Section 23 in Dublin - is there anyway to get one of these?

brophy

Ok then,

i am looking to invest in property and before you say it i know "the housing market is going to crash"....

Well anyway i have been looking around and thinking about buying a section 23 property if i can find one. Today a new development of section23 apartments in town called the Steel Works went for sale(76 apartments in total). Article in the indo and also on post.ie. Rang them(30mins after then went for sale) and they are gone, seems to me that the big boys with all the cash are bulk buying these..... Does anyone know of any more developments comming up or does any one have any experience of these?

thanks in advance....

antoinolachtnai

You could buy one second-hand. There are some around. Also, there tends to be a secondary market of people 'flipping' this type of property - you just have to keep in touch with all the large estate agents with 'new homes' operations. I think there are some up in Ballymun, but I'm not sure what's going on up there now.

dazberry

There is a TAX BASED search on myhome.ie, the link is available from the front page. I don't know if that would be of any use?

D.

godtabh

There are some along the quays heading out of town on the south quays

jdivision

Mellowes Quay scheme on Ushers Quay has some on sale through Hooke & MacDonald, there's a plan for some in Capital North www.capitalnorth.ie, there'll be some more in Ballymun, there's some new ones in Smithfield too I think - Smithfield Lofts and might be a couple left in Smithfield Market. In terms of second hand ones, there are quite a few around but be careful not to buy ones where the relief doesn't get passed on to the new purchaser!!

godtabh

jdivision wrote:

Mellowes Quay scheme on Ushers Quay has some on sale through Hooke & MacDonald

They are the ones I was thinking off

gibo_ie

guys,
Remember that these are tax write offs. There is no point in owning one unless you have other properties (or some other taxable incomes (not PAYE)) to write it off against. You will pay over the odds (quite a bit in fact) to initially purchase these properties.
I have eight properties and only now is it viable for me to consider these schemes. Please be careful with your hard earned cash and investigate these schemes fully!!
M

stevedublin

There is no point in owning one unless you have other properties (or some other taxable incomes (not PAYE)) to write it off against.

actually, if you are a PAYE worker you can write off Section 23 tax relief against your PAYE tax.

antoinolachtnai

Only if you live in it, surely, and then it's under a different scheme.

"Section 23 relief cannot be set against rental income from properties outside Ireland or againstincome from an individual’s employment, profession, trade, investment or sale of capital assets."

http://www.revenue.ie/leaflets/s23.pdf