Long term rental or Short Term Rental? If you are a landlord and are trying to decide between long term rental or going air bnb, then remember this:
- The cost of doing up your airbnb property is fully deductible against the future earnings. See the Income from short term accommodation
- The cost of doing up a long term rental property is not.
That is to say, if you rent long term after a renovation, you pay tax on the earnings from the off. Sinn Fein roared through the last election on the recognition that housing is top priority. The voters from generation rent voted for real.
If you have a property and are considering bringing in some rental income, this is a significant issue. There is the odd incentive.
The HAPS system
This is where the council are the tenant effectively. Click Here for more on this.
The main issue that most landlords have with long term rental is getting people out if they are not paying the rent. Also, the level of wear and tear on a long term property is completely different to the short term experience.
Why Not Go Long Term ?
There is a lot to be said for it. Someone else pays the bills. No changeovers.
If you have any questions please click here and complete my 1 minute questionnaire. I’ll respond within 24 hours