accidental landloard

[discovery101]

Shortly I will become an accidental landlord due to the following reason my Mam is now at an age and cannot be left on her own and I have decided to move back home and look after her. I myself is single with no dependents.

Can you advise me on the steps on how to become a landlord officially and have everything above board with the taxman, house insurer and bank!!

1. Outstanding mortgage of 40k at 3.2% variable rate. €322 per month current repayment. Getting some TRS as well.
   
   
2. Looking at €900 - €1000 a month rent for new tenants.

I have savings so could pay off the mortgage as at the moment I am only getting 1% so it doesn't seem to make any sense paying 3.2% to the bank and only getting 1% from them.

All advice on the above would be greatly appreciated.

 

[stephnyc]

hi - this website has been recommended by other posters and would be a good starting point for you: https://www.irishlandlord.com/faq/tax-finance/