Hubertj wrote: » This place is near my home. For sale sign went up last week and sale agreed sign went up today. It must be unusual for something to move so quickly? And yea yea it’s only gone sale agreed, not soldhttps://www.myhome.ie/residential/brochure/36-pembroke-gardens-ballsbridge-dublin-4/4447046
The_Conductor wrote: » I don't see how the 'Fair Deal' scheme will not be at least doubled in percentage terms on the call on property disposals. Its costing north of a billion a year- ontop of the funds coming in on the disposal of people's assets. It currently has a capacity of approx 23,500 and it is profiled to need to increase to 38,000 places (at any given time) by 2028 (without a change in funding this would represent an exchequer cost of over 3 billion a year). The other aspect of all of this- is the larger number of properties left vacant while people are in nursing homes- often the properties aren't regularly heated and suffer all manner of damage. There has to be some sort of a scheme whereby the 23k properties out there are brought back into the available housing stock for rental or other purposes. Its nonsensical that they are, in the main, left vacant. We have an aging population- and are very close to having a large cohort reach retirement age- these people have entitlements- someone is going to have to pay for the entitlements though.
edjkdkjdhjkd wrote: » Curious to hear about peoples situation on here, i assume most posters have some sort of stake in the property game or plan to. Perhaps in the format below:Situation: Couple, deposit of roughly 70k so far (could stretch to 110k) if we wait two year. Aim to purchase a house in either North Dublin (Cabra, Finglas area) Or South Dublin (Ballyfermot, Drimnagh). Max we will spend is 300k but ideally 240k/250k. What we hope will happen: Prices drop roughly 10-20% between now and 2022 and we get a good deal and max out on the deposit to ensure a low mortgageWhat we think will happen: After Covid payment is taken away, the economy will be devastated but it may take some time for the impact to hit the property market, we only plan to wait 2 years max and fear we may purchase before the bottom but that's something we will have to accept and move. We see drops of 10-15% more likely on the areas we are targeting.
schmittel wrote: » Once again, rather than further meddling with more silly schemes, remove the RPZ rules and allow LLs more leeway in terminating leases/evicting problem tenants. RPZs and PRTB tenant bias is simply compounding the problem of restricted supply. Removing them will remove the main reasons properties are left vacant. An increase in rental supply will solve the problems the of ever increasing rents and tenant protection, so they won't be needed anyway.
Mic 1972 wrote: » How do you work out the 51%? Rental income is taxed the same way as any other income. You could be paying 20% or higher depending on your income bracket
edjkdkjdhjkd wrote: » Sheer desperation, most likely a couple who fear they will lose their jobs in the next year and don't want to keep renting. Which is insane in itself, make the biggest purchase of your life before losing your job but country is insane in fairness. That or a cash buyer with more money than brains.
PommieBast wrote: » Given how low the threshold is for >50% its gonna be pretty much everyone who works full-time.
Mic 1972 wrote: » the tax bands are 20% and 40%, I'm not aware of a 51% band rate
schmittel wrote: » Personally I think the probabilities that you will see drops of that order within two years are worth the wait. Edit to add: Apologies, I now see you weren't looking for advice but were laying out your situation and asking re others! Good idea, no problem laying mine out: Situation: Family with 2 kids, living in detached house, high value area, Dublin commuter belt. No mortgage. Looking to sell next summer (does not suit to sell pre summer for good reasons) to move to similiar property further from Dublin. We don't need the premium for being close to Dublin as I've WFHed for 20+ years. We are unlikely to move again unless for reasons related to old age. What we hope will happen: Property continues to go gangbusters and we get top whack for our house. Sure the property that we have to buy will have increased too but the relative change would be in our favour if market maintains momentum. What we think will happen: As above. If government supports are withdrawn economy is big trouble, real unemployment will rocket, property prices will collapse, ours more than most, certainly more than the property we would replace it with. For me the only important thing is the net difference in price. Sale price of my current house and purchase price of the next one is only important in relative terms.
fliball123 wrote: » ah you cant say that about a lot of landlords remember most or any who are working will have to pay 51% back to the state straight away on tax and if they have a mortgage on it then they are getting little or nothing back from the rent
PropQueries wrote: » According to the Business Post "Developers to change plans as they seek to capitalise on demand for housing amid dramatic drop in hotel occupancy, according to report". Sunday Business Post article here: https://www.businesspost.ie/property-insight/hotel-builds-to-be-cancelled-to-make-way-for-new-homes-7dd05a3e
smurgen wrote: » Well it makes sense and what others have predicted. Glad to see this type of thinking.
Donald Trump wrote: » It's income. You pay income tax on it. It's not that difficult to understand.
PropQueries wrote: » Interesting article / advertorial in the Irish Times today about Aviva seeking €80 million for Royal Hibernian Way in Dublin. They put forward a fairly decent sales pitch. I’m sure it has nothing to do with Aviva stopping investors from taking money out of their €940 million Irish property funds back in January… Link to Hibernian Way article/ sales pitch here: https://www.irishtimes.com/business/commercial-property/aviva-tests-strength-of-market-with-80m-sale-of-royal-hibernian-way-1.4343825 Link to Aviva blocking redemptions article here: https://www.irishtimes.com/business/commercial-property/aviva-stops-investors-from-taking-money-out-of-irish-property-funds-1.4157574
fliball123 wrote: » I know that I am talking to a different poster and you need to follow what was said, some people are saying landlords are making a killing I am simply pointing out the fact that 51% goes straight back to the state + property tax and if the landlord has a mortgage then in a lot of cases they making little or nothing on the property
The_Conductor wrote: » The price they're seeking seems to me to be highly speculative- it represents an ROI of only 3.16% Even allowing for the fact that there are vacant units there- the sums just don't add up IMHO
The_Conductor wrote: » I think that the entire manner of how income from residential property is taxed- urgently needs reform. My preference would be for a flatrate tax- on the gross rental income (of perhaps 25%) with no deductions for anything allowable- and this would be applied to all actors in the sector without exception- including the REITs. The biggest issue I have with the taxation regime (and not just associated with the residential letting sector)- is that the cost of debt is an allowable expense. IMHO- debt should never, ever, be an allowable cost. It creates a perverse disincentive to ever pay down the debt associated with a property- sure why would you- when you'll be punished with higher tax if you do. A possible manner of looking at this might include a rebate for any landlords who let property that has no debt secured on it- however, for numerous reasons- this would not fly. Even publications such as 'The Economist' agree that in an international context- debt has to be removed from tax considerations- as aside from any other factor, it introduces system risk into economic systems- and is paid for out of general taxation by introducing additional burdens on those who are unable to avail of such mechanisms.
edjkdkjdhjkd wrote: » A lot of people my partner knows in the tech industry seem to have been told to expect pay cuts or freezes at best. No concrete confirmation but Leadership seems to have made it clear, curious if anyone has heard the same?
