Del2005 wrote: »
You'll be paying tax at your marginal rate on the rental income and you can only write off the mortgage interest, so the ROI might be longer. The rental crisis won't last 10 years, along with WFH becoming more common, a place 40 minutes outside a city might not be as attractive for renting in the long term.
Water John wrote: »
Interested in following your progress OP. Could the building be connected into the house? A corridor and door that, in reality will remain shut. Best option on tenants seems to be young couple moving in together. €6/800 per month would be within their range as they make savings and put a deposit together. They could easily stay 3/5 years.
theguzman wrote: »
There is about 5 metres of a large driveway separating the main house from the garage, the garage was initially built primarily as a storage space for the annual big trailer of turf and timber to feed a stanley range within the house. It has great potential and if I thought I'd get €600 per month even as one apartment over 10 years that is over €70k and take out taxes you'd still have paid for the cost of the conversion and the following ten years would be all profit then. It is very early days yet but I have decided to talk to an architect & engineer first for their opinion on getting planning permission. Another friend said to plough on and apply for retention permission after but it sounds crazy and I won't risk my money and have to demolish it if it went fubar.
mayota wrote: »
Could you go AirBnB and market it as glamping? People are staying in all sorts of things nowadays.