We are a Galway city couple in our late 60s whose children have flown the nest. We live quite near NUIG and have been considering letting out a room to a student for five days a week; we would like our weekends to ourselves.
How would this work from a financial perspective — I believe we do not need to pay tax on any income?
Our son is not happy with the idea, but it would be a welcome boost to our pension. I do believe we are in a rent pressure zone so we also need to consider how that might affect us?
First of all, being in a rent pressure zone (RPZ) is irrelevant. This is a set of rules around how much you can charge on an investment property as a landlord. It doesn’t apply to letting out a room in your own home, which comes under