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Renting out a house while travelling?

  • 11-12-2007 11:24am
    #1
    Glacier
    Closed Accounts Posts: 647 ✭✭✭


    I own a house in Dundrum that I was thinking of renting-out while I went travelling for a while. Has anyone ever done this? Would this be difficult to do? If there are problems can you really be abroad?


Comments

  • #2
    Paulw
    Registered Users, Registered Users 2 Posts: 13,381 ✭✭✭✭Paulw


    My sister is currently doing this, very successfully. She has a management agent who make sure the place is occupied and kept in good order. They obviously get a cut of the money, but they also ensure everything is ok.


  • #3
    Glacier
    Closed Accounts Posts: 647 ✭✭✭Glacier


    Thanks for replying. What is a management agent & where do you get one? What would do if there were problems & you are away?


  • #4
    davidsatelle100
    Registered Users, Registered Users 2 Posts: 503 ✭✭✭davidsatelle100


    most of the bigger estate agents have a rental section. Lowe do anyway


  • #5
    Victor
    Registered Users, Registered Users 2 Posts: 78,455 ✭✭✭✭Victor


    Be carefull if you have bought it in the last 5 years - certain tax exemptions may be clawed back.

    It was announced in the budget that this is changing to 2 years, but I suggest getting Revenue Commissioners approval, as it is not yet law.


  • #6
    Paulw
    Registered Users, Registered Users 2 Posts: 13,381 ✭✭✭✭Paulw


    My sister's house in Drogheda. Not sure what estate agent she is using.

    If there are any major issues, then they have contact details for my parents, who can make any decisions.


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  • #7
    domania
    Closed Accounts Posts: 79 ✭✭domania


    Remember that if you are renting out your house for more than 1 year it becomes classed as an investment property and when you go to sell it you must pay capital gains tax of 20% on the profit. Assuming there will be any left by the time the crash is over.


  • #8
    Victor
    Registered Users, Registered Users 2 Posts: 78,455 ✭✭✭✭Victor


    domania wrote: »
    Remember that if you are renting out your house for more than 1 year it becomes classed as an investment property and when you go to sell it you must pay capital gains tax of 20% on the profit.
    This is proportioned. If it was a principla private residence for 60% of the ownership and an investment property for the other 40%, then only 40% of the CGT is payable.


  • #9
    colsku
    Registered Users, Registered Users 2 Posts: 301 ✭✭colsku


    domania wrote: »
    Remember that if you are renting out your house for more than 1 year it becomes classed as an investment property and when you go to sell it you must pay capital gains tax of 20% on the profit. Assuming there will be any left by the time the crash is over.

    Negative buzz!


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