Thinking of moving abroad any advice re my home

Faolchu

Guys have a 2 bed apartment in North Dublin that I'm paying the bank a lovely chunk of change for every month. I'm considering moving abroad for at least a year.

So I'm thinking i'd need to rent the place out to cover the mortgage payments etc. anyone here done that? is there a particular route one must follow?

obviously it would need to be registered with the PRTB, get landlords insurance but what else?

how about maintenance if there's problems? how is that taken care of do you use an agent, family member?

3DataModem

My advice; use a real agent to look after the property.

What happens if there is a problem they need to call you about? Gives you a lot of piece of mind and the fees are high but tax deductible.

riclad

You can pay an agent,or a member of your family ,collects rent, takes care of maintenance.Change your insurance to include public liability.
YOU have to register with prtb, and submit a tax return, see revenue.ie .
if you are working in germany say ,your irish tax return will include, rental income, your mortgage,all expenses,agent, insurance ,maintenance are allowable against tax .you are only taxed if you make a profit.my friend rented out for 5 years,her sister was the agent.

Faolchu

no problem registering or filing tax, want it above board for peace of mind

i assume agents are the usual estate agents that do lettings, they can also take care of the maintenance fir a fee right?

when you say public liability to you mean landlords insurance? or would i need both?

dudmis

If you decide to rent it out yourself (ie not thru an agency), if you are non-tax resident and if the rent is being paid directly into your bank account, your tenant is responsible for paying the tax on the rental income paid ie they are meant to deduct 20% of the rent per month and pay revenue directly.

Mad, but true.

engineermike

I'd go the route of the agent. One months rent out of the year is about the correct fee, - they will advise and also look after the most important details, vetting - ref's etc - & the rent !
Most good agents will have a list of repair / property service companies. I would give the property any required maintenance & get a few numbers of handy man, plumber , sparks etc. -
All the other detail , insurance etc. is good practice & security.
Mike

Penguino

As mentioned earlier - your agent fees are tax deductible but your household charge & NPPR are not.

I work in a letting agents and prices vary depending where you are in the country. PM me if you want any more details

badinfleunce

http://blog.lettingsagent.ie/tag/guide-for-landlords-moving-abroad/