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Landlord, first time renting room

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  • 30-04-2019 9:39pm
    #1
    DanyBoy27
    Registered Users Posts: 8 ✭


    Hi, just looking for some advices. Myself and my partner bought a 3 bedroom house a few months ago. As we want to get married next year we thought about renting the other 2 rooms to get some funds for our wedding, instead of making another loan.
    I would like to know if I need to be registered in any company and if I need to declare as I want to do everything legal. All sugestions and critics are very welcome. Thank you in advance.


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    #2
    Atlantic Dawn
    Registered Users Posts: 82,578 ✭✭✭✭Atlantic Dawn
    M


    Good info here...
    https://www.citizensinformation.ie/en/housing/owning_a_home/home_owners/rent_a_room_scheme.html

    In your advert don't put anything in to discriminate, if you only want x sex or x employee type just select them after you interview them for the room.


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    #3
    DanyBoy27
    Registered Users Posts: 8 ✭DanyBoy27


    Thank you , yes I've been reading all that information.


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    #4
    Caranica
    Registered Users Posts: 10,116 ✭✭✭✭Caranica


    If you can afford it try to only rent one room, it will be so much easier. And/or consider a Monday to Friday (or Sunday to Thursday) let so you get your own space.

    Don't put a phone number on an ad, do it by email (to a throwaway email) only as you can filter so much easier by email. You'll have a name and an email address so when you shortlist (I had over 100 replies in 3 hours) I recommend using Facebook and LinkedIn to search for any information that might contradict what you've been told. I found two guys who had children that stayed over at weekends who hadn't told me, also one person who told me they were working was actually unemployed.

    You need to declare the money on a tax return in October and you need to keep the total income (including money for bills) below 14k or else the whole lot is taxable.


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    #5
    DanyBoy27
    Registered Users Posts: 8 ✭DanyBoy27


    Im not planning to advertising, hoping to get someone from work that I know or someone that knows someone. Declaring that to revenue do I need to be registered in anywhere else? Also will be under 14k a year will I pay any fees/tax to revenue ?


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    #6
    Caranica
    Registered Users Posts: 10,116 ✭✭✭✭Caranica


    DanyBoy27 wrote: »
    Im not planning to advertising, hoping to get someone from work that I know or someone that knows someone. Declaring that to revenue do I need to be registered in anywhere else? Also will be under 14k a year will I pay any fees/tax to revenue ?

    Under 14k a year is tax free and you don't have to register anywhere else.

    I urge caution about renting to someone you know or a friend of a friend. If all goes well it's great but if there are any problems, it can make work /friendships very awkward.


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    #7
    Sleeper12
    Registered Users Posts: 17,069 ✭✭✭✭Sleeper12


    DanyBoy27 wrote:
    Im not planning to advertising, hoping to get someone from work that I know or someone that knows someone. Declaring that to revenue do I need to be registered in anywhere else? Also will be under 14k a year will I pay any fees/tax to revenue ?


    If all the money you receive :rent, electric WiFi ect comes in under 14k then it's all totally tax free. You do need to declare it but you'll pay no tax. Its a brilliant scheme and it supprises me that more don't avail of it


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    #8
    Calltocall
    Registered Users Posts: 340 ✭✭Calltocall


    DanyBoy27 wrote: »
    Im not planning to advertising, hoping to get someone from work that I know or someone that knows someone. Declaring that to revenue do I need to be registered in anywhere else? Also will be under 14k a year will I pay any fees/tax to revenue ?

    No, I don’t think you need to register anywhere and you do not pay anything to Revenue if under 14 but I believe you still declare the income on your annual return. I am looking into this at present myself but the vast majority of rooms to rent online are not with owner occupier, am wondering what are the best sites for advertising Renting a room in owner occupiers house, the tax break is very appealing but very wary of letting any old stranger into my home as my understanding it’s more an informal agreement rather than a contract you would enter into when renting your house out.


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    #9
    DanyBoy27
    Registered Users Posts: 8 ✭DanyBoy27


    Sleeper12 wrote: »
    If all the money you receive :rent, electric WiFi ect comes in under 14k then it's all totally tax free. You do need to declare it but you'll pay no tax. Its a brilliant scheme and it supprises me that more don't avail of it

    That's all I need to know, I appreciate all your comments and found also on my paye account (revenue.ie) the renting option to declare.


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    #10
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Discrimination rules don't apply to RAR. While you should not say no HAP as I don't know if that's been tested saying males or females is fine.


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    #11
    Caranica
    Registered Users Posts: 10,116 ✭✭✭✭Caranica


    Samuel T. Cogley wrote: »
    Discrimination rules don't apply to RAR. While you should not say no HAP as I don't know if that's been tested saying males or females is fine.

    I still wouldn't. I know of a wrc case pending on gender bias and rent a room. It's probably going to be thrown out (shouldn't even have gone this far) but better to be safe than sorry.


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    #12
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Caranica wrote: »
    I still wouldn't. I know of a wrc case pending on gender bias and rent a room. It's probably going to be thrown out (shouldn't even have gone this far) but better to be safe than sorry.

    Fair enough. Good advice then and I withdraw my comment.


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