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Renting my Apartment for First Time

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  • 25-08-2009 3:50pm
    #1
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,215 Mod ✭✭✭✭


    I’m thinking of renting my apartment and moving in with my GF in the next couple of months.

    Dont know anything about being a landlord so I want to make sure I’m informed before making any decisions.

    What should be include when renting? Bed, tv, fridge etc?

    Where should I advertise it? Daft, myhome etc?

    Doing it myself or with an agent? Advantages disadvantages?

    Resitering with PRTB? How much does it cost

    Lease. Is there a standard one applicable? Should I add additional things etc

    Tax implications?

    Anything else I need to know?


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    #2
    Cathmandooo
    Registered Users Posts: 17,324 ✭✭✭✭Cathmandooo


    kearnsr wrote: »
    I’m thinking of renting my apartment and moving in with my GF in the next couple of months.

    Dont know anything about being a landlord so I want to make sure I’m informed before making any decisions.

    What should be include when renting? Bed, tv, fridge etc?

    You can rent it out furnished or unfurnished. I believe renting it out furnished would be a better option and will get you more prospective tenants.
    Don't leave anything in it that would break your heart if it got broken.

    kearnsr wrote: »
    Where should I advertise it? Daft, myhome etc?
    Daft usually does the job. Take lots of pictures and put them up. Standard ad with 10 photos costs €25.

    kearnsr wrote: »
    Doing it myself or with an agent? Advantages disadvantages?
    I'd do it yourself, it's cheaper.

    The only advantage of having an agent is that you won't be hassled at all hours from tenants, but that would only be the minority of tenants. I really don't think agents find that many more tenants than you would be able to get yourself.
    However, if you move somewhere that's far away from your apartment then it would be handier to have an agent to take care of the viewings for you.

    kearnsr wrote: »
    Resitering with PRTB? How much does it cost
    http://www.prtb.ie/pubreg.htm
    €70 if you register the tenancy within a month. Highly recommended to cover both yourself and your tenant, also it's the law.
    kearnsr wrote: »
    Lease. Is there a standard one applicable? Should I add additional things etc
    Go for a fixed term lease, most are a year in length. Have an inventory of all the contents of the apartment. If there's House Rules by the Management Company then include them too.

    Have the place clean and fresh looking and clutter free.

    Hope that answers a few of your questions anyway!


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    #3
    onimpulse
    Registered Users Posts: 350 ✭✭onimpulse


    You're liable for tax at the higher rate of 42% on your rental income (regardless of what rate you pay on your other income - all rental is at the higher rate)

    You are allowed off set expenses associated with the rental property against this so for example if you spend €1000 making the place ready for rental - and your rental income is for example €12,000 you'll only pay tax on €11,000 (keep your reciepts though just in case!)

    Also, If you didn't pay stamp duty as a first time buyer - owner occupier - you could now become liable for it if you havent lived in your apartment for 2 yrs since purchase date.


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    #4
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    onimpulse wrote: »
    You're liable for tax at the higher rate of 42% on your rental income (regardless of what rate you pay on your other income - all rental is at the higher rate)

    You are allowed off set expenses associated with the rental property against this so for example if you spend €1000 making the place ready for rental - and your rental income is for example €12,000 you'll only pay tax on €11,000 (keep your reciepts though just in case!)

    Also, If you didn't pay stamp duty as a first time buyer - owner occupier - you could now become liable for it if you havent lived in your apartment for 2 yrs since purchase date.

    tax on rental income is same as any other income, you will only be levied 42% once you go over your standard rate band. Also, there is no deduction for pre-letting expenses. If you're looking for tax info, the revenue website has info on this :)


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