Leasing query

superbad50

hi ,

I am thinking about renting my apartment out due to being unemployment and unable to find work. can anyone tell me if i rent my apartment out will this affect my jobseekers allowance even though the amount i rent the apartment out for wont cover the mortgage . I am a funny feeling that although i wont be gaining any profit from the lease i will still be penalised .

also is there any other sites other than daft and myhome.ie to advertise it.

many thanks

odds_on

Unfortunately, I can't help you as regards your job seekers allowance, but have you considered the following:
Have you read and do you know the Residential Tenancies Act 2004?
Do you know all the landlord’s obligations?
Do you know what standards you must have the property in as regards Structural Condition, Sanitary Facilities, Heating Facilities, Food Preparation and Storage and Laundry, Ventilation, Lighting, Fire Safety, Refuse Facilities, Electricity and Gas?
You will have to register with the PRTB.
You will have to have a BER certificate.
Have you considered your tax obligations?
If you have a mortgage you should notify your lender.
You will have to have a landlord’s insurance.

And what will you do if your tenant doesn’t pay the rent or is anti-social, or that some appliance in the apartment is not working properly?
And that's just for starters!

Being a landlord is not as easy as it may seem.

superbad50

yes i am aware of all of the issues you raised regarding tax implications and registering etc etc. my problem is that if my jobseeker allowance is cut to twenty euro a week it wont be worth my while renting apartment out as i will lose my mortgage interest supplement , as i will receive very little from my benefit.

its very complex. most jobs i apply for are offering less than what i am receiving from the BTEA and entitlements . if i take a job i will lose my mortgage interest supplement, medical card. i will have to pay my tuition fees and so on. if i rent out apartment i am liable to pay tax on the property even though i wont be covering enough to pay the mortgage. its a catch 22. people are trying to do the right thing but the odds are stacked against them. thank you for your reply

D3PO

superbad50 wrote: »

its very complex. most jobs i apply for are offering less than what i am receiving from the BTEA and entitlements . if i take a job i will lose my mortgage interest supplement, medical card. i will have to pay my tuition fees and so on. if i rent out apartment i am liable to pay tax on the property even though i wont be covering enough to pay the mortgage. its a catch 22. people are trying to do the right thing but the odds are stacked against them. thank you for your reply

you have a very skewed perception on doing the right thing. Your already getting mortgage interest suppliment so all the interest on your mortgage is paid for you you are also getting 200 odd quid a week and your think that it its unfair to reduce your benefits if you should be able to rent out the apartment.

the odds arent stacked against you your getting more than a fair dig out your dare I say it actually being greedy.

superbad50

no i dont think i am been greedy at all . the reality of the matter is if i rent my home out i may have to survive on 20 euro a week , i wont be entitled to rent relief as i own my own property. i will have to pull out of college as i wont be able to afford the fees or pay the grant fees . i will not be making a profit on renting the apartment out so i fail to see your point. granted i do receive a supplement for some of the interest on my mortgage paid and i am grateful . i didnt chose to be in this predictament and would much prefer to find employment . i am simply doing what is best for myself and looking at all possible outcomes in addressing my situation. i understand that there is people a lot worse off than i , i only asked a question would by jsa be cut , and if this was the case it might be best to try work something out with the banks rather than rent out the apartment. each persons circumstances are different. how dare you call me greedy just because i ask a question. for the record , all of my interest is not paid on my mortgage or nothing like it , nor do i receive over 200 euro

D3PO

profit has nothing to do with renting. income recieved does the sooner people get that concept the better.

look Im sorry for your situation but get a grip. you want everything paid for. Extend your mortgage period, move to interest only, sell your apartment or any other multitude of things.

but dont come on with the attitude that its a joke to lose some benefits paid out if i rent out my property

superbad50

i do not want everything paid for me. I went back to college, i got a job par-time just to keep my head above water. i am not sitting at home everyday looking for benefits. all i am saying is that why does the government make things impossible for people, especially the low income category. ile probably end up handing back the keys as i cannot afford to live on 20 euro a week . what good is this to the banks or the economy. i dont understand how , ie in my case if someone fell on hard times how are they expected to live on 20 euro a week.
it is the same problem for those self employed , and those seeking work. there is just not any incentive for people. people took out mortgages when times were good and employers when paying decent wage , now they have to meet the same repayments on , if your lucky to have a job on a minimum wage salary. i know its our own fault but with the introduction of the water and property charges plus the upcoming interest rises makes it virtually impossible to make amends.
i have already worked with the banks on the above matters. i have not got an attitude i am simply giving my view on certain government policies that i do not agree on and feel certain strategies need to be put in place to stop more and more houses been repossesed