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Regulations & Tips on Renting out a Room

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  • 29-07-2019 12:33pm
    #1
    FrankC21
    Registered Users Posts: 806 ✭✭✭


    Hi,

    We are currently on the process of buying a new 3 bedroom semi-detached house (First-time buyer). we are both thinking of renting out one of the rooms because we don't have a child just yet and it will be handy if we can acquire an extra cash to pay for our monthly mortgage. What are the regulations around it? Do we have to pay Tax? Advantages & Disadvantages? Will it have an impact on the mortgage? Insurance? Security?


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    #2
    antix80
    Registered Users Posts: 2,419 ✭✭✭antix80


    Here ya go:
    https://www.citizensinformation.ie/en/housing/owning_a_home/home_owners/rent_a_room_scheme.html

    Advantages: more money
    Disadvantages: loss of privacy

    You don't have to pay tax (subject to limits outlined in link) but you have to declare it on your tax return.
    No impact on mortgage. Insurance - check your policy but it usually won't affect your insurance. Security:just rent to some one that won't steal from you or damage your property. Renting out a room would impact a means-tested social welfare payment as it's a source of income, but I'm assuming that won't be an issue for you.


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    #3
    FrankC21
    Registered Users Posts: 806 ✭✭✭FrankC21


    antix80 wrote: »
    Here ya go:
    https://www.citizensinformation.ie/en/housing/owning_a_home/home_owners/rent_a_room_scheme.html

    Advantages: more money
    Disadvantages: loss of privacy

    You don't have to pay tax (subject to limits outlined in link) but you have to declare it on your tax return.
    No impact on mortgage. Insurance - check your policy but it usually won't affect your insurance. Security:just rent to some one that won't steal from you or damage your property. Renting out a room would impact a means-tested social welfare payment as it's a source of income, but I'm assuming that won't be an issue for you.

    Thank you for your help


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    #4
    ger vallely
    Registered Users Posts: 766 ✭✭✭ger vallely


    Would you consider digs? It's a great option, depending on where you will be based. If near an educational institute it could be the best option. The room is available for the student from Sunday afternoon until they leave for uni on Friday morning, so you still have the house to yourself at weekends.


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