house bought, living abroad, want to let

ceannbui

Hello all,
myself and my partner have recently bought a house in Portlaoise while living outside of the country. Plan is to move back to Ireland in 1 or 2 years but for now we'd like to rent out the house. However, the house requires a little bit of work. We don't have much money atm (buying the house wiped us out), but we should have enough for minimum required repairs. or at least we will have soon

We're thinking of contacting a letting agency to give us a quote on what repairs are needed. to be honest, we have no idea what our first steps should be or who we should contact regarding getting the house in a fit state to rent.

can anybody point us in the right direction as to where we will find appropriate info (ie repairs, getting it up to standard, renting) regarding our situation? We have the info on what standards are required from the RTB but some practical advice would be appreciated

Samuel T. Cogley

Be careful, although it's only selling that's under attack at the moment, the next thing could be terminating tenancies for your own / family use. The legislation is very pro-tenant and only set to get more so.

antoinolachtnai

You need to do this through personal contacts. You need to find a person you trust to get this sorted out for you. It could be an estate agent or a local handyman. But what really matters is your relationship with this person.

It is a very difficult time to find tradesmen. It is really about who you know.

Was this house rented out previous to you buying it? If not, you may be able to get a tax benefit here. I am not certain on this. You would benefit from accounting or tax advice to make sure that renting the property out is actually worth it.

Steer55

If you coming back. In year or 2 best bit of advise I can give you is leave it empty or the very least do short term let.

overkill602

further anti LL restrictions coming down the line with even compo to get it back leave empty

the_syco

ceannbui wrote: »

Plan is to move back to Ireland in 1 or 2 years but for now we'd like to rent out the house.

You'll need to give the people living there 56 days notice, and then pray to whatever god you believe in that they leave on or before that day, as they may just stay in the house.

Best just leave the house unoccupied.

RasTa

It's hardly that bad. All these people replying have the same experience?

Humour Me

In respect of the tax comment above, you will not be able to claim tax relief on any pre letting expenses. In addition as you are not in Ireland your tenant will need to send a portion of the rent directly to Revenue if paying rent directly to you.

Depending in your tax residency status and where you are now, you may also need to pay tax on any income received in the country you are now.

I understand you bought this property as a future home, but if you want to let it, you need to treat it as though its an investment. Do the figures taking upgrades, letting costs, taxes etc and see if the rent you will get is worth the risk and expense. You may find the property may actually cost you money by letting it out.

Iscreamkone

Also, you will incur some CGT liability if you ever sell the property in the future.
Letting property is for the medium to long term.
In and out in 2 years is just not worth the hassle.

Spleerbun

All the posts about tenants never leaving your house and costing years and thousands etc to remove them...what are the consequences for a landlord who, after giving the required valid notice etc and getting nowhere etc, goes to the house and physically removes the tenant and their stuff and changes the locks?

I know it's a ridiculous question, but it's also a ridiculous scenario in the first place that you could have such trouble getting your own home back if you needed to live there. Are you likely to end up in jail for this? Would the authorities actually go to the bother or reinstating the tenant in the house they were overholding in or would they quietly move them on? Have there been any cases where anyone has actually done this?

m5ex9oqjawdg2i

Airb&b it

The_Conductor

Castiel Mysterious Lockjaw wrote: »

Airb&b it

Limited to 90 days in any calendar year, effective from the 1st of June.

Marcusm

Samuel T. Cogley wrote: »

Be careful, although it's only selling that's under attack at the moment, the next thing could be terminating tenancies for your own / family use. The legislation is very pro-tenant and only set to get more so.

In fairness, I don’t think any Irish legislature would pass a law precluding the owner terminating a tenancy to occupy it themselves. It’d be all “well holy God, how could you suggest such a thing”.

Samuel T. Cogley

I've never seen a post of yours that's turned out to be wrong. I'll be keeping a very close eye on this thread :pac:

On a serious note though while they may not out and out ban it, I can see them introducing compensation requirements for breaking a Part IV under the limited conditions that will eventually be left.

JJJackal

the_syco wrote: »

You'll need to give the people living there 56 days notice, and then pray to whatever god you believe in that they leave on or before that day, as they may just stay in the house.

Best just leave the house unoccupied.

You could try to rent it for just 6 months at a time?