rent a room scheme-what to look out for ?

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elvis67

Registered User
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Hope im posting this in the right forum.

Due to financial pressure I must rent out 2 rooms in my home.

Il miss my privacy but have no choice.

Id be intersted in any advice of what to look out for particulary from others who have been in this position.

Any ideas how much extra il have to pay in insurance ?

how much rent to look for-( ordinary comfartable semi-d about 20 minutes walk from centre of longford town,
I have cable tv and broadband,but dont want smokers) any advice gladly received!
 
you cannot earn more than €7,620 per year under the scheme or all of your rental income will be liable to tax. what type of insurance do you have at the moment?
 
I just have ordinary house insurance in case the house burns down.I'd imagine it would be a good idea to be well insured in case the tenant "trips" on the stairs etc etc.Guess il just have to talk to my insurers FBD.I know il have to pay tax if i charge more than 7620 euro per year,i could do with more money but dont think i want the hassle.Any advice on what to do about the utilities.
 
try Daft to check out what rent you should get http://www.daft.ie just check the sharing area. Bills are usually split equally. Get a months deposit and set down some ground rules in relation to whose responsible for cleaning etc.
 
I dont' know if there is a link anywhere to this, but 'rent' for the purposes of the rent-a-room scheme includes bills. If you are renting out two rooms, then the max you can charge is €317.50 per room per month, including bills. As for how much you can charge, you need to find out what the going rate in your area is. It helps to set down the ground rules about cooking/cleaning/overnight visitors etc. from the word go, it's hard to go back afterwards and say that something isn't working out.
 
elvis67 said:
I just have ordinary house insurance in case the house burns down.I'd imagine it would be a good idea to be well insured in case the tenant "trips" on the stairs etc etc.Guess il just have to talk to my insurers FBD.
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Check it out with FBD - but the story they gave me was that with regular house insurance, this policy would cover two additional people renting rooms in the house. If there were more than this, a supplement would be charged and policy amended.
 
Carefully check if the person or people are going to fit in with your home, important to have people you get on it and whose life style is compatible with yours. Sometimes better to be clear about what your expectations at the beginning and 'scare off' a few people rather than say, find out a month later that the person loves getting up at say 5am when you don't get up until 7.30am.

You could advertise a rental period for 6 months and then extend it to a year if you feel the person is compatible with you and your family.
 
Was in the same situation myslef last year and got house insurance from Eagle Star through 123.ie. Insurance covers the two tenants and didnt cost anything extra. I found other companies added a huge amount to offer the same insurance.
 
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