Is it worth buying a home with granny-flat potential, how much does it cost to build and would you be eligible for tax-free income if you rent it out?
Traditionally used to accommodate older relatives, granny flats can house family members of all ages, as well as guests and paying lodgers. Photograph: grannyflats.ieor an elderly family member who needs to be close while also requiring their own space? Or perhaps you could do with some extra income.could be a solution. A self-contained unit attached as an extension to a house can unlock potential to meet a household’s evolving needs.
The homeowner didn’t rent the unit out, but with teenage children, she enjoyed this separate space herself, says estate agent Mary Doran of DNG.The property is close to the city centre and the profile of those viewing it is 80 per cent first-time buyers, “scrambling to get out of the rental market”, says Doran. They can see the potential for the annexe as a, with the flexibility to rent it out to help with mortgage repayments.
On the redbrick roads of Dublin 6, you’ll find granny flats too. The rental income from one freshly refurbished one-bed granny flat with a small kitchenette, at €1,900 a month, could be earmarked by the owner for renovations to the recently purchased main home. Rental income provides a buffer against interest rate rises too.Elsewhere in the city, a one-bed, one-bath own-door granny flat in Glasnevin is listed for rent at €1,100. Heating is included, electricity is not.
Where downsizing homeowners move into an adjoining granny flat, in Ryan’s experience, it has been family members who move into the main house. The main house can’t be sold separately to the granny flat structure, either. “The granny flat is an extension of the main house. It’s not a separate home with its own title deeds,” she says.
“We are doing a lot of brand-new houses where the gardens are relatively small, but couples are thinking, ‘We can change it up in a few years and turn it into an extension for ourselves.’” Would-be granny flat owners should note that renting out a self-contained flat that’s attached to your own home comes with many of the same responsibilities of being a landlord of a separate property. every year at a cost of €40. Landlords who do not register a tenancy can be fined up to €4,000. The RTB can share your data with the Department of Social Protection and with Revenue.
Residential-Investment Housing-Crisis Dublin-6 Dublin-8 Property Residential-Tenancies-Board-Prtb Tax
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Transport chiefs plan to break up Road Safety Agency and start big projects using Apple proceedsBudget 2025: Eamon Ryan favours investing in metropolitan rail in Cork, Limerick, Galway and Waterford
Read more »
Shane Coleman: ‘Asylum seekers have had no impact on housing’Government claims that asylum seekers are putting further pressure on Ireland’s housing crisis are an ‘absolute red herring' - Shane Coleman.
Read more »
Zoned land without utilities cannot solve housing problem, Construction Industry Federation boss saysHubert Fitzpatrick says the industry can rise to meet the challenge of providing critical infrastructure and 60,000 homes a year if it has certainty
Read more »
Healy-Rae's Guesthouse Earns Over €1 Million Housing UkrainiansNew figures reveal that Rosemount Guest House, operated by a firm owned by independent Kerry TD Michael Healy-Rae, has received over €1 million (including VAT) for accommodating Ukrainians to date.
Read more »
Michael Healy-Rae guesthouse has received over €1 million for housing UkrainiansThe overall bill for accommodating Ukrainians and International Protection applicants for the first six months of this year totals €922.43 million - or an average of €5 million per day
Read more »
Budget will provide six-month sugar rush - but perhaps only incremental change on housing and healthBudget 2025: Will it alter our shaky trajectory on housing? Will it end emergency department overcrowding in hospitals?
Read more »