Misemoi, having recently gotten out of the rental market ourselves, the only thing that would entice me back into it would be if landlords had equally strong rights as tenants, the ability to move tenants on (by whatever means necessary) if they are behind on rent, have proven anti-social behaviours, damage the property etc. We were very lucky with the tenants we had, 3 sets over 14 years but there are too many risks at the moment. Greenbook you raise a very good point that tenants will lie, say they intend to move after 6 months/1 year and then "change their mind", that hadn't even crossed my mind.
Circumstances in which you would be a landlord
- Thread starter misemoi
- Start date
The problem is that you just have too many risks:
- Tenant refuses to pay the rent
- Tenant damages the house/engages in anti-social behaviour
- Tenant doesn't move on
- A blanket 'temporary' eviction ban
- A 'temporary' rent freeze
- Not getting to market rent at year 6 or on tenant changeover
- Inflation is above 2% for a number of years
- Strict inspections and 'improvements' imposed
- Requirement to increase the BER with the tenant in situ
- RTB investigation in to the rent you are charging
- Criminal liability for misfiling or not filing some form or other
- Other adverse regulatory changes
Investment is always a risk, but when you have as many risks as this, one or two of them are bound to hit home. One or two are sufficient to wreck your investment and possibly ruin your life with stress.
You can also have a real disaster and one or two of these happens every single year - the way the PRS has developed that is not beyond the bounds of possibility at all.
- Tenant refuses to pay the rent
- Tenant damages the house/engages in anti-social behaviour
- Tenant doesn't move on
- A blanket 'temporary' eviction ban
- A 'temporary' rent freeze
- Not getting to market rent at year 6 or on tenant changeover
- Inflation is above 2% for a number of years
- Strict inspections and 'improvements' imposed
- Requirement to increase the BER with the tenant in situ
- RTB investigation in to the rent you are charging
- Criminal liability for misfiling or not filing some form or other
- Other adverse regulatory changes
Investment is always a risk, but when you have as many risks as this, one or two of them are bound to hit home. One or two are sufficient to wreck your investment and possibly ruin your life with stress.
You can also have a real disaster and one or two of these happens every single year - the way the PRS has developed that is not beyond the bounds of possibility at all.
From Liberty Blue, an estate agency in Waterford. As we thought here, landlords are being more cautious about letting, much choosier about the tenants they pick and are looking for short-term tenants.
Since the introduction of the new rental legislation, there has been a noticeable level of caution among landlords. The move towards longer-term tenancies is influencing decisions, particularly for those who may need to use their property for family purposes in the future.
Since the introduction of the new rental legislation, there has been a noticeable level of caution among landlords. The move towards longer-term tenancies is influencing decisions, particularly for those who may need to use their property for family purposes in the future.
As an anecdote I signed docs for a new lease in the last few days, I never thought so much about a tenant and certainly plan to sell the property when the tenant leaves.
Since I a still earning other income I could live with no rent for 2 years or so but if I was fully retired it would be too unpalatable to take the risk. Clearly I could find myself it this situation if the tenant stayed much longer than planned and I don’t have an income anymore
Since I a still earning other income I could live with no rent for 2 years or so but if I was fully retired it would be too unpalatable to take the risk. Clearly I could find myself it this situation if the tenant stayed much longer than planned and I don’t have an income anymore
All but very naive landlords will be looking for short-term tenants who clearly demonstrate that they can pay the rent and have perfect previous landlord and employer references. If you could have the tenant for 6 years or longer, you are simply not going to take any chances. Any tenant who is slightly off or just doesn't present well won't get a look it.
That this is happening will become obvious to the NGOs soon, so expect another hue and cry about evil landlords and possibly further restrictions.
When choosing a tenant, it is vitally important to carefully check the RTB Tribunal database of decisions. If the tenant has taken a case against his previous landlord, it is likely he'll take one against you as well.
That's not how the rent a room scheme operates. It's up to €14K tax free and anything over that causes all income to be assessable for tax, including the first €14K.
That hasn't been implemented yet.
That would be fantastic for me, only getting 14,400 per yr, so could easy reduce by 400 and save myself anything from 2 - 4k per year in tax
Landlords already get tax breaks.
www.revenue.ie
www.revenue.ie
What expenses are allowed?
This page outlines the expenses you can deduct from your taxable rental income
www.revenue.ie
Residential Premises Rental Income Relief (RPRIR)
This page provides information on the Residential Premises Rental Income Relief (RPRIR)
www.revenue.ie
Theyre really going to have to man up to this and stop with this fear of a tongue lashing and feigned outrage from the left and loony left.
The solution to getting the rental market functioning after years of foolish tinkering is going to require some big brassy decisions.
I wouldn't call being able to deduct costs incurred as 'tax breaks' - every business is entitled to take off the costs of earning its profits. Landlording is no different. It is not a tax break, it is simply taxing profits as opposed to turnover.
The RPRIR is not a generous tax break.
I would point out that I don't think landlords should get tax breaks and I certainly wouldn't be calling for them.
The new rules are the big brassy decisions that will create a nirvana with massive supply, low rents and permanent tenancies
Fair enough, shift the goalposts if you wish...
Another risk is where a tenant changes to HAP. If no tenant contribution is paid, then landlord is affected. Also who knows what new rules could be enacted for HAP tenancies down the road as the tenants are eligible for long-term social housing support.
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Even if a landlord were to only give 24 week tenancies, there’s no guarantee the tenants would vacate although they wouldn’t acquire the 6 year TMD once an NoT is issued.
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My sincere apologies but I did not think I was shifting goal posts.Fair enough, shift the goalposts if you wish...
A shopkeeper can deduct the costs of maintenance and repairs to his shop to calculate his profits for tax. That would not be seen as a tax break.
A landlord who deducts the costs of maintaining and repairing a house he rents out to get to his taxable profits isn't, I would think, getting a tax break either. He is simply being taxed on the real profit he made from the activity, the same as the shopkeeper.
Quote from Boards.ie - I don't know anything more about this, it is a tenant explaining how he is still in the property despite having received an NoT.
Anyone who can't use the system to stay another 2 years isn't very clever. Our legal advice was it could take another 5 years to get us out after an RTB judgment against us. In the end I inherited money which was expected all along. I had even offered a lot more rent until I could afford to buy the place but they just wanted us out. Landlord not registered to start with then their solicitor screwed up the Notice of Termination etc etc. I know our solicitor is in the same position with another client who has a tenant that won't budge. There is very little that can be done to get a tenant out.
5 years seems very optimistic, but tenants are becoming increasingly aware that the system is entirely stacked in their favour and they can play it.
Anyone who can't use the system to stay another 2 years isn't very clever. Our legal advice was it could take another 5 years to get us out after an RTB judgment against us. In the end I inherited money which was expected all along. I had even offered a lot more rent until I could afford to buy the place but they just wanted us out. Landlord not registered to start with then their solicitor screwed up the Notice of Termination etc etc. I know our solicitor is in the same position with another client who has a tenant that won't budge. There is very little that can be done to get a tenant out.
5 years seems very optimistic, but tenants are becoming increasingly aware that the system is entirely stacked in their favour and they can play it.
A sickening state of affairs. Arrgh!