What to do with house in D24?

Ramasun · 10-09-2022 10:28am #1

My friend has accidentally acquired a 3 bed semi-d in D24, in not a great area, with a considerable cost to be covered (30-80k) but no mortgage. She doesn't need the house right now but might do in a year or two.

I was suggesting she give it to a letting agent but she's thinking to use it as a permanent address and just rent out rooms, without living there. Would it be better to sell?

Del2005 · 10-09-2022 10:41am

With the way things are going they'd be better to sell now. Renting is a mugs game and playing with licences could have issues with revenue and the RTB.

Ramasun · 10-09-2022 2:17pm

I have a feeling a big property tax is coming, sell might be the best option.

Though what does she do if and when she wants to try buy a house down the road?

Letting agency makes sense too.

downtheroad · 10-09-2022 2:19pm

https://www.boards.ie/discussion/2058262769/what-to-do-with-house-in-d24

Rent a room relief will not apply if she isn't living there, and she will have to declare the income in a tax return.

The_Conductor · 12-09-2022 12:31pm

If she may need it in a year or two- and is genuinely willing to consider living in it (and in the area)- her best bet may be to keep it vacant and spend the intervening period of time renovating and doing it up to her taste/standards.

Under no circumstances whatsoever would I consider renting out the property.

If she is unsure whether she'd live in it, considering letting either the property as a whole or as a rooms- or any other scheme- just sell it.

TheWonderLlama · 12-09-2022 12:36pm

https://www.boards.ie/discussion/2058262769/what-to-do-with-house-in-d24

What she's suggesting is illegal and will land her with a large tax problem.

If she might need it in a couple of years, why not rent it out properly through an agent? She would pay tax on the net rental income, but its better than holding and trying to maintain an empty property.

handlemaster · 12-09-2022 6:49pm

https://www.boards.ie/discussion/comment/119607084#Comment_119607084

Insurance does not cover if house left vacant for more than 30 days. Issues with squatters. Vandalism.. vacant house would be abvious to criminals or local no goods