Landlords costs

athtrasna

4ensic15 wrote: »

It is possible to have income from tenants under that scheme as well.

That debate has been done to death on here this week and is not relevant to the question I was answering.

DubCount

4ensic15 wrote: »

It is possible to have income from tenants under that scheme as well.

I don't think that is correct. The scheme only applies to renting a room/rooms in your principal private residence (i.e. a licensee arrangement). It doesn't apply to holiday homes, apartments in the same grounds as your home, or any property which is self contained and could be rented to a tenant.

Claw Hammer

DubCount wrote: »

I don't think that is correct. The scheme only applies to renting a room/rooms in your principal private residence (i.e. a licensee arrangement). It doesn't apply to holiday homes, apartments in the same grounds as your home, or any property which is self contained and could be rented to a tenant.

The revenue allow it in the case of a self-contained apartment in the same building as the landlords residence.
"From Revenue.ie
4.2 Self-contained unit
It is not possible to let an entire residence because the room or rooms that are let must form part of the residence and the residence must be occupied by the individual receiving the rent as his/her sole or main residence. The room or rooms can comprise a self-contained unit within the residence such as a basement flat or a converted garage attached to the residence. However, a self-contained unit that is adjacent to the
residence but not actually attached to it cannot qualify for the relief."

The occupants of such a self-contained unit which does qualify would be tenants as opposed to licencees.

TheDoc

_kookie wrote: »

The rules really need to be changed or its not worth investing in property.
Why would anyone go into it under the current rules. They would be nuts.
As stated in many posts above the downsides and risk are absolutely huge for a landlord.

Then they need not go in. No one is forcing landlords to be landlords. Maybe it would provide the major kick up the hole this country needs in order to sort the rental market out once and for all, and stop it being a parody of the wild west.

And I'd imagine like all markets the major returns are for those who have multiple properties ticking over. I'd imagine the main reason for anyone to become a landlord, with only one property, is that you are hoping to either have a tangible asset for your children later in life, or you have an investment you can sell with hopefully profit for a tidy retirement lump.

I know from any landlords I've dealt with, that was their aim anyway. Something for the kids or for their own retirement. And I've tried sticking to those landlord types as they seem to work out the best. They want little to no hassle, and want someone who is going to treat their investment as a home.

Any issues I come across from friends or family with landlords, its always a management company, or a landlord looking to just make instant returns.

If someone handed me 400k tomorrow probably the last thing I'd so is become a landlord. There is no doubt that loads of people during the Celtic Tiger lost the run of themselves and saw becoming a landlord as a quick way to make $$$.

But at the same time, if I knew what I was expecting and getting into and was clear on everything, it's probably a relatively safe longterm investment. Looking at even this thread, clearly there are landlords posting, in conflict with each other on how the tax works So maybe people unequipped and poorly informed are best advised staying away from the market