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Buying a Property to Rent Out Before Moving Abroad

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245

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    #32
    Pinoy adventure
    Registered Users Posts: 987 ✭✭✭Pinoy adventure


    Rows Grower wrote: »
    I really am struggling to see what point you are trying to make, don't go into being a landlord because there are 20,000 more houses needed for rent?

    Put the shoe on the other foot and ask why are they leaving the market in the first place .....


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    #33
    runawaybishop
    Registered Users Posts: 9,504 ✭✭✭runawaybishop


    Rows Grower wrote: »
    Don't be such a drama queen, if landlords were selling up all over the place house prices would be dropping like a lead balloon. It's simply not true.

    Landlords have been exiting the market steadily for years. This hasn't had much impact because we are massively undersupplied and rentals have higher occupancy.


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    #34
    The Student
    Registered Users Posts: 1,262 ✭✭✭The Student


    Rows Grower wrote: »
    Don't be such a drama queen, if landlords were selling up all over the place house prices would be dropping like a lead balloon. It's simply not true.

    Demand for property to purchase as owner occupier still outstrips supply.

    So landlords leaving the market is not coming anywhere close to meeting that demand.

    Only when supply exceed demand do prices fall.

    If anything house/property prices on a national scale are increasing.

    If your analogy was true prices should be falling.


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    #35
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    Pinoy adventure wrote: »
    Did you pull the 30% from the sky ???

    It was referenced in the post I quoted.

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



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    #36
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    The Student wrote: »
    Demand for property to purchase as owner occupier still outstrips supply.

    So landlords leaving the market is not coming anywhere close to meeting that demand.

    Only when supply exceed demand do prices fall.

    If anything house/property prices on a national scale are increasing.

    If your analogy was true prices should be falling.

    I don't need a student to tell me how the property market works but thanks anyway.

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



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    #37
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    Pinoy adventure wrote: »
    Put the shoe on the other foot and ask why are they leaving the market in the first place .....

    I don't need to imagine anything because I am speaking from real life experience.

    I didn't reply to this thread in the hope of having a debate with someone who has no life experience on the subject other than their mammy and daddy paying their rent for 4 years while instead of trying to qualify at something practical they spent their time online trying to make a valid case for something they know the sum total of the square root of fu*k all about.

    I replied to give the OP some advice from my experience.

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



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    #38
    Government buildings
    Registered Users Posts: 423 ✭✭Government buildings


    The following is the best advice you will get regarding buying investment property:

    Anyone buying investment property in Ireland would want their head examined.


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    #39
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    Government buildings wrote: »
    The following is the best advice you will get regarding buying investment property:

    Anyone buying investment property in Ireland would want their head examined.

    A small bit of madness is good.

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



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    #40
    Government buildings
    Registered Users Posts: 423 ✭✭Government buildings


    When you rent an investment property, you put yourself at the mercy of the tenant.


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    #41
    FromADistance
    Registered Users Posts: 310 ✭✭FromADistance


    good vibes wrote: »
    Hello there.

    I’m looking for a advice on buying a house to let, if any Landlords and property owners have any advice I’d appreciate it.

    I’m due my inheritance & I would like to buy a house in Dublin for a budget of €235,000, I’m aware of the market at the current moment.I would like to buy for cash now to let as I plan on living abroad. I have secured an agent ;( a friend ) to Look after a property when I do buy to let .
    I’m eager to buy now as I rent at present & I don’t want to eat into my budget.

    I’ve a couple of questions..

    1 .would it be better to wait ? Will house prices come down in the near future ?
    ( it doesn’t look like it ) as I said Im paying rent at the moment so I’m eager to buy asap

    2,with taxes costs ect is it worth buying now to let out a house ? ..rents are high so i could make a profit. But I also hear landlords are leaving the market ? I’m wondering Why ?

    3.I see Rents in county’s close to Dublin are the same as Dublin would I be better renting outside Dublin ? ...I say this because there is so little available in my budget in Dublin.

    4 .Does anybody live aboard & let their property? Wondering how that works with taxes costs Il will be calling revenue for the relevant information .

    Any help would be appreciated..

    Thanks in advance...

    Advice? Hold on to your cash. Especially if you're going to living abroad yourself. You're obviously going to need somewhere to live yourself. Why restrict yourself by having all your wealth invested in a property you won't be living in yourself or have hands on management of.

    Also, never depend on 2nd hand property management... anyone serious about renting out property, on an amateur basis, needs to be hands on, have their own rental criteria (abiding by the law of course) and stick to it full stop.


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    #42
    berocca2016
    Registered Users Posts: 242 ✭✭berocca2016


    good vibes wrote: »
    Hello there.

    I’m looking for a advice on buying a house to let, if any Landlords and property owners have any advice I’d appreciate it.

    I’m due my inheritance & I would like to buy a house in Dublin for a budget of €235,000, I’m aware of the market at the current moment.I would like to buy for cash now to let as I plan on living abroad. I have secured an agent ;( a friend ) to Look after a property when I do buy to let .
    I’m eager to buy now as I rent at present & I don’t want to eat into my budget.

    I’ve a couple of questions..

    1 .would it be better to wait ? Will house prices come down in the near future ?
    ( it doesn’t look like it ) as I said Im paying rent at the moment so I’m eager to buy asap

    2,with taxes costs ect is it worth buying now to let out a house ? ..rents are high so i could make a profit. But I also hear landlords are leaving the market ? I’m wondering Why ?

    3.I see Rents in county’s close to Dublin are the same as Dublin would I be better renting outside Dublin ? ...I say this because there is so little available in my budget in Dublin.

    4 .Does anybody live aboard & let their property? Wondering how that works with taxes costs Il will be calling revenue for the relevant information .

    Any help would be appreciated..

    Thanks in advance...

    We live in an era of negative interest rates. There is no point holding cash as it is likely that the domestic banks will start charging negative interest rates.

    What I would recommend is PAYING to see an independent financial planner to find the most tax efficient way for you to make the most of this money.

    There is so many nuances around tax, residency, domiciliation that can't really be advised about on a boards thread.


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    #43
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    Government buildings wrote: »
    The following is the best advice you will get regarding buying investment property:

    Anyone buying investment property in Ireland would want their head examined.

    Why do you think so ?


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    #44
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    berocca2016 wrote: »
    We live in an era of negative interest rates. There is no point holding cash as it is likely that the domestic banks will start charging negative interest rates.

    What I would recommend is PAYING to see an independent financial planner to find the most tax efficient way for you to make the most of this money.

    There is so many nuances around tax, residency, domiciliation that can't really be advised about on a boards thread.

    Great advice ..I intend doing so...would you recommend anybody ?


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    #45
    berocca2016
    Registered Users Posts: 242 ✭✭berocca2016


    good vibes wrote: »
    Great advice ..I intend doing so...would you recommend anybody ?

    Depends where you're resident to be honest. Like if you're in a country with a large ex pat population there is probably specific businesses set up to advise people like you.


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    #46
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    berocca2016 wrote: »
    We live in an era of negative interest rates. There is no point holding cash as it is likely that the domestic banks will start charging negative interest rates.

    What I would recommend is PAYING to see an independent financial planner to find the most tax efficient way for you to make the most of this money.

    There is so many nuances around tax, residency, domiciliation that can't really be advised about on a boards thread.

    I can honestly say that this is sound advice. I was laughed at by some of my friends when I confided I had been to see a financial advisor a few decades ago.

    I was far from rich and didn't have any notions but the way I saw it if you want advice about something so important it only makes sense to seek out the advice of someone who knows what they are talking about.

    I was advised to get a tracker mortgage at a time when none of my friends had even heard of one (before the ads on the bus). It was only when the big bang hit around 2008 that we began to appreciate how lucky we were to have got that advice.

    We're still far from rich but we're not going hungry or dry, we can afford all our loans and the kids will have a few bob when we're gone.

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



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    #47
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    berocca2016 wrote: »
    Depends where you're resident to be honest. Like if you're in a country with a large ex pat population there is probably specific businesses set up to advise people like you.

    Thanks.. I'm planning on moving to espana to teach English.. ..that's interesting.. could you elaborate a ittle more on that please..


  • Options
    #48
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    berocca2016 wrote: »
    We live in an era of negative interest rates. There is no point holding cash as it is likely that the domestic banks will start charging negative interest rates.

    What I would recommend is PAYING to see an independent financial planner to find the most tax efficient way for you to make the most of this money.

    There is so many nuances around tax, residency, domiciliation that can't really be advised about on a boards thread.

    Thanks for that.. Yes i will seek independent financial advice..could you give me a little insight into the nuances around tax, residency, domiciliation you mention please...?

    But i hasten to add... I have no experience of that world so would be very nervous of investing..

    This is my nest egg & i feel i can't take any risks with it.. Call me old fashioned (im middle age.) . but i like to keep things simple.. Especially with money.. But il be interested to hear what a financial advisor has to say.

    , friends who have property have advised me to wait.. But id be concerned of eating into my budget if i wait.. Paying rent ect..
    But i hear you

    Thanks again


  • Options
    #49
    Catglee
    Registered Users Posts: 43 ✭Catglee


    good vibes wrote: »
    Hello there.

    I’m looking for a advice on buying a house to let, if any Landlords and property owners have any advice I’d appreciate it.

    I’m due my inheritance & I would like to buy a house in Dublin for a budget of €235,000, I’m aware of the market at the current moment.I would like to buy for cash now to let as I plan on living abroad. I have secured an agent ;( a friend ) to Look after a property when I do buy to let .
    I’m eager to buy now as I rent at present & I don’t want to eat into my budget.

    I’ve a couple of questions..

    1 .would it be better to wait ? Will house prices come down in the near future ?
    ( it doesn’t look like it ) as I said Im paying rent at the moment so I’m eager to buy asap

    2,with taxes costs ect is it worth buying now to let out a house ? ..rents are high so i could make a profit. But I also hear landlords are leaving the market ? I’m wondering Why ?

    3.I see Rents in county’s close to Dublin are the same as Dublin would I be better renting outside Dublin ? ...I say this because there is so little available in my budget in Dublin.

    4 .Does anybody live aboard & let their property? Wondering how that works with taxes costs Il will be calling revenue for the relevant information .

    Any help would be appreciated..

    Thanks in advance...

    I'd see a good financial advisor.

    If I were advising you I'd stick it in a medium risk fund, such as an ifund, which should make about 6% per annum.
    Id say you are around 30 years of age?... At that, by the time you are 60 that fund will have grown to approx 1.3m...and while these funds do have peaks and dips they do avg out over a long period of time.
    Now say you are 25 years old, by 60 that fund will have grown to circa 1.8m.....the power of compounding interest my friend.
    With a starting pot of 235k I'd def let compound interest take care of it... Its never late on rent and won't burst its pipes.
    BTW I do have an investment property.!!


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    #50
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    Rows Grower wrote: »
    I can honestly say that this is sound advice. I was laughed at by some of my friends when I confided I had been to see a financial advisor a few decades ago.

    I was far from rich and didn't have any notions but the way I saw it if you want advice about something so important it only makes sense to seek out the advice of someone who knows what they are talking about.

    I was advised to get a tracker mortgage at a time when none of my friends had even heard of one (before the ads on the bus). It was only when the big bang hit around 2008 that we began to appreciate how lucky we were to have got that advice.

    We're still far from rich but we're not going hungry or dry, we can afford all our loans and the kids will have a few bob when we're gone.

    Thank you.. Il heed your good advice


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    #51
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    Catglee wrote: »
    I'd see a good financial advisor.

    If I were advising you I'd stick it in a medium risk fund, such as an ifund, which should make about 6% per annum.
    Id say you are around 30 years of age?... At that, by the time you are 60 that fund will have grown to approx 1.3m...and while these funds do have peaks and dips they do avg out over a long period of time.
    Now say you are 25 years old, by 60 that fund will have grown to circa 1.8m.....the power of compounding interest my friend.
    With a starting pot of 235k I'd def let compound interest take care of it... Its never late on rent and won't burst its pipes.
    BTW I do have an investment property.!!


    Thank you... Great advice.. I'm early 50's, does that make your advice any different ? If i did invest as you advise What are the chances of a world wide crash in the future & my investments being lost & with that me being left broke ? That's my fear with investment.. I really have no experience of investing..i feel Id need to be secure with whatever i was investing in.. But I'm open to any help ot information you may have on this.
    Il sure it's a very good time to invest.

    Thanks again.. I appreciate the advice..


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    #52
    Greenlights16
    Registered Users Posts: 273 ✭✭Greenlights16


    good vibes wrote: »
    Thank you... Great advice.. I'm early 50's, does that make your advice any different ? If i did invest as you advise What are the chances of a world wide crash in the future & my investments being lost & with that me being left broke ? That's my fear with investment.. I really have no experience of investing..i feel Id need to be secure with whatever i was investing in.. But I'm open to any help ot information you may have on this.
    Il sure it's a very good time to invest.

    Thanks again.. I appreciate the advice..



    Apologies for hijacking your thread @goodvibes, very interesting read and had certainly made me second guess about whether to rent my property in Dublin now that I’m moving out or just sell it!

    @berocca and @wench you’ve mentioned seeing financial advisers on here, if you recommend any in particular in the Dublin area could you share them via PM please, thanks.


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    #53
    Catglee
    Registered Users Posts: 43 ✭Catglee


    good vibes wrote: »
    Thank you... Great advice.. I'm early 50's, does that make your advice any different ? If i did invest as you advise What are the chances of a world wide crash in the future & my investments being lost & with that me being left broke ? That's my fear with investment.. I really have no experience of investing..i feel Id need to be secure with whatever i was investing in.. But I'm open to any help ot information you may have on this.
    Il sure it's a very good time to invest.

    Thanks again.. I appreciate the advice..

    If you are 52, by 65 that amount should show a return circa 500k..not too shabby.

    See an advisor and if you are risk adverse they could turn u towards a low risk fund.
    Look, everything is a risk, it's about how you manage it.
    Pm me if you want details of an independent advisor that I found excellent


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    #54
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    Greenlights16 wrote: »
    Apologies for hijacking your thread @goodvibes, very interesting read and had certainly made me second guess about whether to rent my property in Dublin now that I’m moving out or just sell it!

    @berocca and @wench you’ve mentioned seeing financial advisers on here, if you recommend any in particular in the Dublin area could you share them via PM please, thanks.

    Yes id be very interested in speaking with a good financial advisor...

    Btw Your not hijacking.. I'm allowing you on my thread... No problem Good luck... pm me if you come across any info that might be of help thanks


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    #55
    Greenlights16
    Registered Users Posts: 273 ✭✭Greenlights16


    Just came across this link which can be searched for any county for all available FA’s in tbat area.

    https://trustedadvisor.ie/find-my-advisor/


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    #56
    Neagra
    Banned (with Prison Access) Posts: 146 ✭✭Neagra


    any interest in buying a pension property
    no capital gains and no tax on the rental income until you start drawing down
    very little disadvantages for a cash buyer


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    #57
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    Neagra wrote: »
    any interest in buying a pension property
    no capital gains and no tax on the rental income until you start drawing down
    very little disadvantages for a cash buyer

    Hi, can you explain this more please?
    Thanks.


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    #58
    JimmyVik
    Registered Users Posts: 5,367 ✭✭✭JimmyVik


    good vibes wrote: »
    Great advice ..I intend doing so...would you recommend anybody ?


    try on askaboutmoney.com

    Plenty of actual financial advisors there.
    Ive always found it very helpful.


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    #59
    JimmyVik
    Registered Users Posts: 5,367 ✭✭✭JimmyVik


    Rows Grower wrote: »
    I can honestly say that this is sound advice. I was laughed at by some of my friends when I confided I had been to see a financial advisor a few decades ago.

    I was far from rich and didn't have any notions but the way I saw it if you want advice about something so important it only makes sense to seek out the advice of someone who knows what they are talking about.

    I was advised to get a tracker mortgage at a time when none of my friends had even heard of one (before the ads on the bus). It was only when the big bang hit around 2008 that we began to appreciate how lucky we were to have got that advice.

    We're still far from rich but we're not going hungry or dry, we can afford all our loans and the kids will have a few bob when we're gone.


    Just curious.
    How much did that financial adivce cost you?
    Thinking of going to a professional ourselves for a once over.


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    #60
    mrslancaster
    Registered Users Posts: 1,811 ✭✭✭mrslancaster


    OP would you consider buying & then letting to the council on a long term plan 10-15 years? It looks like the council look after tenants & maintenance & rent is guaranteed. Maybe some landlords here have experience of that & can advise you if it works of not.


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    #61
    Greenlights16
    Registered Users Posts: 273 ✭✭Greenlights16


    I was told to stay away from this by a few estate agents in Dublin, some who I know personally.

    Don't quote me on this but do the council not only give you 90% of market rate for the rent?
    Governments/councils are always looking to cut people's HAP etc and it would sob/sad stories each month - "they cut my money, can't afford rent"etc plus i'd imagine you'd be tied to keeping the tenant in a home if you wanted to sell at some point?

    Would like to be proven wrong bu that's what people generally say, people being experienced landlords


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