Renting out individual rooms versus whole house?

um7y1h83ge06nx

Hi lads.

Currently my fiancee and I are considering buying a house together outside of Limerick.

I currently own a house in the city which the 2 of us have been living in since November 2012.

From when I bought the house in mid 2006 to November 2012 I was renting out spare rooms in the house under the rent a room scheme.

If/when we buy the new house we will (for a while at least) keep the old house and rent it out. My dilemma is whether to rent out individual rooms or rent out the whole house.

We were considering keeping the single room as my fiancee does some on-site and off-site on-call in the hospital (UHL) which is only 3 minutes away by car, and renting out the others. It would also (and some people may take offence to this, no offence meant) allow us to keep a better eye on things, make sure no-one is wrecking the place etc. I have been described as a very easy going guy by former housemates, I would just like the (perceived?) security of this arrangement.

That would leave us with 3 double rooms to rent out. Renting them out individually might create a management headache though.

Of course the old house won't be our principal place of residence anymore so tax will come into it.

Any advice or opinions?

foggy_lad

Having it as owner occupied also means that you don't have tenants but licensees and you are not covered by the PRTB and do not have the same rules as a Landlord. your "guests" can be told to leave with minimal notice if required and as you say ye would also be able to keep an eye on things.

Victor

Your other half will have to clean two places!

> >
< <

dearg lady

I would imagine it would be very difficult to rent out the 3 rooms as one. It's usually either whole house or individual rooms. If you retain 1 room you can't rent the whole house.
As foggy said, the people renting would be licensees with a lot less rights,which may suit better.

um7y1h83ge06nx

Well we would rent out the rooms individually rather than 3 together which as you say wouldn't really work.

In that way it would be the same as I did previously apart from the tax differences from it no longer being my principal residence.

I guess if it turned out to be too much work managing 3 individuals rather than one group I could reconsider and rent out the whole house.

Cuddlesworth

Mitchell Vast Gym wrote: »

Well we would rent out the rooms individually rather than 3 together which as you say wouldn't really work.

In that way it would be the same as I did previously apart from the tax differences from it no longer being my principal residence.

I guess if it turned out to be too much work managing 3 individuals rather than one group I could reconsider and rent out the whole house.

Rent the rooms out individually, keep the bills in your name and charge for them as part of the rent. Pay for a cleaner to come in once every week to clean the common areas or do it yourself. It lets you keep a good eye on the place and how they are keeping it.

And keep a room for yourself. It makes dealing with problem tenants a breeze rather then the usual nightmare. I know a couple of people doing this. I think you will find that it works out better financially as well.

padma

If it's in Dooradoyle/Raheen etc, I guess 250 a month for each of the doubles. Renting the whole house would get you in and around 750/800 a month, so having that spare room for the missus would be ideal for her, and you aren't losing out financially.

The people who move in to the house get a sweet deal as they will usually have just the three of them there and the odd time you're OH over.

However I'm not sure how popular Raheen/Dooradoyle is currently, although with Regeneron opening soon there will be more workers looking for accommodation there.