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Moving abroad

  • 12-08-2020 8:31pm
    #1
    mjshravan
    Registered Users, Registered Users 2 Posts: 8 ✭


    Anyone bought a house and shifted to their native?
    The rent will repay the mortgage. Is it worth doing all the hassle?


Comments

  • #2
    fran38
    Registered Users, Registered Users 2 Posts: 549 ✭✭✭fran38


    mjshravan wrote: »
    Anyone bought a house and shifted to their native?
    The rent will repay the mortgage. Is it worth doing all the hassle?

    What does that mean?


  • #3
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Will the rent pay the mortgage once tax, voids and potential bad tenants are taken into account?

    Will you be shifting back from your native?


  • #4
    mjshravan
    Registered Users, Registered Users 2 Posts: 8 ✭mjshravan


    I am planning to buy an apartment in Dublin, live there until I'm in Dublin and move back to my native in 2 years time.

    Considering the rental demand I am thinking to rent the apartment and handover to letting agent and move back to my native. I can visit occasionally once in a year to see the quality of apartment.

    Is it worth taking all the hassles


  • #5
    awec
    Administrators Posts: 54,424 Admin ✭✭✭✭✭awec


    For 2 years? No, just rent.

    No sense tying yourself to an asset here if you are planning to leave in such a short period of time.


  • #6
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭dennyk


    mjshravan wrote: »
    move back to my native in 2 years time.

    I think you accidentally a word there... :pac:


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  • #7
    Del Boy
    Registered Users, Registered Users 2 Posts: 50 ✭✭Del Boy


    mjshravan wrote: »
    I am planning to buy an apartment in Dublin, live there until I'm in Dublin and move back to my native in 2 years time.

    Considering the rental demand I am thinking to rent the apartment and handover to letting agent and move back to my native. I can visit occasionally once in a year to see the quality of apartment.

    Is it worth taking all the hassles

    big taxes for non-residents on rentals. not worth it.


  • #8
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭dennyk


    Del Boy wrote: »
    big taxes for non-residents on rentals. not worth it.

    The taxes are the same whether you're resident or not, and are often less in total for non-residents who have just one rental property and no other income that's taxable in Ireland, since that rent alone is unlikely to exceed the maximum threshold for the 20% tax band, whereas folks living and working in Ireland making more than €35k before rental income will be paying 40% on that net rental income. (It is a bit harder to evade that tax as an overseas landlord if your tenant is withholding the tax from their rent payment as they're supposed to be, of course, but I'm sure that's not what you meant...) Depending on what country you move to, you could be facing double taxation on that rental income if there's no tax treaty between them and Ireland that prevents it, however, which might ultimately make it not worth your while.

    The main issue with being a nonresident landlord is the headache of managing the property in general. Unless you have a very trusted family member or something in Ireland who can take care of everything for you, you'll have to hire an agency to manage the property and handle finding tenants and arranging needed repairs and all, which will cut into your income a fair bit, and if anything goes wrong, you'd either have to hire a local solicitor to represent you in the resulting months or years of legal proceedings (at great cost to you) or make multiple trips back to Ireland to handle things yourself. It'd suck to lose out on a year or more of rent (plus potential property damage) due to an over-holding non-paying tenant and then have to spend thousands on a solicitor to represent you at all the proceedings required to carry out an eviction on top of that.


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