Buying a House

tech

I am considering the option of buying a house,

I'm looking at a 3 bedroom house in Cork City.. The house will cost roughly about €220000, I just wondering does anyone know the in's and out's of buying a house to rent, I would hope to rent this house to students for about €70-€80 pps bringing in about €1120 -€1200 per month for rent.


As a first time buyer I know I get some first time buyers allowance and also tax relife on my earnings.

Does anyone know rough figures and how would I be fixed for paying tyax on what I earn in my JOB?? and also what I earn from the renting of th house

My plan is to rent to house and this will pay for the most of the morgate

Anys ideas welcome

Borzoi

I'm assunming the house is new, so no stamp duty to pay for owner occupier

As regards the first time buyers grant, you only get that for buying a new property where you are going to live as your main residence.

If you do decide to live there, you can rent out rooms, and earn up to €6000 (check with revenue.ie the exact figure) per year without paying tax, everything above this you are liable for tax on.

If you're buying for renting the bank will ask you to put up more of a deposit, you wont get FTB or the room rental allowance, but you do get to offset the interest on the mortgage against rents. Oh, and you may be liable for stamp duty on the purchase.

You really should check with an accountant or similar financial advisor.

As for renting to students - some have an opinion on the quality of the tenant, but more importantly you are more liable to be left with an unrented house.

My 0.02 based on what I went through last year

Victor

You might only be able to get a 10 year mortgage from your bank, not a 20 or 30 year mortgage, but talk to your bank (they will need a business proposal).

The Rent-a-room scheme allowance is £6,000 per year (€7,618)