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Renting Out a Property

  • 18-01-2016 5:03pm
    #1
    Arddon
    Registered Users, Registered Users 2 Posts: 135 ✭✭


    I am looking into the possibility of renting out my current home and would appreciate some views/feedback on the costs involved in being a landlord - I'd like to know what costs I need to consider when doing my sums...I'm aware the rental income is subject to tax, but I am talking about actual costs...

    So far I've listed -
    PRTB, House Insurance, Property Tax

    I assume other "household bills" - ESB, Water Charges, Bins, TV License - would be paid by tenant - is this fair assumption?

    Thanks for the help


Comments

  • #2
    zef
    Closed Accounts Posts: 947 ✭✭✭zef


    The top 3 , but make it landlord insurance, which i'm sure is expensive, maybe some others will remember some more.
    If you are going to rent out your own home do you plan to rent somewhere else?
    I thought of doing this to avoid a 4 hour daily commute but it just would not have worked out, taxwise, as the areas have similar rents.
    You would really need a backup fund in case the many things that can go wrong do. Or the tenants just stopping rent- that was my main fear.
    Renting out your own property is a big gamble, that no deposit of 1k or whatever will put right if it is wrecked.


  • #3
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    Arddon wrote: »
    I am looking into the possibility of renting out my current home and would appreciate some views/feedback on the costs involved in being a landlord - I'd like to know what costs I need to consider when doing my sums...I'm aware the rental income is subject to tax, but I am talking about actual costs...

    So far I've listed -
    PRTB, House Insurance, Property Tax

    I assume other "household bills" - ESB, Water Charges, Bins, TV License - would be paid by tenant - is this fair assumption?

    Thanks for the help

    Call SA Faughnan for insurance. They are generally the only broker who does somewhat reasonably priced landlord insurance. There is different rates for tenants who are students and professionals. You will need to factor in maintenance, wear and tear. You will accounting fees

    Remember if you sell in a few years, you will have to CGT as you the property was no longer you PPR.


  • #4
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,339 Mod ✭✭✭✭Gumbo


    Landlord insurance is very reasonable. It's actually cheaper than my home insurance! €269 I paid for 2015.

    Bear in mind your tax implications are not just on the "profit" but the full amount of rent received minus 75% of the interest.

    Don't forget to tell revenue to take out TRS if you still have it.

    Management fees for the estate are your cost but are tax deductible.

    I use a separate account for rent I come and I leave any profit there for tax and/or slush fund. Don't be tempted to dip into it unless it's for a repair to the rental house.

    My biggest outlays for 2015 were getting the house ready for rental prior to the tennant moving in. Since it has been occupied I have paid for nearly nothing tbh.

    Keep receipts for everything you buy. Try keep an excell sheet of all income/out goings as this will give you a good idea of what is going where and will help when it comes to tax return to.


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