Budget home improvement tax back

Ray Palmer

The budget announced that there is 13.5% tax credits on worked carried out on the home for €5000-€30,000. That should help some people who wanted to extend their properties. I know I'll be looking at what I can get done. Anybody else happy they are doing this?

ted1

Yes, but let's hope prices don't increase by 14% and I hope it allows multiple invoices you can get the best price rather than having to go with the the one contractor which often works out dearer

crusher000

Any addition to your house may increase it's value thus increasing the property tax you owe. Give and take again. What great guys.

Ray Palmer

crusher000 wrote: »

Any addition to your house may increase it's value thus increasing the property tax you owe. Give and take again. What great guys.

It can in theory but it is worked out by area you live in and broad brackets so unlikely

ted1

Rubbish,
30k gives about 4k back if it moves you up a band that means about an extra 50euro so it takes 80 yars before you lost out.

Sick and tired of all you doom and gloomers. Please think before you post

Tombo2001

ted1 wrote: »

Rubbish,
30k gives about 4k back if it moves you up a band that means about an extra 50euro so it takes 80 yars before you lost out.

Not trying to be smart Ted, but I cant work out what you are saying here....

SCOOP 64

All we have to do now is get a loan from the bank.

The_Conductor

SCOOP 64 wrote: »

All we have to do now is get a loan from the bank.

I'm guessing most of us will fall at this hurdle........

Ray Palmer

SCOOP 64 wrote: »

All we have to do now is get a loan from the bank.

Except some people have money so getting a 13.5% return on their money seems good.

Those with money will most likely benefit most but ultimately you want them to spend money to help the economy.

Frank Black

Very smart move by the Government to both try to stimulate some construction work and encourage homeowners to get work carried out by tax-compliant contractors. Combined with the increases in DIRT, there is a real push to try to get people to start spending money.

The exposure to increased property tax is a bit of a red herring and would only apply if the improvements push the property into the next bracket - even then, as previously posted, the increase in property tax is small compared to the additional tax credits available - not to mention you presumably end up with a nicer home.

SCOOP 64

Ray Palmer wrote: »

Except some people have money so getting a 13.5% return on their money seems good.

Those with money will most likely benefit most but ultimately you want them to spend money to help the economy.

Maybe the tax on their savings, might give them the push to start spending.

Villa05

ted1 wrote: »

Rubbish,
30k gives about 4k back if it moves you up a band that means about an extra 50euro so it takes 80 yars before you lost out.

Sick and tired of all you doom and gloomers. Please think before you post

No rise in property tax in 80 years, now remind me how much of our driving costs is tax.
Over 50% on fuel for starters

ted1

Villa05 wrote: »

No rise in property tax in 80 years, now remind me how much of our driving costs is tax.
Over 50% on fuel for starters

Another doom and gloom merchant.
If your that cynical then don't do anything to your house.
Me I''d planned on doing an extension in a few years. I'll probably bring it forward and do it earlier

Frank Black

Villa05 wrote: »

now remind me how much of our driving costs is tax.
Over 50% on fuel for starters

What's that got to do with the matter being discussed?


At least this intiative seem to make some sense.

crusher000

I'd like to extend my house too, like extend it to the fxxk out of here.

With increase in property value as demand increases and improvements to home it can quickly jump more than one band.

If I remember rightly one of the arguments against the property tax was that it would dis courage home owners from improving their homes because value would go up hence their tax would increase. This is not what I have said but other commentators pre property tax. Off course new budget measure will encourage people to improve their homes but like everything else in this country when you do everything the red tape way and follow regulations your costs will greatly increase on your build. Where if you hire for cash will still make a saving.

crusher000

Sorry also forgot to mention that in Galway County the county counciil want to charge you for services , connection to water, lighting up keep of footpaths for any extensions on your home despite the fact you may have already paid this when you built your home.

Sorry to be full of doom and gloom, reality is a bitch.

martinn123

crusher000 wrote: »

Where if you hire for cash will still make a saving.

Yep, you'll save on a warranty
You'll save on anyone coming back to rectify a problem.

You will save on any Certification, which will save a whole lot on the value of your extended home

Ray Palmer

ted1 wrote: »

Another doom and gloom merchant.
If your that cynical then don't do anything to your house.
Me I''d planned on doing an extension in a few years. I'll probably bring it forward and do it earlier

I am the same. This will probably make me aim for doing this sooner rather than later. Labour costs are down and now there is a tax break. The increase on tax on interest is also a factor.

I await the actual details on how it works.

crusher000

martinn123 wrote: »

Yep, you'll save on a warranty
You'll save on anyone coming back to rectify a problem.

You will save on any Certification, which will save a whole lot on the value of your extended home

Your funny, Home Bound ?Not worth a stroke most developers gone bankrupted. Priory Hall all regulated and signed off. God paper trails sure work in this land

Wabbit Ears

crusher000 wrote: »

Your funny, Home Bound ?Not worth a stroke most developers gone bankrupted. Priory Hall all regulated and signed off. God paper trails sure work in this land

I couldnt agree more, In theory having the work done by a licenced, insured and tax complient builder., all signed off by planners and architects and so on should give you a security that the work was done to a high standard and any problems will be rectified.

But events of the last few years has shown is this is a complete myth perpetuated by interested parties for self preservation.

Having a group of polish lads build your extension for 15 grand V an irish crowd doing the same for twice that gives you the same securities ( ie NONE) and you save 15 grand..

crusher000

Wabbit Ears wrote: »

I couldnt agree more, In theory having the work done by a licenced, insured and tax complient builder., all signed off by planners and architects and so on should give you a security that the work was done to a high standard and any problems will be rectified.

But events of the last few years has shown is this is a complete myth perpetuated by interested parties for self preservation.

Having a group of polish lads build your extension for 15 grand V an irish crowd doing the same for twice that gives you the same securities ( ie NONE) and you save 15 grand..

Just on the news about the Pyrite scandal 12,000 homes involved none to be covered by home bound and tax payer picks up the bill. Let's get the registered, regulated guys that were responsible for this mess.
Plenty of good honest builders out there but don't be fooled by paper work which adds to cost.

Ray Palmer

Wabbit Ears wrote: »

I couldnt agree more, In theory having the work done by a licenced, insured and tax complient builder., all signed off by planners and architects and so on should give you a security that the work was done to a high standard and any problems will be rectified.

But events of the last few years has shown is this is a complete myth perpetuated by interested parties for self preservation.

Having a group of polish lads build your extension for 15 grand V an irish crowd doing the same for twice that gives you the same securities ( ie NONE) and you save 15 grand..

The situation with priory hall is way more complex than that. You do have extra protection by using an insured person. If a somebody working for the cash in hand guy you hired injures himself you can be held liable for example.

Just because insurance didn't pay out on Priory Hall and the builder went bust is not valid to say you have no protection on everything else.

martinn123

Lads, we are talking about Extentions, renovations, and other works up to 30K

Bringing in

Home Bound ?Not worth a stroke most developers gone bankrupted. Priory Hall all regulated and signed off. God paper trails sure work in this land

adds nothing to the debate, why not mention, Banks, Bond-holders as well.

As for

Having a group of polish lads build your extension for 15 grand V an irish crowd doing the same for twice that gives you the same securities ( ie NONE) and you save 15 grand..

Polish or not 15K would not pay for the materials, on a 30K job

Have a read of this
http://www.environ.ie/en/Legislation/DevelopmentandHousing/BuildingStandards/FileDownLoad,32732,en.pdf

New regulations coming into force,which means to have to employ suitable contractors

crusher000

martinn123 wrote: »

Lads, we are talking about Extentions, renovations, and other works up to 30K

Bringing in


adds nothing to the debate, why not mention, Banks, Bond-holders as well.

As for



Polish or not 15K would not pay for the materials, on a 30K job

Have a read of this
http://www.environ.ie/en/Legislation/DevelopmentandHousing/BuildingStandards/FileDownLoad,32732,en.pdf

New regulations coming into force,which means to have to employ suitable contractors

Sure I know and the point I was making is that they are looking to get the building trade up and running but thanks to local county councils and the property tax it won't have the big impact our Government thinks it will. Also black market labour will be cheaper regardless of assurances, increments you may receive from going down the I'm covered for everything route.

Ray Palmer

crusher000 wrote: »

Sure I know and the point I was making is that they are looking to get the building trade up and running but thanks to local county councils and the property tax it won't have the big impact our Government thinks it will. Also black market labour will be cheaper regardless of assurances, increments you may receive from going down the I'm covered for everything route.

Just to clarify are you under the belief that an extension requires payment to the county council? I know they charge for new builds but are you sure is applies to extensions?

You mentioned water connection which you wouldn't need for an extension so I am not sure what you mean.

Villa05

Frank Black wrote: »

What's that got to do with the matter being discussed?


At least this intiative seem to make some sense.

Yes it makes sense but beware of (un?)intended consequences. Both the major parties have declared that income tax is as high as it going to get, so alternate tax sources will have to be found.

The Gov like the idea of taxes that people can't avoid e.g Car, Home
As with income, they can't take much more from the car, that leaves the home as the most likely target.

Given that the Gov are still borrowing to keep the lights on and as Michael Noonan declared himself that the total national debt is unsustainable. Couple this with a pension crisis in the public sector and semi-state companies.

Who's door do you think they will be knocking on to pay for all this?

Yes the plan makes sense, but as with everything, buyer beware.

ted1

Villa05 wrote: »

Yes it makes sense but beware of (un?)intended consequences. Both the major parties have declared that income tax is as high as it going to get, so alternate tax sources will have to be found.

The Gov like the idea of taxes that people can't avoid e.g Car, Home
As with income, they can't take much more from the car, that leaves the home as the most likely target.

Given that the Gov are still borrowing to keep the lights on and as Michael Noonan declared himself that the total national debt is unsustainable. Couple this with a pension crisis in the public sector and semi-state companies.

Who's door do you think they will be knocking on to pay for all this?

Yes the plan makes sense, but as with everything, buyer beware.

Car=luxury
Home= necessity

Stop trolling

crusher000

Ray Palmer wrote: »

Just to clarify are you under the belief that an extension requires payment to the county council? I know they charge for new builds but are you sure is applies to extensions?

You mentioned water connection which you wouldn't need for an extension so I am not sure what you mean.

This is policy of Galway County Council and has been challenged in the courts by home owners whom already have paid for connection to services when they built their homes and now have to pay 4-5k for adding an extension to their house.

ted1

crusher000 wrote: »

This is policy of Galway County Council and has been challenged in the courts by home owners whom already have paid for connection to services when they built their homes and now have to pay 4-5k for adding an extension to their house.

an extension less than 40 sqm doesn't require planning permission, it'll use a feed from the existing Water supply, it'll use the existing footpath, it'll use your existing electricial connection.

The county Council do not get involved in most extensions, especiallly those costign less than 30k. show us proof of your claims. I think your confussing yourself.

Ray Palmer

crusher000 wrote: »

This is policy of Galway County Council and has been challenged in the courts by home owners whom already have paid for connection to services when they built their homes and now have to pay 4-5k for adding an extension to their house.

Can you point to a link or something on this. There is normally a lot of restrictions and reasoning behind such charges. I doubt the council charge a connection fee to a house for an extension.

I know in Dublin if you knock and massively redesign an old house you may have to comply with modern regs and council fees for certain aspects. This is not an extension charge as you suggest though. It sounds like that is what you are talking about

crusher000

I have checked sources on internet and cannot find anything. Was on Connacht Tribune two weeks ago from what i remember and can't find article on the web have hard copy at home will have to read through it.

But jaysus if I dreamt this up I should be in Government.:)