renting apartment

hi

i have decided to rent out my appartment that is costing me 1100 a month and try and find somewhere else cheaper that i can rent, i am hoping to get about 800 for my appartment a month, so hopefully i will be saving about 200 a month ( not a lot but it will add up)

i am looking for advise on what i need to do legally, do i need to declare that i am a landlord or can this be done quietly.

thanks for help and suggestions, also if you have any good renting tips please let me know. cheers

You may wish to do your homework on http://www.prtb.ie the site will give all Info you need. Good luck

happycat said:

i am looking for advise on what i need to do legally, do i need to declare that i am a landlord or can this be done quietly.

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If you are currently claiming TRS, you would loose this.

Depending on the deductible expenses you incur, there would probably be a tax liability on some of the rental income.

You would have to insure the apartment as a rental property, pay the NPPR charge and PRTB registration charge.

There would probably be letting / advertising costs.

There could be long periods between lettings where you have no rental income.

You could get the tenant who will not pay.

All of the above would surely eat up the €200 a month you hope to save.

Is it a two bed apartment, would you consider renting a room instead.

You may need to tell your mortgage company also. Check the terms of your loan.

I don't understand the logic.

You own an apartment. Your mortgage repayments are 1100 per month. Are you on a fixed rate?

You want to move, rent out your apartment at a shortfall of 200 per month, pay the nppr levy, the prtb fee, income tax, lose your trs relief,pay for repairs and maintenance and then pay the entire rent somewhere else. But somehow you think this will save you money?

Are you thinking of moving home? Or a really cheap flatshare? Because that is what you will need to do to make this worthwhile.

I think a lot people assume that getting 1100 per month in rent is all into the pocket and that there are not other fees\costs.

OP needs to account for tax and all the other costs the others have mentioned.

sorry totally forgot to check this post, we are thinking of moving because we have a 1 year old and another on the way,there is just not enough space, thanks for all you suggestions

You would lose your TRS if it's not your principal residence. This may offset any gain.

I wouldn't worry about telling the bank if you do decide to it. As long as repayment are met they'll hardly care. Canceling TRS might give them the heads up though.