New role as a landlord

Kitkitty

Hi all, I'm about to become a landlord for the first time..I live 2hours from my property so I'm considering getting the property managed by an estate agent. I have found a tenant and agreed rent amounts etc but think I may be better to hand the management over to an agent. Any advice on that? Also I'd appreciate any info available on tax situ. I'm currently a tenant myself paying rent in the house I live in... Can that be offset against rental income??? Do I need to register as a landlord?? Any advice welcome... Thanks :-)

quadrifoglio verde

Kitkitty wrote: »

Hi all, I'm about to become a landlord for the first time..I live 2hours from my property so I'm considering getting the property managed by an estate agent. I have found a tenant and agreed rent amounts etc but think I may be better to hand the management over to an agent. Any advice on that? Also I'd appreciate any info available on tax situ. I'm currently a tenant myself paying rent in the house I live in... Can that be offset against rental income??? Do I need to register as a landlord?? Any advice welcome... Thanks :-)

Nope you'll have to pay income tax on the rent in its entirety. However some of this can be reduced through allowable deductions like mortgage interest relief.

Yes you need to register the tenancy with the PRTB. Id advice you to head over to irish landlord to find out you're obligations, because no offence but you don't seem to be aware of what you could be letting yourself in for

antoinolachtnai

1. If you find a really good agent, sure. But it sounds like you might be better finding a handyman than an agent, since you already have the tenant. I would really suggest you find a relative or friend who currently rents out a property and ask them for their view before you finalise everything.

2. No, you can't offset. You are going to have to pay a good bit of tax. The main thing you can offset for tax purposes is the interest (NOT the principal) payments on your mortgage.

3. You need to register the tenancy with the PRTB. You need to understand the basics of the law in relation to property. You need to provide your new tenant with a lease.

mistress_gi

As a tenant I say keep your money do not get an estate agent, they will not do anything you can't organise yourself, they will just get charged twice as much!

gaius c

You've a LOT of reading up to do and frankly, you should have done it before you found a tenant.
Start here: http://www.irishlandlord.com/

Kitkitty

Thankfully I read well :-) half an hour reading and I'm flying. Register with PRTB, NPPR, do inventory, sign lease, switch ESB, and complete annual tax return. Think that shud cover the basics and I'm sure I'll learn more as I go.. Not one to get overly dramatic about the small things :-)

zefer

Kitkitty wrote: »

Thankfully I read well :-) half an hour reading and I'm flying. Register with PRTB, NPPR, do inventory, sign lease, switch ESB, and complete annual tax return. Think that shud cover the basics and I'm sure I'll learn more as I go.. Not one to get overly dramatic about the small things :-)

There is no NPPR from 2014 on..

Kitkitty

And thanks for all the tips.. Have agreed an arrangement with the local handyman and he's trustworthy kinda guy so I'm gonna see how I go without an agent for first few months. Any job he can't tackle he reckons he have family/friends that will so fingers crossed it'll be smooth enough..