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Implications and costs of renting my apartment

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  • 17-11-2011 4:00pm
    #1
    Tallwan
    Closed Accounts Posts: 1 ✭


    Hi,
    I apologise in advance - I've seen an awful lot of posts on the following: Wondering the costs and implications of renting out my apartment.
    I bought apartment in August 2008. Have a mortgage of approx 198K left on it and have decided to move in with my boyfriend into his house. Paying approx 900/mth on a variable mortgage (first time buyer) in Limerick city. Rental that I would get would be approx 600 - 650/mth, so obviously not close to covering mortgage rates and understand that I'll need to top up payments for mortgage (planning on continuing to pay mortgage and save rental received)
    Really stuck as trying to find out the tax implications and other costs associated with renting out my apt and anything else that I'm missing?
    Really looking for step by step, so that I don't miss anything. Hoping to rent out from January, but have heard so many horror stories from people not following all steps required.
    Am fit to pull my hair out as there is so much information out there. Really just want simplified 1, 2, 3 etc of what I need to do, so that I'm compliant and won't miss anything that I should do or costs that I will incur. Really want to go into this with my eyes wide open.
    Thanks all in advance for your help!
    Confused!
    Tagged:


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