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Buying a Property to Rent Out Before Moving Abroad

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135

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    #62
    Pinoy adventure
    Registered Users Posts: 987 ✭✭✭Pinoy adventure


    Greenlights16 wrote: »
    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

    They pay 80% of market value.


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    #63
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    Pinoy adventure wrote: »
    They pay 80% of market value.

    I'm doing well so getting the 92% it says in my contracts.

    "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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    #64
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


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

    After the first meeting when I gave him all the details he needed he said he would come back to me with a plan. At the next meeting he had a very detailed plan worked out which included taking out a life assurance policy. He, as a registered Broker was able to get me a better deal on that policy than I could have gotten myself and his commission from that covered his fees.

    "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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    #65
    mrslancaster
    Registered Users Posts: 1,811 ✭✭✭mrslancaster


    Pinoy adventure wrote: »
    They pay 80% of market value.

    That's a bit steep ok but if someone wants guaranteed rent & no looking after tenants for 10 years maybe it could suit provided they can get their property back at the end to live in or sell.


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    #66
    jimmycrackcorm
    Registered Users Posts: 14,339 ✭✭✭✭jimmycrackcorm


    good vibes wrote:
    I was just inquiring about letting one room..& what the situation was with the tax if i was living abroad.. And is there a different situation for letting one room.. I seen something about that online.. Im just digging for answers.. Il have to get legal advice on that

    If you are not living in the house then you cannot take advantage of the rent a room tax incentive.

    Even if you only tent one room, effectively it's a tenant with the whole house to themselves.
    good vibes wrote:
    Well im not "atemping *anything fraudulent..

    Not if you are renting out your house while living sheriff and paying the appropriate tax, no.


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    #67
    The Student
    Registered Users Posts: 1,262 ✭✭✭The Student


    Rows Grower wrote: »
    I don't need a student to tell me how the property market works but thanks anyway.

    Don't let my user name fool you. You don't know anything about me.


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    #68
    Pinoy adventure
    Registered Users Posts: 987 ✭✭✭Pinoy adventure


    Rows Grower wrote: »
    I'm doing well so getting the 92% it says in my contracts.

    You are.ours says 80% so I'll go by what mine states.


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    #69
    Pinoy adventure
    Registered Users Posts: 987 ✭✭✭Pinoy adventure


    mrslancaster wrote: »
    That's a bit steep ok but if someone wants guaranteed rent & no looking after tenants for 10 years maybe it could suit provided they can get their property back at the end to live in or sell.

    It is but depending our where the property is located,it differs quite a bit.
    We are central Dublin so prices would be a bit higher


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    #70
    Pinoy adventure
    Registered Users Posts: 987 ✭✭✭Pinoy adventure


    The Student wrote: »
    Don't let my user name fool you. You don't know anything about me.

    lol If only it worked like that.they seem too think they know everything about everybody


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    #71
    Thoie
    Registered Users Posts: 6,344 ✭✭✭Thoie


    Rows Grower wrote: »
    I'm doing well so getting the 92% it says in my contracts.
    Pinoy adventure wrote: »
    You are.ours says 80% so I'll go by what mine states.

    I looked into it a few years ago, there were two different schemes. One (92%) where you're still the landlord and deal with the tenant if any repairs, etc are needed, and you furnish the place, etc.

    The other (80%) was longer term, but the council were the landlords, took care of the day to day stuff. Essentially you handed them the keys to an empty, white space, and 10 years later they'd return it in a similar condition.


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    #72
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    Thoie wrote: »
    I looked into it a few years ago, there were two different schemes. One (92%) where you're still the landlord and deal with the tenant if any repairs, etc are needed, and you furnish the place, etc.

    The other (80%) was longer term, but the council were the landlords, took care of the day to day stuff. Essentially you handed them the keys to an empty, white space, and 10 years later they'd return it in a similar condition.

    Does it have to be 10 years ?


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    #73
    Greenlights16
    Registered Users Posts: 273 ✭✭Greenlights16


    Is landlord insurance mandatory? Or just regular home insurance


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    #74
    The Student
    Registered Users Posts: 1,262 ✭✭✭The Student


    Greenlights16 wrote: »
    Is landlord insurance mandatory? Or just regular home insurance

    You need landlord insurance.


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    #75
    Neagra
    Banned (with Prison Access) Posts: 146 ✭✭Neagra


    good vibes wrote: »
    Hi, can you explain this more please?
    Thanks.

    https://www.pensionproperty.ie/

    you choose the property and the letting agent.
    all rental income after expenses is tax free and goes into the pension
    on retirement you can take out 25% lump which is tax free after that as you draw down you are taxed.
    the great advantage is exempt from capital gains tax
    its a no brainer

    i would recommend itc and wealth options but you can also use zurich.
    i would also advise buying 2 properties, spread a little of the risk


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    #76
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    good vibes wrote: »
    Does it have to be 10 years ?

    No it doesn't.

    It's your house and if you want to live in it, want any of your family to live in it or want to sell it at any time nobody can stop you.

    If you are in it for the long haul then besides the 4% increase in rent you can request annually you can also stipulate in your contract that you want a rent review either every year or multiples of a year so that your rental income is on par with what other similar properties in the same area are achieving.

    Have a chat with a professional who actually knows the game before making any decisions, there's a lot of well intended misinformation out there.

    "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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    #77
    y0ssar1an22
    Registered Users Posts: 17,017 ✭✭✭✭y0ssar1an22


    Rows Grower wrote: »
    No it doesn't.

    It's your house and if you want to live in it, want any of your family to live in it or want to sell it at any time nobody can stop you.

    If you are in it for the long haul then besides the 4% increase in rent you can request annually you can also stipulate in your contract that you want a rent review either every year or multiples of a year so that your rental income is on par with what other similar properties in the same area are achieving.

    Have a chat with a professional who actually knows the game before making any decisions, there's a lot of well intended misinformation out there.

    is that true? "It's your house and if you want to live in it, want any of your family to live in it or want to sell it at any time nobody can stop you."


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    #78
    Caranica
    Registered Users Posts: 10,115 ✭✭✭✭Caranica


    y0ssar1an22 wrote: »
    is that true? "It's your house and if you want to live in it, want any of your family to live in it or want to sell it at any time nobody can stop you."

    No, absolutely not true. Tenants have rights that can't be contracted away.


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    #79
    Pinoy adventure
    Registered Users Posts: 987 ✭✭✭Pinoy adventure


    y0ssar1an22 wrote: »
    is that true? "It's your house and if you want to live in it, want any of your family to live in it or want to sell it at any time nobody can stop you."

    Lol


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    #80
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    y0ssar1an22 wrote: »
    is that true? "It's your house and if you want to live in it, want any of your family to live in it or want to sell it at any time nobody can stop you."

    Yes it is.

    "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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    #81
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    Caranica wrote: »
    No, absolutely not true. Tenants have rights that can't be contracted away.

    LOL.

    "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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    #82
    y0ssar1an22
    Registered Users Posts: 17,017 ✭✭✭✭y0ssar1an22


    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...

    to answer your questions:

    1. prices will always go up. there will be some fluctuations but prices will always increase. Why? finite amount of land, while always increasing population.

    2. landlords leaving because they cannot evict tenants that refuse to pay. its simple as that.

    3. the same reason.


    4: gimme a PM and i can point you in the right direction.

    if you decide to live in the house (for a bit), then you can get the rent tax free and remove people as you wish.


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    #83
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    Rows Grower wrote: »
    No it doesn't.

    It's your house and if you want to live in it, want any of your family to live in it or want to sell it at any time nobody can stop you.

    If you are in it for the long haul then besides the 4% increase in rent you can request annually you can also stipulate in your contract that you want a rent review either every year or multiples of a year so that your rental income is on par with what other similar properties in the same area are achieving.

    Have a chat with a professional who actually knows the game before making any decisions, there's a lot of well intended misinformation out there.

    Exactly.. But the hap is a hell of a lot less that market value i believe ?

    Thank you


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    #84
    Daragh1980
    Closed Accounts Posts: 118 ✭✭Daragh1980


    OP
    If you buy an investment property, the Left will hate you.


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    #85
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    good vibes wrote: »
    Exactly.. But the hap is a hell of a lot less that market value i believe ?

    Thank you

    It's not, speak to a professional financial advisor.

    Let me put it this way, if you started a thread on here about how to do DIY brain surgery you would have posters giving you advice.

    "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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    #86
    L1011
    Registered Users Posts: 68,760 ✭✭✭✭L1011


    Rows Grower wrote: »
    LOL.

    Improve the quality of your posting.


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    #87
    [Deleted User]
    Posts: 5,369 ✭ [Deleted User]


    I rented my house out while living abroad. Agent or no agent, you will come back to issues.

    Even if they agree to leave, they will have caused **** in the house and it will be for you to fix.

    You are supposed to pay tax on the full rental income as a non resident landlord as well (or the tenant pays 20% for you from the rent which always seemed crazy to me).

    I'm not saying don't do it as you will have a home to move into on return but it's not the easy money maker every tom, dick and Harry here thinks it is


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    #88
    Rows Grower
    Registered Users Posts: 8,030 ✭✭✭Rows Grower


    Caranica wrote: »
    No, absolutely not true. Tenants have rights that can't be contracted away.

    I laughed out loud when I read this.

    "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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    #89
    L1011
    Registered Users Posts: 68,760 ✭✭✭✭L1011


    Rows Grower wrote: »
    I laughed out loud when I read this.

    This is not an improvement. Do not post in this thread again. Do not reply to this post


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    #90
    An Ri rua
    Registered Users Posts: 4,499 ✭✭✭An Ri rua


    y0ssar1an22 wrote: »
    to answer your questions:

    1. prices will always go up. there will be some fluctuations but prices will always increase. Why? finite amount of land, while always increasing population.

    2. landlords leaving because they cannot evict tenants that refuse to pay. its simple as that.

    3. the same reason.


    4: gimme a PM and i can point you in the right direction.

    if you decide to live in the house (for a bit), then you can get the rent tax free and remove people as you wish.

    Re 1. Prices go up. Not because of land or because of demand but because of the nature of fiat currencies. Simple as.
    In gold terms, property prices are relatively unchanged over the long-term. In monopoly money terms, they, rise over time. As all assets do.

    Op, you need a professional financial adviser. Someone with taxation expertise. There is no planning for yield and passive income without tax planning.


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    #91
    good vibes
    Registered Users Posts: 162 ✭✭good vibes


    Rows Grower wrote: »
    It's not, speak to a professional financial advisor.

    Let me put it this way, if you started a thread on here about how to do DIY brain surgery you would have posters giving you advice.

    Exactly ! Thanks..


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