Moneymakeover Nearly eight years later! Advice welcome

Just on the rental. Dont rent it out. You say it is attached to the parents house? Its amazing the difference it makes when a door is added between the two.
If you you put a door in joining the two you can let your parents take up to €14000 per year tax free (in practice you probably wont earn that much from a small apartment) and hand it to you. Tax free gifts from both of them for all of your family should cover it (let them give you your childrens share to "mind"). Ive seen creative ways to get money from one family member to another without paying too much tax. Even if you did have to pay some tax its not the end of the world.

The other option is AirBnB.
You dont need planning permission to AIRBnB a granny flat.
Thats the option I would go for. You good charge a lot and the money comes directly to you, so no issues.

Ask an expert though before doing either of those things.
 
Bronte said:
Why not move into the rental, sell the family home, use the money to fund pension and pay for college.

Have you had bad experiences with tenants?
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I dont want to live beside my parents in law. Rental house is nice but our family home is small but much more cost effective. Air to water heating etc. Also on its own site/ entrance etc. We dont know what will happen tax wise in future with my parents in law. It may be that we have to sell their house and therefore sell rental so I dont want to be living there if that happens.

Tenants were a mixed bag- some were great but a few- especially the last few were awful. Last set were really tricky and I was glad to see them leave. Ironically the better educated and higher paid ones were the ones who were hardest to deal with and who trashed the house the most. The rental house is brilliant- warm, great light, good space. Such a pity not to rent it. Might try ARP though- its lower money but lower risk and would keep house lived in.
 
Winkie said:
Buy to let properties
Value: €300k
Rental income per year: 0 ( see below - terrified to rent it out with new regulations and cant sell it - see below).
Rough annual expenses other than mortgage interest : €2.5K: insurance, heat, repairs. Have almost €15k of expenses that I cant use as I have no rental income to offset - accountant has these listed but unusable.
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You could move into the rental yourself and let out your main residence?
 
JamieB_ said:
Just on the rental. Dont rent it out. You say it is attached to the parents house? Its amazing the difference it makes when a door is added between the two.
If you you put a door in joining the two you can let your parents take up to €14000 per year tax free (in practice you probably wont earn that much from a small apartment) and hand it to you. Tax free gifts from both of them for all of your family should cover it (let them give you your childrens share to "mind"). Ive seen creative ways to get money from one family member to another without paying too much tax. Even if you did have to pay some tax its not the end of the world.

The other option is AirBnB.
You dont need planning permission to AIRBnB a granny flat.
Thats the option I would go for. You good charge a lot and the money comes directly to you, so no issues.
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Good points.
Unfortunately parents in law own their house - separate deeds. And we own ours- separate deeds so neither of us can use the rental as rent a room as its not part of our PPR. Id love to sell it to my parents in law but they dont want a rental!

Airbnb now require full planning for change of use. Local council have confirmed this and im in an RPZ so it might be unlikely to get planning.
 
Winkie said:
Good points.
Unfortunately parents in law own their house - separate deeds. And we own ours- separate deeds so neither of us can use the rental as rent a room as its not part of our PPR. Id love to sell it to my parents in law but they dont want a rental!

Airbnb now require full planning for change of use. Local council have confirmed this and im in an RPZ so it might be unlikely to get planning.
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Just as an example. My sister bought a house many years ago and they built a garage on to the side of it.
Inside the garage was insulated and easily turned into an apartment.
They did this and nephew lived in it until he left home.
They have airbnb'd it since. No issues at all. There is an internal door that they keep locked when guests are there. And there is a back door to the garage/apartment that the guests come and go by.
No issues at all with airbnb. No issues at all when the pay the tax on the airbnb income.
Dont ask the council. Ask a tax accountant.

But as mentioned above. It really is a disgrace that property rental has become so toxic that people have no choice but to keep them empty.
 
Winkie said:
Its just a crazy situation that a three bed house is sitting there ready to rent but regulation is so over the top that it adds significant risk. How are the Govt going to solve housing?!
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Their NOT, ever, as I mentioned in other threads they are not trying to fix the issue long term, they are just looking for short term votes!
 
S class said:
There are lots of employment opportunities for an eager young person.

Academic achievement is not the most important qualification for most of these. In many cases more income can be earned in these less prestigious jobs.
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There are far too many young people funneled into third level into silly courses. Many of them would be better off doing a trade or something else. The trades are making massive salaries and desperate for apprentices with great money after your first year.
 
Winkie said:
We have a rental property which is attached to my parents in laws property so we cannot sell it. Worth 300K on its own but not sellable unless sold with parent in laws property ( same entrance etc) Have checked this with auctioneer. We had this rented and it paid the small mortgage but not rented now for over a year. Some repairs to do but still reluctant to rent out becuase of new regulations and becuase my parents in law live beside so if there was an issue with tenants it would directly affect them. Also cannot evict tenants really any longer. We are looking at maybe AirBnB but we are RPZ so this requires planning permission. Would love to sell it but cannot. If we rented it we could get €2k a month easily.
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I'm not seeing how it's worth 300K if it's unsaleable. Have you asked an auctioneer how much that house if sold with the parents house would achieve. Is your wife going to inherit the parents home?

Seems mad not to rent for 2K a month, for reasons like a) needs a bit of repair b) worried about not being able to evict c) type of tenants.

A solicitor should be consulted to see how the two houses could be separated in order to sell. Because what's the point of keeping a non producing non asset that you cannot sell and won't rent. Unless you don't want to upset the applecart on the 1M inheritance.
 
Fortune said:
Not so sure about that.
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In the past year having met many apprentice plumbers and electricians I beg to differ. In addition as far as I could figure out Sparks can do side jobs from year 2 and they are getting serious money because they are much in demand.
 
Winkie said:
There are lots of blended/ reduced timetable LC courses so one of those night be an option in time. I never want to go back to where she was last year - it was a difficut time for everyone.
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I understand this all too well having been in the same situation very recently. The LC treadmill is not the be all end all it’s touted to be and in truth the current school system no longer works at ALL for certain kids.
Youthreach and NLN offer very reassuring more vocational pathways to third level with lots of individual support when/if she’s ready. Don’t let anyone shame you into thinking you made a mistake by focusing on her well-being for now. Been there too, and narrow-minded others who haven’t a notion second-guessing you makes it all that much harder. But rest assured there are lots of options, and wishing her and you all the best,
 
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Bronte said:
In the past year having met many apprentice plumbers and electricians I beg to differ. In addition as far as I could figure out Sparks can do side jobs from year 2 and they are getting serious money because they are much in demand.
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Nephew is an apprentice plumber. He is on nixers all the time as well as the day job. He is only half way through his second year. Had him out to change taps for me a couple of weeks ago. He is making plenty of money.
 
They can charge what they like Jamie and many are cash jobs. The money is unreal. What's been interesting to see is how some apprentices are just useless and will not make the grade, they end up being goofers. But at least they have a well paying job. But the boys who are with it, seriously good and hard working. They want in and out and they work at pace.
 
S class said:
There are far to many academically over qualified young people in the country. Many of these do not have great workplace skills and experience.
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It used to be the Leaving cert was the gold standard. The intercert even conferring some useful guidance to a future employer.

A degree meant you were an academic superstar (1960/70/80s)

A decent masters is now the leaving cert equivalent and if its an arts degree prepare for a good few shifts in the local chipper.

Recently saw an entry supply chain planner role (pharma) requiring an MBA or PHD.

Would like my youngest to get an apprenticeship (electrician) but due to the lack of govt planning, this likely won't be happening.

This would have made him the first in my family going back to the 1950s that didn't get a degree:)
 
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Bronte said:
They can charge what they like Jamie and many are cash jobs.
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A bit off topic but have to say it..
Terrible carry on.. the trade business get alot of bashing for those exact reasons.. extortionate prices for what they are doing and defrauding the revenue or more relevant no warranty on the work they do other than their word!!
 
Persia said:
Would like my youngest to get an apprenticeship (electrician) but due to the lack of govt planning, this likely won't be happening.
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This deserves a whole new thread. Due to lack of Government planning? I think people in the trades will be in demand either way and they will be the last to be impacted by AI.
 
JamieB_ said:
The other option is AirBnB.
You dont need planning permission to AIRBnB a granny flat.
Thats the option I would go for. You good charge a lot and the money comes directly to you, so no issues.
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Unfortunately AirBnB is fully regulated now. You have to have planning permission for short term letting from local council as whole country is now an RPZ. In May Failte Ireland are introducing a register for everyone doing short term lets such as AirBnB and from May 20th AirBnB will lock hosts calendars/ prevent bookings unless you are on it.

So I'd have to try planning permission then get on the register....
Castlelyons said:
You left the best till last
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@Castlelyons cliffhanger eh!
 
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