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Costs of being a landlord?

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  • 16-01-2012 1:52pm
    #1
    DrPhilG
    Registered Users Posts: 12,329 ✭✭✭✭


    Soon to become a landlord, for the same reasons as most (negative equity preventing a sale).

    Just wanted to ask a few questions about the costs involved, initially and ongoing.

    I understand that I need to register with the PRTB (€70?), and the rental income is taxable, but are there any other things to bear in mind?

    Who pays the TV license? I know I need to pay the €100 property tax etc. Anything else to think about? What is the rental market like at present, I'd assume it isn't bad because people can't afford to buy.

    Also, is there a market for unfurnished accomodation? I'd prefer to rent unfurnished but I can furnish it if needs be.

    Apologies if there is an FAQ thread or something, I only saw one from the tenant's point of view!


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    #2
    toexpress
    Closed Accounts Posts: 853 ✭✭✭toexpress


    DrPhilG wrote: »
    Soon to become a landlord, for the same reasons as most (negative equity preventing a sale).

    Just wanted to ask a few questions about the costs involved, initially and ongoing.

    I understand that I need to register with the PRTB (€70?), and the rental income is taxable, but are there any other things to bear in mind?

    Who pays the TV license? I know I need to pay the €100 property tax etc. Anything else to think about? What is the rental market like at present, I'd assume it isn't bad because people can't afford to buy.

    Also, is there a market for unfurnished accomodation? I'd prefer to rent unfurnished but I can furnish it if needs be.

    Apologies if there is an FAQ thread or something, I only saw one from the tenant's point of view!

    Right first off the PRTB are now €90 and you have the €200 NPPR fee as well.

    The TV Licence is up to the tenant. As well as the bills and the bin charges. If it's a part of a complex where a management fee applies you are liable.

    As regards furnished or unfurnished, if it's an apartment it's unlikely you will rent it unfurnished. If it's a house then you might well be able to let it unfurnished but ask yourself seriously if you want to or not. If a tenant furnishes a property it will be that bit harder to get them out should you need to. Furniture can be gotten cheap enough there are lots of places selling off the furniture that was used in showhouses and the like


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    #3
    DrPhilG
    Registered Users Posts: 12,329 ✭✭✭✭DrPhilG


    It's a 3 bedroom house.

    I'll have to think about the furnished option, would prefer not to have to shell out for it. Is there a difference in rent between the 2?


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    #4
    toexpress
    Closed Accounts Posts: 853 ✭✭✭toexpress


    DrPhilG wrote: »
    It's a 3 bedroom house.

    I'll have to think about the furnished option, would prefer not to have to shell out for it. Is there a difference in rent between the 2?

    There isn't really any difference between them as far as I know. I don't do unfurnished lettings because of the difficulty that you will later experience getting them out if it all runs afoul


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    #5
    antoinolachtnai
    Registered Users Posts: 9,791 ✭✭✭antoinolachtnai


    Why is it more difficult to get people out of unfurnished toexpress? Legal issue or just the practical problems of convincing tenant to move out?


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    #6
    DrPhilG
    Registered Users Posts: 12,329 ✭✭✭✭DrPhilG


    Another question, how much of a difference in rental potential between a house with 3 small bedrooms as opposed to a 2 bedroom with a large and a small?

    Our house is 3 bedroom but we knocked the wall down between the master bedroom and smallest one to make one large master bedroom. I had always thought that we should just stick the wall back up (just a stud wall) and make it a 3 bedroom again before renting but a friend was suggesting that I might as well try it as it is first, there may be others who would prefer the big master bedroom too.


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    #7
    toexpress
    Closed Accounts Posts: 853 ✭✭✭toexpress


    DrPhilG wrote: »
    Another question, how much of a difference in rental potential between a house with 3 small bedrooms as opposed to a 2 bedroom with a large and a small?

    Our house is 3 bedroom but we knocked the wall down between the master bedroom and smallest one to make one large master bedroom. I had always thought that we should just stick the wall back up (just a stud wall) and make it a 3 bedroom again before renting but a friend was suggesting that I might as well try it as it is first, there may be others who would prefer the big master bedroom too.

    That's subjective. I would follow the advice I have and try to get it let as is before I go spending money and having the mess to clean up


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    #8
    toexpress
    Closed Accounts Posts: 853 ✭✭✭toexpress


    antoinolachtnai wrote: »
    Why is it more difficult to get people out of unfurnished toexpress? Legal issue or just the practical problems of convincing tenant to move out?

    Right, now you didn't hear this from me ok but ... on occasion, when we have been left owed rent we have just gone in, changed the locks and said "OUT NOW!" ...

    Of course that was easy for me my partner was a barrister, I didn't have legal costs and two of his siblings are barristers as well. I can pull stunts like :D

    Also you asked about taxable income. Of course rent is subject to taxation. However, and you need to speak to an accountant this tax is only on the profit you make from the property. So make sure you deduct every light bulb or screw you might buy


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