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RBZ , Ukranians and letting to the council

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  • 10-04-2024 5:45pm
    #1
    MPFGLB
    Registered Users Posts: 3,245 ✭✭✭


    Hello all

    Can I ask for some information or advice please

    I have a house in Ireland which my mother let , managed and kept the rent for 25 years

    She had the same tenant in the house from Sep 2014 to Dec 2023 and she didn't put up the rent

    She no longer is young enough to manage the property and wont continue

    Anyway this year I have taken over. I had wanted to do up the property and let at market rates through an agency as I cannot be in the country

    Just found out about the RBZ. The house is now in a RBZ since August last year

    So since the rent which is about half the market value cannot be put up more than about 8% -10% depending on RTB having updated the rental documents to the correct starting year (which they havent) it is not a viable option to put money into the house and get so low rent. The proposed updates were not an extention or other RTB exemptions but more like a new kitchen , etc

    (BTW had to ring RTB several times to get them to sort out the records, their system, etc . Awful experience )

    Anyway can I get some clarification

    1. if one doesn't rent the property for 2 years then one can go back on the market at the market rents after the 2 years are up with RTB approval?

    2. Not sure if this is an option but if one 'gave' the house to Ukranians under current schemes would that qualify as not rented as one doesnt need to register this with RTB board ? Though not sure how long the Ukranians will stay or if these schemes still an option

    3. If one 'gave' the housee to the council for a certain number of years how would that work with getting 80% of market rates . Does the council give you 80% of what the RTB say you can get or is it actually 80% of actual market rates

    I am thinking of selling but need to clarify these issues before I come to a decision so any help would really by gratefully received

    I bought the house for 65K 25 years ago , after capital gains tax, estate agents and auctioneers fees I could get about 2 times that

    If I had invested the money in the FTSE 100 I would get 2.5 times that . This is about the same if I had left it in a bank at 3% per annum for the last 25 years. And this is much lower than tracking the Dow or other managed investments

    I know there was the income for my mother over the year but it was very little considering tax, letting fees, acc fees, and the hassle

    Why anyone would let a property is beyond me unless of course you are prepared to work at it



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