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Buying Second house in dublin

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  • 05-12-2019 4:13pm
    #1
    rsh_31
    Registered Users Posts: 2 ✭


    Hello, One of my frd need suggestions. Let me put the story in this was, He has bought a double bedroom flat in 2016 for a price 230,000 (making round figures), has took mortgage of 170,000 at that time, currently pays monthly mortgage around 800 euros. He is thinking of buying second house which is 3 bed house, may be coast around 400,000. If he rents the old house, he would get a rent of may be around 1700 per month. He want to know what are tax implications and what is his profit per month from renting first one, if he keeps first house and buy the second one (assuming he has deposit amount for second house). Is it good Idea to rent first house or sell off?
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    #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,468 Mod ✭✭✭✭Gumbo


    1700x12 = income.
    Minus some expenses.
    Pay income
    Tax, ISC etc

    Best to talk to an accountant to do a ball price on projected income.
    Biggest problem is getting the second mortgage now as he will need 20% deposit.


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    #3
    BryanF
    Moderators, Home & Garden Moderators Posts: 10,140 Mod ✭✭✭✭BryanF


    One post per topic. See accommodation forum


This discussion has been closed.
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