Private Rent or Rent Allowance

[Brigid12]

I will shortly be advertising my 2 bd apt for rent. My mortgage repayments on apt are €950. A person I know has said they would be interested in taking over lease on apt but could only afford to pay €800 a month. My question is: Would I be better of renting out to sombody I know for less money, who would stay there for at least 2 years and covering the reminder myself; or take a chance on renting to some one I don't know and having my mortgage covered.

 

[Crescenter]

If i were you I'd do some looking on Daft etc and see if there are many apts for rent in your area, From what I'm hearing tenants are becoming scarcer and it might be better to make the most of what you can get however I guess that depends on the supply and demand of the area...

 

[shesells]

Have you looked into re-structuring your mortgage to interest only? That way your payments should be covered with any extra coming off the capital. Don't forget to register with PRTB, keep all receipts for any expenditure and declare the income for tax.

Incidentally you'd probably get more useful advice if this was posted in PI (property investment) where there are lots of people in the same boat as you.