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Options to make € from my property

  • 26-06-2019 1:07pm
    #1
    piobhan
    Registered Users Posts: 259 ✭✭


    Hi, I'm looking at making some money from my property to help with all the initial costs of a new property. I'm a first time buyer.

    It's a 4 bedroom detached house in an Estate in Mayo within a short distance of Castlebar etc. It's a modern new house with everything you need.

    House will be owner occupied (Me and the Girlfriend).

    The house has 3 other bedrooms. 2 of which are general doubles but would share 1 large bathroom.

    Ther is no kids in this scenario and I'd like to possibly make some money now to help with doing up the garden etc,

    What are my options?

    - Rent out the 2 rooms? Get approximately 300 ish per month? (I'd like the odd weeekend where we would have the hose to ourselves), so a working professional might suit? or Monday to Friday let?

    - Air B and B maybe?
    - Regular B and B

    What are my best options? Thanks for any help or advice


Comments

  • #2
    Looly8726
    Registered Users Posts: 43 ✭Looly8726


    piobhan wrote: »
    Hi, I'm looking at making some money from my property to help with all the initial costs of a new property. I'm a first time buyer.

    It's a 4 bedroom detached house in an Estate in Mayo within a short distance of Castlebar etc. It's a modern new house with everything you need.

    House will be owner occupied (Me and the Girlfriend).

    The house has 3 other bedrooms. 2 of which are general doubles but would share 1 large bathroom.

    Ther is no kids in this scenario and I'd like to possibly make some money now to help with doing up the garden etc,

    What are my options?

    - Rent out the 2 rooms? Get approximately 300 ish per month? (I'd like the odd weeekend where we would have the hose to ourselves), so a working professional might suit? or Monday to Friday let?

    - Air B and B maybe?
    - Regular B and B

    What are my best options? Thanks for any help or advice

    Rent a room scheme would be the best option as is tax free up to 14k.


  • #3
    listermint
    Registered Users Posts: 33,604 ✭✭✭✭listermint


    Looly8726 wrote: »
    Rent a room scheme would be the best option as is tax free up to 14k.

    to who though...


    location location location


  • #4
    Looly8726
    Registered Users Posts: 43 ✭Looly8726


    listermint wrote: »
    to who though...


    location location location

    People also need places to live outside of Dublin.

    It’s the best option to make money, of course air bnb would be the next best if there were no takers for the rooms.


  • #5
    super_furry
    Registered Users Posts: 27,321 ✭✭✭✭super_furry


    All seems easy enough aside from the Monday to Friday part. If you're sticking on that you could struggle, that kind of thing can be tough enough to set-up in Dublin, where you're more likely to find people who would travel back home for the weekend, nevermind Mayo.


  • #6
    Looly8726
    Registered Users Posts: 43 ✭Looly8726


    Yea the Monday to Friday thing isn’t realistic.


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  • #7
    buzsywuzsy
    Registered Users Posts: 645 ✭✭✭buzsywuzsy


    GMIT


  • #8
    Turbohymac
    Registered Users Posts: 472 ✭✭Turbohymac


    Unless in a very good tourist location air b&b isn't all its hyped up to be.. I'd prefer to have a good steady respectable tenant that will ensure a regular income


  • #9
    jwcurtin
    Registered Users Posts: 562 ✭✭✭jwcurtin


    listermint wrote: »
    to who though...


    location location location

    Student Doctors/Nurses/Physios.

    Contact UL, NUIG, as they all have students based up there for periods of time.

    Know of a few mates that Airbnbed it up there. Not Full Time, but it could be worth a shot, as you're more likely to get the Mon-Fri lets.


  • #10
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Just not worth doing airbnb IMHO due to tax.


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