Renting out home & emmigrating

S31

Hi everyone

I'm wondering if anyone could share their similar experiences with me and give me some advice on what I should know before I rent out my home.

I'm planning to emigrate. I bought a house in Ireland 2 years ago, mortgaged. I'll have to rent out my house when I emigrate. I have no idea where to begin. I don't know what is expected of me as a landlord. I would plan to rent the house through a letting agent but is there anything I should know before I begin the process? I don't want to walk into it blindfolded and be taken advantage of, or to be left in a vulnerable position by not knowing what my responsibilities would be to a tenant, to revenue commissioners etc

I would really appreciate some advice!

thank you

Mrs OBumble

Get quotes from several agents. Don't choose the cheapest one.

S31

perfect thank!

do you know anything about what obligations I have regards becoming a landlord, are there taxes I have to pay etc?
also, does the property have to be in a certain condition? Don't get me wrong my house is almost perfect, but there is one room (sunroom) which could do with some extra insulation, would I have to do this before I can rent etc

Thanks!!

CiboC

You should get some financial advice.

You are liable for tax even if you are not resident. If your tenant is paying rent directly to you they are obliged to deduct 20% and pay it revenue instead. You claim this back (or balance it off) on your tax return every year. You are entitled to claim expenses and allowances against the rental income, but are liable for tax on the balance.

AfterHrsProp

Mrs OBumble wrote: »

Get quotes from several agents. Don't choose the cheapest one.

Strange, if they're the most competent, why not. Surely it would make sense to go with the most competitive if that was the case.

But competency is the key word here op, on top of making sure your tenant is aware of the tax obligations I would make sure you meet with several agents or get in touch with them to see what they offer.

I would judge this based on how efficient they are in dealing with your inquiry, the standard of their website, what they propose to offer for their price, the attitude & level of professionalism from the agent, etc.

If you're satisfied with all of the above & their price is competitive I would go with them

Mrs OBumble

If the cheapest is indeed the most professional, fine. But mostly they're not.

K.Flyer

You need more than a letting agent, you need a company that can manage the property for you as well. You need them to look after it and your tenants. But this means they take a percentage of the rent each month.
Where is the apartment located, someone may be able to give you some recommendations.

AfterHrsProp

Mrs OBumble wrote: »

If the cheapest is indeed the most professional, fine. But mostly they're not.

K.Flyer wrote: »

You need more than a letting agent, you need a company that can manage the property for you as well. You need them to look after it and your tenants. But this means they take a percentage of the rent each month.
Where is the apartment located, someone may be able to give you some recommendations.

That's a broad generalization, I wouldn't agree with that at all. There's a lot of very competent agents in the market at the moment who are offering extremely competitive rates. It's a funny logic you have concerning this. Price or a high price for that matter does not necessarily equal competence or quality of work. I would be inclined to encourage the OP to look at the service they are willing to provide & how professional they are in providing this service.

Also a letting agent can manage the property for you as well, you don't need to go down the road of a company. With a letting agent you can deal directly with the individual responsible for the property for a more competitive rate usually as well.

K.Flyer

I agree with what you are saying. When I use the word "company" I refer to businesses big and small.
Through my own experience of working with agents and management companies I have found it cimes down to the competency of the individual looking after the property, irrespective of how big the company is.
Some individuals I have dealt with shouldn't be let near Lego, never mind some persons property.