Budget 2024 - The Squeezed Middle

https://www.boards.ie/discussion/comment/121244996#Comment_121244996

Haha, don’t worry I knew what you meant!!

Fair enough though but at least they are doing something. In fairness I wouldn’t be against anyone owning property they don’t occupy a lot.

My aunt just recently enough sold an apartment she owned for nearly 10 years but scarcely occupied. Bought for under €100k and sold for well above €200k.

Nothing wrong with investing in property as any other commodity. I guess I would disagree with the government taxing people for owning houses. If I own a house do I therefore have a responsibility to house someone? Doesn’t make sense to me! It’s like saying I own two cars and therefore I need to give one to a taxi driver to drive people around cos they can’t afford a car.. well tough ****. 😂

tom1ie

I’ve an 18 month old in crèche and I’m paying approx €980 PM for this service.

When can I expect the price to drop by 25% (€980-25%= €735PM) as per budget promise (or have I got this areaways? 😂)

https://www.boards.ie/discussion/comment/121245025#Comment_121245025

By the sounds of it.. the year they finish!!

Beta Ray Bill

https://www.boards.ie/discussion/comment/121245019#Comment_121245019

Am I reading this wrong or is the article written crap?

https://www.independent.ie/business/personal-finance/major-hike-in-vacant-homes-tax-to-be-announced-in-the-budget/a1799104676.html

The new tax was only announced last year but applies to homes that are vacant for less than 30 days over the last 12 months.

So If I own a property and it's Vacant for 14 days I'm liable for the Tax, But if its Vacant for 100 days I'm not liable.

confused.com

Edit:

I was right the first time, the article is written sh!t

https://www.citizensinformation.ie/en/housing/vacant-homes/vacant-homes/

A Vacant Homes Tax (VHT) was introduced in 2023. It applies to properties which can be lived in but have been stayed in for less than 30 days in the previous 12 months.

The rate of VHT on a property is three times the basic rate of Local Property Tax for the property.

So you could just AirBnB it for 4 or 5 weeks

https://www.boards.ie/discussion/comment/121245054#Comment_121245054

No, it’s written very badly.

the revenue writes it much better by saying

“in use as dwelling for less than 30 days”, so if you live there for 31 days out of 365 you’re laughing, 29 days or less living there (ie you visit in June for two weeks), you pay VHT!

the indo editors are asleep at the wheel I’ve noticed.

Ezeoul

https://www.boards.ie/discussion/comment/121244703#Comment_121244703

I'm not sure they do, it's appears not to be a mandatory field on the claim form. . There was a discussion. on this on very point on Accommodation & Property not so long ago...

https://www.boards.ie/discussion/2058277772/renters-tax-credit

listermint

https://www.boards.ie/discussion/comment/121245019#Comment_121245019

Well yes it does I think the term commodity is the key problem here. Housing is probably the most basic form of shelter required for someone to exist and contribute to society. It's the corner stone of economic activity. I think personally the notion that housing should be treated like any other stock portfolio needs to be done away with and incentivising it even more so. Evidence clearly demonstrates is ruining social fabrics the world over. Generations being locked out of the basics of stability, a home.

And People wonder why folks aren't getting married and having kids.

It's not rocket science and it ain't social media or avocado and coffees either.

Allinall

https://www.boards.ie/discussion/comment/121244968#Comment_121244968

Why wouldn’t they?

Allinall

https://www.boards.ie/discussion/comment/121245272#Comment_121245272

Presumably that’s because it was never needed.

Now it is.

https://www.boards.ie/discussion/comment/121245181#Comment_121245181

I would argue the bigger problem with housing stocks for rent in this country are indeed the people who refuse to pay their rent and leave the property in a timely manner.

we all love a good whinge about landlords and what bastards they are but tell me this would you want to be one if I could rent your house, refuse at random to pay you, end up owing you thousands and refusing to leave until I’m eventually forced to in 9-12 months?

All the whine you’re not making a penny of me and getting into serious debt yourself, the likes of which you’ll never see a cent of it paid by the one responsible in the first place.

yeah a great little country alright when day after day the high court is writing off millions in debt owed to people like you and me not huge vulture funds or massive corporations.

Your average joe is as affected by the lack of accountability being afforded to layabouts who contribute nothing but the demise of society. You think property investments are the problem? I would argue it’s those who refuse to pay their bills are the problem.

tom1ie

https://www.boards.ie/discussion/comment/121245033#Comment_121245033

Well he’ll be starting school when he’s 4 1/2 that’s September 2026 so surely the 25% reduction should be in before that!!

downtheroad

https://www.boards.ie/discussion/comment/121245137#Comment_121245137

It's not mandatory in the tax return for some reason but its in the tax and duty manual prepared by Revenue on the tax credit. Whether Revenue follow up or not is another story.

listermint

https://www.boards.ie/discussion/comment/121245406#Comment_121245406

I don't believe there's a single thread solution. I'd also be in favour of escrow deposits and stricter enforcement of problem tenants 100 percent the playing field needs to be fairer.

I don't think those ideals clash with the methods global government deploy to entice property speculation at all levels.

I think that dial needs to be move back away from residential speculation. Investors can always make money elsewhere and in markets. Housing has to come back back to what it was, for people.

https://www.boards.ie/discussion/comment/121246082#Comment_121246082

I’m not even really talking about huge investments companies or individuals with a portfolio of multiple properties tbh! \nI mean my aunt is a prime example. She’s worked hard her whole life, saved diligently and decided to purchase an apartment. \nShe paid low and sold high and has bought a house since selling the apartment. might live in it, might not, either way I think she’s every right to spend her money how they want. Problem is this country I’m starting to see we all want everything for nothing. Sure jaysus it wasn’t even that long ago we had a fella insisting that housing citizens was a responsibility on the government imposed by the UN!!

listermint

https://www.boards.ie/discussion/comment/121247300#Comment_121247300

Couldn't care less tbh your aunt could have worked hard and invested in stocks or stocks of a building firm for example. We need the market out of housing and rent. Its stealing real money from the economy, its siloing wealth in the main offshore tbh and and at next to no tax. It's contributing massively to emigration. It's impacting our ability to retain health care workers and gardai in our cities due to cost of living. Not to mention just people doing normal jobs like retail and service industry.

Frankly I think making sure people can afford normal housing trumps peoples tiny or large portfolios. I'm sick of governments pandering to a micro percentage of individuals over what's good for the majority of the population.

And it's coming to a head not just here, everywhere.

BlueSkyDreams

https://www.boards.ie/discussion/comment/121247382#Comment_121247382

So ban landlords?

https://www.boards.ie/discussion/comment/121247382#Comment_121247382

cost of living and housing are not major factors in Garda and healthcare staff shortages that has been historically a pay issue. My cousin moved to aus to practice nursing as the pay here is so bad.

you are making a mountain out of a molehill conflating people who own one or two extra properties for investment or whatever personal reasons as the cause of a housing crisis in Ireland.

The way landlords are expected to let a non paying tenant occupy their house, illegally, while the Gardai do nothing are much more likely to be a contributing factor.

Where else is this behaviour tolerated but here?

Jinglejangle69

2 billion for refugees and IPAs but we can’t fund the health system with what it needs and as a consequence people will not receive vital treatment they need.

What an absolute disgrace.

Beta Ray Bill

https://www.boards.ie/discussion/comment/121247676#Comment_121247676

The problem is the Grayness of it all... Paddy doesn't like black and white, Paddy likes Gray.

In reality if you're investing in property to rent it out, then that operation should really be done within the a Ltd company. It's better for everyone that way, you're running a business like.

If you're buying a property and borrowing to make the purchase, it's nearly impossible to make money by sitting on it without renting it out. Mortgage interest and the tax you pay on selling it mean its actually loss making. You have to rent it.

You need to inherit or buy cash to make money off it without renting.

realitykeeper

https://www.boards.ie/discussion/comment/121237803#Comment_121237803

Well certainly letting the free market do what it was trying to do before the government interfered would solve everything. And yes correcting the market mutation caused by government intervention will mean severe monthly property taxes and the automatic sale of any property in arrears on a government website.