What owners need to know
• What your new interest rate will be. Your bank will switch you from an 'owner- occupier' mortgage to a 'buy-to-let'. This can increase your payments by hundreds of euro a month.
• What losing tax relief will cost you. Once you rent out your home, you'll lose Tax Relief at Source (TRS) which can leave you hundreds of euro a month worse off. Email firstname.lastname@example.org.
• How much tax you'll pay on your rental income. The revenue.ie website provides a Guide to Rental Income that should help you work it out without needing an accountant. One of the biggest deductions is the interest you pay on your mortgage -- you can offset 75pc of this against the rental income.
• What your home insurance will cost. Home insurance premiums can change if you let out your property. It's less of an issue for apartment owners, since most flats are covered by block policies. Premiums can be offset against tax on rental income.
• How the Private Residential Tenancies Board operates, and what you need to supply them with. Its website www.prtb.ie has a useful FAQ section.