Hi
We bought a house with a view to renting it out, but it is in need of being modernised & re-configured. Once modernised we plan to hand it over to a letting agent.
However, we have been informed that if we were to put money in to do it up, we could not write it off because it would still have been classed as a residential unit, so it needs to be rented out first. Is this correct ?
If that is correct, what is the minimum time that we would have to rent it out for ?
We have someone that we know, who is looking to come back from the UK, and it would be a perfect fit to rent it out to them (for low rent) until they find their feet. It also gives us time to come up with plans, find builder etc
Also, what are the minimal things we need to do to satisfy the PRTB and Revenue ?
Thanks
We bought a house with a view to renting it out, but it is in need of being modernised & re-configured. Once modernised we plan to hand it over to a letting agent.
However, we have been informed that if we were to put money in to do it up, we could not write it off because it would still have been classed as a residential unit, so it needs to be rented out first. Is this correct ?
If that is correct, what is the minimum time that we would have to rent it out for ?
We have someone that we know, who is looking to come back from the UK, and it would be a perfect fit to rent it out to them (for low rent) until they find their feet. It also gives us time to come up with plans, find builder etc
Also, what are the minimal things we need to do to satisfy the PRTB and Revenue ?
Thanks