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Setting rent price

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  • 21-02-2019 10:10pm
    #1
    imalwayshappy
    Registered Users Posts: 119 ✭✭


    hi all I have a question in relation to setting the rental income for a studio apartment that I am building in Lucan. it is a small studio essentially a bedroom with an ensuite bathroom with a small kitchen. am I better increasing the rental income and including all utility bills or keep them seperate? I am currently looking at installing another electricity meter so I would have no interaction with the tenant as they would have their own entrance and pay their own bills. I am thinking 850 a month excluding bills. Any thoughts welcome.
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    #2
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    It's unclear if you are looking to benefit from Rent a Room relief and pay no tax on the income. If you are, your plan kills the deal no matter what any person on here armed with a Google search engine thinks. If you are not looking to get the relief and you will pay the income tax, then all looks good. 850 may be high, but not too far off the mark. Put it out there on the market and see. It may take a bit to get the right person at 850.

    750 would be my judgement.


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    #3
    imalwayshappy
    Registered Users Posts: 119 ✭✭imalwayshappy


    myshirt wrote: »
    It's unclear if you are looking to benefit from Rent a Room relief and pay no tax on the income. If you are, your plan kills the deal no matter what any person on here armed with a Google search engine thinks. If you are not looking to get the relief and you will pay the income tax, then all looks good. 850 may be high, but not too far off the mark. Put it out there on the market and see. It may take a bit to get the right person at 850.

    750 would be my judgement.


    Thanks for the response. I would be looking at rent a room relief. The studio is attached to my PDH and there is a door accessing the main house from the apartment. Its actually a room in the house with its own kitchen bathroom and ensuits. Studio apartment is probobly not the best way to describe it.


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