renting my house out, what are my options as a landlord.

Folks

I had posted on a group somewhere else but am now confused by the answers.

I have a query and would like some clarity on it, before I speak to my accountant and a financial planner.

I have a 3bedroom house. It was rented for years on HAP, well below market value. I ended that about 3 years ago, and have been living in it as my primary residence and renting 2 rooms out to 2 others, their rental income is below the 14k.

I am at a stage now where I am going to move in with my ms, into her house, so I am wondering what my options are?

Option A. I can rent the house out as a whole at the current market value, either through HAP or not, but it will be registered with the RTB then. I will do my yearly returns as per normal through my accountant

Option B. I can rent out the 3 rooms to 3 individuals, perhaps the 2 lads living there and 1 other. They all have separate contracts per room, is that right? Does this need to be registered with the RTB? I will do my yearly returns as normal, through my accountant.

I can in either option increase the rent by 2% per annum, and expenses and incomes go to taxes?

Are they my only 2 options or am I missing anything.

Many thanks folks

Paddy

I am interested in the answer to this too, Paddy. From my limited understanding, though, I think you can also rent it as a holiday let (if not in an RPZ), but it then has to be hands-on managed. If you let it to students, I assume the same RTB rules apply as if a normal tenancy.

Option C might be the best - selling it.

You should not rule it out. You should review it.

Tadamia and Brendan

Thanks for the replies. I will keep looking and if I get an answer Tadamia, I will PM you, thanks

Always good to have a back up plan for a ppr when moving in with a partner imo. I wouldn't be rushing to sell my ppr unless it was necessary financially - it's so difficult to buy a house now due to high prices and huge demand, and with an increasing population, it may get worse. You can sell at any time, although tbf, it's probably easier when a property is vacant.

RaR rules means that lodgers must share with the owner and that ceases if you move out. Living part time in a ppr might allow the RaR to continue.

Or, you all move out, ask the lodgers and a third person to sign a new lease for the entire house at market rent, or let it on the open market to completely new individuals, and register with RTB. If you lease the entire house at the current RaR rate, that sets it as the rent cap for any future tenancy. Room by room lets have a different set-up, there is an earlier thread discussing it which may be useful.

You could short-let. If its a PPR, short-lets of up to 14 days that do not exceed 90 days each year, do not need pp, just notification to LA. PP is needed when the 90 days is exceeded or when the property is not a ppr.

Afaik, short-let / home-sharing of 14+ days in a ppr are just lettings to lodgers, ie. no annual cap and no pp.

If you let the last spare bedroom you won't qualify for RaR as you cannot live there and you will be liable for full taxation on the entire amount.
If you leave your bedroom unlet and it as your primary residence technically its still your primary residence. You might be glad of that if something goes wrong in the relationship anyway.
Room-by-room might be an option if you feel secure in your new arrangement with individual tenancies for each room. But I wouldn't assume that this increasingly common arrangement which is often done to circumvent RTB rules on rent increases by turning the home into individual tenancies is going to stay unregulated.