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Should i Rent or sell my house ?

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  • 07-04-2023 2:00am
    #1
    good vibes
    Registered Users Posts: 162 ✭✭


    Hi.

    Im a home owner in Dublin -( no mortgage ).. Im moving to Spain and id like to rent my house.. Is this a bad idea in the current housing market ? Would it be better to sell ?

    Id like to rent if possible but id be concerned if i did tenents wouldn't leave if i wanted to return in a couple of years .

    Im just concerned i could be walking into lot of trouble if i rented out my house in the housing crisis as it is ?..

    Any info be appreciated.

    Thanks.

    Tagged:


«13

Comments

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    #2
    The Ging and I
    Registered Users Posts: 375 ✭✭The Ging and I


    Sell sell sell, don't complicate your life. Enjoy Spain.



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    #3
    ParkRunner
    Registered Users Posts: 3,006 ✭✭✭ParkRunner


    Sell OP. Renting could work out well if you get really lucky with good tenants but the landlord experience could also cost you very dearly in terms of time and money, especially if you did want to return someday. It’s not worth the risk or the hassle being a small scale landlord in this country. If your move to Spain is permanent then it’s a no-brainer, sell!



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    #4
    Rustyman101
    Registered Users Posts: 349 ✭✭Rustyman101


    Sell 100 times over, we are heading into uncharted territory as regards property rights in Ireland IMHO.



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    #5
    Homer
    Registered Users Posts: 4,263 ✭✭✭Homer


    sell it and invest the funds into a pension fund that will deliver good returns without the hassle and stigma that comes with being a single property landlord in this country. And as mentioned it’s only going to get worse



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    #6
    wildwillow
    Registered Users Posts: 1,121 ✭✭✭wildwillow


    SELL



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    #7
    NewbridgeIR
    Registered Users Posts: 3,732 ✭✭✭NewbridgeIR


    Sell.

    If you rent it out, the Left will hate you.

    Post edited by NewbridgeIR on


  • Options
    #8
    DubCount
    Registered Users Posts: 1,067 ✭✭✭DubCount


    Sell



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    #9
    Iodine1
    Registered Users Posts: 380 ✭✭Iodine1


    Could Sinn Fein, Holli Cairns, Paul Murphy, Threshold, Focus and all the rest of them please take note of the answers in this thread, and therein is your answer as to why there are no houses to rent in Ireland anymore!



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    #10
    Redders8282
    Registered Users Posts: 9 ✭Redders8282


    Sell, buy as many rental properties you can afford in Spain and either rent them out long-term or throw on AirB&B



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    #11
    Caranica
    Registered Users Posts: 10,019 ✭✭✭✭Caranica


    Sell, sell, sell and don't look back.



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    #12
    Grumpypants
    Registered Users Posts: 7,757 ✭✭✭Grumpypants


    Living abroad with no mortgage changes everything. You pay 20% tax and keep the rest. Decent tenants and you will have a nice income in Spain.


    Only reason to not be a landlord is tied to being here, paying 52% tax and having a mortgage.



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    #13
    PropJoe10
    Registered Users Posts: 5,251 ✭✭✭PropJoe10


    I'm also kinda in the OP's position and am wondering whether to rent long-term or sell. Interesting to get people's perspective. The rental market is really fecked isnt it.



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    #14
    tallaghtfornia
    Registered Users Posts: 669 ✭✭✭tallaghtfornia


    Haven’t posted on boards in a long time - but seen your post and had to respond to it - take it from me do not become a small landlord in this country it’s not worth the stress and hassle - If your move is permanent SELL



  • Options
    #15
    Grumpypants
    Registered Users Posts: 7,757 ✭✭✭Grumpypants


    It's only hassle here because you can't make money doing it. But if you are making 15- 20k a year, it's defo worth the hassle.


    Get yourself a decent maintenance guy who can fix stuff for you and a shop that will install any new white goods. Covers 99% of what will go wrong.



    If you were just moving to Kerry I'd say sell.



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    #16
    normanbond
    Registered Users Posts: 335 ✭✭normanbond


    Agree with the above.

    The public conversation about renting is all about the tenant, there is little or no sympathy for the landlord.

    The government has a big tax take from the landlord while the landlord deals with rising mortgage rates, tradesmen & materials rising costs, tenant issues etc.

    The PTRB are heavily weighted in favour of the tenant, no real recourse if a tenant trashes your place or does a bunk on rent!

    Your house may need expensive upgrades to adhere to new rental regulations.

    A new Sinn Fein type government will be coming after your hard earned income to distribute amongst their ‘voters’.


    Sorry for the bleakly painted picture of today’s small scale landlord ……,



  • Options
    #17
    Girl Geraldine
    Registered Users Posts: 436 ✭✭Girl Geraldine


    Do you have a temperature? What a questions.

    SELL SELL SELL.

    Why would you rent in this anti-landlord, housing crisis environment. No rent is worth the hassle.

    Once you have a tenant in now you are stuck with them. It is near impossible to get them out.



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    #18
    Yurt2
    Registered Users Posts: 9,381 ✭✭✭Yurt2


    https://www.boards.ie/discussion/comment/120450932#Comment_120450932

    The government has a big tax take from the landlord while the landlord deals with rising mortgage rates, tradesmen & materials rising costs, tenant issues etc.

    Every single one of those is deductible as an expense against tax. That is of course if the teneancy is RTB registered (which the landlord is legally obliged to)



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    #19
    herbalplants
    Registered Users Posts: 1,120 ✭✭✭herbalplants


    Leave it empty for a year until you fully know you want to live in Spain for the rest of your life.


    Or rent one room, lock the other rooms for your own use.


    What I am trying to say is make sure you don't realise after few months Spain wasn't really for you and cannot buy back in Ireland.

    Living the life



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    #20
    Homer
    Registered Users Posts: 4,263 ✭✭✭Homer


    https://www.boards.ie/discussion/comment/120451055#Comment_120451055

    Rising mortgage rates is not tax deductable??????



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    #21
    Yurt2
    Registered Users Posts: 9,381 ✭✭✭Yurt2


    https://www.boards.ie/discussion/comment/120451175#Comment_120451175

    Since 2019, 100% of mortgage interest accrued is deductible against the rent for tax purposes. Tenancies must be RTB registered to avail of this and other allowable deductions.



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    #22
    mrslancaster
    Registered Users Posts: 1,775 ✭✭✭mrslancaster


    https://www.boards.ie/discussion/comment/120451055#Comment_120451055


    Didn't know those expenses were deductible against tax - how does that work exactly?



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    #23
    Homer
    Registered Users Posts: 4,263 ✭✭✭Homer


    https://www.boards.ie/discussion/comment/120451207#Comment_120451207

    Yes interest not mortgage rates. Big difference



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    #24
    Yurt2
    Registered Users Posts: 9,381 ✭✭✭Yurt2


    https://www.boards.ie/discussion/comment/120451226#Comment_120451226

    Same as any other deduction on an annual return. Keep the receipts and plug in the relevent deductions.

    Other deductions permitted besides mortgage interest for landlords:

    General expenses

    Allowable expenses include:

    • rates you pay to a local authority for the property
    • rents you pay for property such as ground rents
    • insurance premiums against fire and public liability
    • maintenance of your property such as cleaning, painting and decorating
    • property fees before you first rent out your property such as management, advertising, legal or accountancy fees
    • cost of any service or goods you provide that are not repaid by your tenant (such as electricity, central heating, telephone, service charges, water and refuse collection).
    • certain mortgage protection policy premiums
    • expenses in between renting out the property in certain circumstances
    • capital allowances
    • repairs, such as rot treatment, mending windows, doors or machines
    • certain pre-letting expenses on vacant residential property
    • the cost of registering with the Residential Tenancies Board (RTB).




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    #25
    Yurt2
    Registered Users Posts: 9,381 ✭✭✭Yurt2


    https://www.boards.ie/discussion/comment/120451234#Comment_120451234

    ?

    Your "mortgage rate" is your mortgage interest accrued, which is deductible against the rent taken-in for tax for landlords.



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    #26
    mrslancaster
    Registered Users Posts: 1,775 ✭✭✭mrslancaster


    https://www.boards.ie/discussion/comment/120451254#Comment_120451254


    Ah right, sorry I thought you said deductible against tax.

    I was thinking for a minute there you meant that all those expenses could be deducted from the tax due and wondering why on earth landlords talk about high taxes.



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    #27
    BruteStock
    Registered Users Posts: 1,290 ✭✭✭BruteStock


    Its a no brainer to sell , but what about CGT? Could more be made by renting in the long run depending on the worth of the house.



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    #28
    Yurt2
    Registered Users Posts: 9,381 ✭✭✭Yurt2


    https://www.boards.ie/discussion/comment/120451321#Comment_120451321

    In a roundabout way it is. Johnny taxpayer (including renters need we say it)and the exchequer essentially cover the mortgage interest risk premium for landlords (and much more besides) via forgone taxation. You can radically reduce your tax bill on rental income if you box clever.

    If Irish landlords are playing an béal bocht, perhaps they should light a candle for their counterparts in the UK, where George Osborne completely got rid of interest relief for landlords.



  • Options
    #29
    kazamo
    Registered Users Posts: 799 ✭✭✭kazamo


    https://www.boards.ie/discussion/comment/120451144#Comment_120451144

    100% this, there is a third option and that is do nothing.

    Go to Spain and once settled make the decision on whether you rent it, sell it or even return. It is a big decision so no point rushing into it.

    Good luck with the move



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    #30
    Furze99
    Registered Users Posts: 10,368 ✭✭✭✭Furze99


    Why do I smell an agenda here or at very least people jumping to an agenda??

    Assuming OP is genuine.. then there is a case to rent is there not, if they think that they may return in a year or two? That is assuming they like living where there present Dublin property is located etc. Tenants are not ogres, I'll bet nearly every property owner here has been a tenant at some stage.



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    #31
    Grumpypants
    Registered Users Posts: 7,757 ✭✭✭Grumpypants


    https://www.boards.ie/discussion/comment/120451321#Comment_120451321

    That's right. If you spend €1000 of the rent you get on fixing something in the house then you do not have to pay the €500 tax bill you would get for earning €1000.

    Because that would mean it would cost a landlord €1500 to fix €1000 worth of issues.


    So to reduce your tax bill by 500,just spend 1000.



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