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Rent a Room Income Idea

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  • 02-06-2020 11:20am
    #1
    JimmyMW
    Registered Users Posts: 695 ✭✭✭


    Hi my personal situation has changed significantly recently and I may need to look at renting out a room in my home on a long term basis under the rent a room scheme. It would not suit my family situation to have someone lodging in the house using the same living room & kitchen etc, however I have looked at the plans of the house and with a bit of work and a 5-6k investment I could convert part of the house allowing a bedroom/ bathroom, kitchen & living room to be privatized to allow the rental of same. Before I make any investment I would like to get an idea of the interest for this type of rental in my area and how much income it would be likely to generate, I was thinking of putting up an ad now to gauge this, can anyone advise on where to advertise this to get the most accurate idea of the figures? Cork Area.


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    #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,437 Mod ✭✭✭✭Gumbo


    JimmyMW wrote: »
    Hi my personal situation has changed significantly recently and I may need to look at renting out a room in my home on a long term basis under the rent a room scheme. It would not suit my family situation to have someone lodging in the house using the same living room & kitchen etc, however I have looked at the plans of the house and with a bit of work and a 5-6k investment I could convert part of the house allowing a bedroom/ bathroom, kitchen & living room to be privatized to allow the rental of same. Before I make any investment I would like to get an idea of the interest for this type of rental in my area and how much income it would be likely to generate, I was thinking of putting up an ad now to gauge this, can anyone advise on where to advertise this to get the most accurate idea of the figures? Cork Area.

    Daft.ie

    Local business or message boards or work place if you’d like to try vet the people or hope you get someone you know.


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    #3
    Lumen
    Registered Users Posts: 31,008 ✭✭✭✭Lumen


    I think you need planning permission to develop self-contained accommodation, and it would probably not count as tax-free income under rent-a-room.


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    #4
    JimmyMW
    Registered Users Posts: 695 ✭✭✭JimmyMW


    Lumen wrote: »
    I think you need planning permission to develop self-contained accommodation, and it would probably not count as tax-free income under rent-a-room.

    it would not be self contained, it would be part of the house, it would just allow for separate living rooms and kitchens etc, also rent a room does cover self contained units as far as i am aware, see below from revenue website

    "Self-contained unit
    The rented room or rooms can be a self-contained unit within the house, such as a basement flat or a converted garage."


  • Options
    #5
    celtic_oz
    Registered Users Posts: 1,548 ✭✭✭celtic_oz


    You are allowed self contained provided the "room" was always connected to the house

    See here


    "While renting out a room that is part of your home is not covered by landlord and tenant law, renting out a self-contained unit is covered
    ...
    You must occupy it as your sole residence during the year of assessment.
    ..
    However, if the self-contained flat or apartment was originally part of the main house, you can choose to opt out of these provisions. This option is available under Section 25 of the Act. You must give the tenant notice in writing, before the start of the tenancy, if you wish to take this option."


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    #6
    JimmyMW
    Registered Users Posts: 695 ✭✭✭JimmyMW


    celtic_oz wrote: »
    You are allowed self contained provided the "room" was always connected to the house

    See here


    "While renting out a room that is part of your home is not covered by landlord and tenant law, renting out a self-contained unit is covered
    ...
    You must occupy it as your sole residence during the year of assessment.
    ..
    However, if the self-contained flat or apartment was originally part of the main house, you can choose to opt out of these provisions. This option is available under Section 25 of the Act. You must give the tenant notice in writing, before the start of the tenancy, if you wish to take this option."

    Thanks I had read that alright, yes everything in this instance was part of the existing house not an add on, therefore if I proceed I will be doing so under the rent a room scheme and I will opt out of the tenancy situation and rent to a licencee.


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