

loyatemu wrote: »

do college students still stay in digs? might be an option, particularly as you are near Rathmines.

First years, and they often want out by Christmas when they see the advantages of not living in them. That's NUIM at least. You're not going to get a new tenant for them halfway through the year.