What would it cost me to rent out my property?

[ysenrab]

I am looking at taking a career break and taking up employment overseas. If I rent out my house, how much roughly would it end up costing me?

Mortgage - €600 p/m
Potential rent - €800p/m

Interest paid over 12mths - €4000...I know only 80% of this is deductible, so around €3200
PRTB fee - €90
Insurance - say €350
Agent fees - ? (I wouldn't have anyone here to manage it for me so would need an agent)
Depreciation - ? maybe just use a minimal figure.

I am currently in the higher tax bracket. If I end up going overseas I don't know where I will be treated as resident for tax purposes. I'll be going to Australia and am an Australia citizen but have been in Ireland for 10yrs, so am classed as non-resident for tax purposes in Australia currently. I don't know if returning to Australia for the 12mths will class me as resident in Australia for tax purposes as I will make a decision while I am there if I will return to Ireland or stay in Australia. So assume highest rate of tax I guess.

If someone could do some very rough back of envelope calculations for me that would be greatly appreciated

 

[RentingD]

I get similar rent to you. Paid 2200 in tax last year. My interest paid was about 2000, insurance 300/400 and other expenses.
Now i sent in a Med1 at the same time so bill probably would've been higher if i hadn't.
I'm not sure about the rules if abroad but revenue are quite helpful if you ring them.

 

[Ravima]

The depreciation is 12.5% of the CONTENTS. There would not be depreciation on the building.

Agents fees could be 10% plus VAT. If you are abroad you should have an agent to do the day to day managing and to ensure that tenant does not have to pay some of the rent to Revenue with you having to seek refund at end of year.

PRTB fee is valid for 4/6 years assuming you have the same tenant in situ.

You will also have property tax and will lose any interest relief at source and may have on the mortgage although you will be able to write off 80% of the interest.

You may require an accountant as well.

Finally, will lender agree to let you on your current interest rate?