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Tax on loss-making, forced rentals

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    #32
    FlexBrowne
    Registered Users Posts: 81 ✭✭FlexBrowne


    It's what families have done since time immemorial. Not new. It's called upgrading. Stop trolling and offers advice or shut up. Back to your parents box room and your Xbox troll....

    Bye bye


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    #33
    bjak
    Registered Users Posts: 59 ✭✭bjak


    FlexBrowne wrote: »
    I could sell it tomorrow,

    Yet in the original post "With a dead market and neg eq it's impossible to sell "


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    #34
    Victor
    Registered Users Posts: 78,402 ✭✭✭✭Victor


    FlexBrowne wrote: »
    It's what families have done since time immemorial. Not new. It's called upgrading. Stop trolling and offers advice or shut up. Back to your parents box room and your Xbox troll....

    Bye bye
    If you have a problem with a post, report it. Abuse not welcome.


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    #35
    murphaph
    Registered Users Posts: 19,021 ✭✭✭✭murphaph


    FlexBrowne wrote: »
    I could sell it tomorrow, just waiting for the right offer. Plenty already. You assume all families are planned. You should start "perfect lives" classes seen as you seem to think so.
    As much as it may give you great pleasure to see people in trouble, I'm sorry to disappoint you. I'm a beautiful home now and will rid myself of the burden sooner than later. who foresaw a 75% drop in value in a 2 bed house? I wish you well despite our clear differences and I'm done with this thread. Got some good advice in addition to the 'tough luck' begrudgery. Au Renoir tax thread!
    It gives me no pleasure whatsoever to see you or anybody else in financial difficulties. If fewer people had speculated that they'd be able to flip their own home in 2 or 3 years and "trade up" then our whole country would undoubtedly be in much better shape. As for "I could sell tomorrow" well clearly you can't because the property is in neg equity and if you do manage to sell you'll be left with an unsecured personal loan to pay off to cover the difference.

    I didn't see a 75% drop in houses (I'd argue that only houses in the most idiotic of locations have actually seen such drops btw) but I certainly saw some drop of some significance. It's why not a penny of our SSIAs went anywhere near Irish property, but bought our current home in Germany, outright.

    I knew that the house I own (well, part own with the bank) would suffer a loss but I had no intention of selling and firmly believe that the idiocy of the Irish wrt property will ensure it returns to its 2006 "value" at some stage before I pass it on. So long as I can rent it out (and it's in a good location with hight rental demand) then all's well and the book value of the property is of less importance to me.

    Pointing out that someone's situation has a lot to do with their own decisions in life is not begrudgery. What would I begrudge you? Your neg equity? It doesn't make any sense!

    I hope things pick up for you, but there's no easy solution to the mistakes you have made, nor should there be if Ireland is to avoid the same fate again.


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    #36
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    FlexBrowne wrote: »
    Victor wrote: »
    Potentially that just 'rewards' past speculation and sets us up for another unsustainable boom in the future.

    What 'speculation'? Just bought a house to live in not as an investment.

    No, you say you purchased a starter home. If you intended it as a 'step on the ladder' of to sell within 7-10 years... it was at least in part an investment.


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