Asked to relocate for work, advice needed on renting out house or other options?

N

Neil_Ireland

Registered User
Messages
189
Hi all,

I have been asked by my employer to relocate for a period of time (roughly 2 years) and could do with some advice on what to do with my house. House was bought in 2009 as a first time buyer, I'm on a fixed rate mortgage for the next 3.5 years.

From reading I know I would have to register with the prtb, obtain landlords insurance and probably use an agency to find tenants and pay whatever fee's they require plus tax on income at end of year.

My main concerns are my mortgage company increasing the rate as the house would be rented. It's not going to be rented forever, I intend to move back into the house. So not an outright investment property. Do I really need to inform them or how do they find out?

I read on the revenue site that once the house is over 2 years out it can be rented without incurring stamp duty as an investment, is this correct?

I know I would loose my trs. If the house becomes my private residence again can I go back to claiming trs?

I thought about renting a room out instead of the whole house, the tenant would have the use of most of the house but I think this could be more trouble then it's worth regarding insurance. Would I need to have landlords insurance in this case too, as I wouldn't be living there.

Any other advice or options would be greatly appreciated.

Thanks :)
 
i doubt very much if you're on a fixed rate they would care seeing people are keeping their trackers when renting out their houses.
you also need to pay 200 a year nppr
the trs i'm not too sure of...u will get rent relief if you rent a place...640 a year i think...may compensate for losing the trs
thehlandlord insurance for me was about 1/3 more expensive so not a whole lot
 
portstorm said:
i doubt very much if you're on a fixed rate they would care seeing people are keeping their trackers when renting out their houses.
you also need to pay 200 a year nppr
the trs i'm not too sure of...u will get rent relief if you rent a place...640 a year i think...may compensate for losing the trs
thehlandlord insurance for me was about 1/3 more expensive so not a whole lot
Click to expand...

Forgot about the nppr tax, thanks for the info.
WindUp said:
Clawback of stamp duty is covered here--de-ends on when you purchased

http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/stamp_duty.html
Click to expand...

I bought in summer 09 so it looks like I'm in the clear, thanks.
 
You can reclaim your trs once you move back as long as you would still qualify. To cancel just ring them in Limerick and to restart you can fill in online.
 
Was this in the 2011 budget? So to be crystal clear - if you rent a property tomorrow there's no Rent Relief anymore - is this for anyone or just those who already own a property?
Tks
 
As per Revenue leaflet, .... for anyone not renting on 7 December 2010 who subsequently enters a rental agreement. . there will be no rent relief

Even for those who were already renting on 7 Dec the relief is reduced annually over next six years.
 
You must log in or register to reply here.
Back
Top