timmyntc wrote: » If you can't afford to renovate your extra home, then sell it!
MacronvFrugals wrote: » Its anti-social If you cant afford to renovate then sell it!
cnocbui wrote: » I couldn't sell it due to the provisioning of a will and a subsequent probate issue which I have just managed to overcome - a process that took more than two years and wasn't cheap.
cnocbui wrote: What is anti-social about owning a holiday home? It's over an hours drive from any city.
cnocbui wrote: » Go ahead, increase the Revenue head count by 25%. More taxes and more civil servants - go for it - just what this country needs. REITS are a huge problem but the discussion here has turned to inaccessible spaces above shops, and the like. Crazy. Deal with the elephant in the room, before worrying about the mice. How many property owners have the funds necessary to do the renovations? if they all are forced to do it, assuming a magic amount of money, what would that do to the rental values? If they all had to borrow money to fund this nonsense, the rental yield could be insufficient to service borrowings. Not to mention the net effect of all this on Irelands currently minuscule level of debt. Where are the workers coming from to do these soon to be white elephant property conversions? Where is the money coming from? I have a property currently for sale, the prospective buyer has applied for a mortgage. So far it's been 5 months without it being granted yet. You own a shop, which makes ends meet, but isn't a spectacular earner. The government drops a 10% tax on you for the inaccessible, uninsulated, unplumbed, old wiring, spaces above. You apply for a loan to do the conversion and the banks say no. Then what? Yeah, great if such small business owners go under, fire their one employee, and are forced to put their property on the market, along with the 12,000 others doing likewise at the same time, for the same reason. What a win for FTBers - the prices of uninhabitable commercial buildings falling through the floor. The sheer impracticality and negative consequences of what people are proposing here at the moment just spin my head.
cnocbui wrote: I have chosen not to renovate my 'holiday' home because I did not think the revenue that might be achievable would justify the cost. I could have predicated my cost benefit on an income stream from AirBnb and the government could hove come along a week after I had hocked myself to the eyeballs and banned AirBnb due to some local nimby with an existing hotel making a stink.
yagan wrote: » Profits? Asset appreciation isn't profit.
Villa05 wrote: » You'd generate some income here alone if you stated declare interest by pm, no need to renovate just clean Holiday homes will be goldust this and next summer
Villa05 wrote: » WFH appeal, have u decent broadband
Marius34 wrote: » Is it still income? Let it be income as you wish. Still this doesn't change much, your source of information doesn't tell anything about REITS source of Income.
PropQueries wrote: » The Government's current policy of relying on pension funds etc. to keep buying build-to-rent apartments may be hitting a brick wall sooner than they think. As reported today, the consumer price index in the states rose to 4.2% in April from a year earlier. I've noticed my local barbers haircut prices have increased from €20 to €30 so it's already here or on the way here IMO And, according to the financial press today, many investors in the markets aren't believing the feds narrative that it's "transitory". So, if those funds are currently seeking a yield of 3.5%, how's that going to work out for financing all these apartments should interest rates rise to e.g. 3% on this side of the atlantic assuming that this inflation isn't "transitory" and becomes a worldwide phenomenon? Will they start demanding 6% - 7% which may then result in existing build-to-rent apartments falling in value by up to c. 50% or more even if current "market" rents etc. all remain the same? How will all these apartments that the Government is relying on be built given what they have said they currently cost to build?
Bass Reeves wrote: » I think there are things called rent reviews build in maybe even upwards only
“You now have permanent capital competing with a young couple trying to buy a house,” said John Burns, whose eponymous real estate consulting firm estimates that in many of the nation’s top markets, roughly one in every five houses sold is bought by someone who never moves in. “That’s going to make U.S. housing permanently more expensive,” he said. “Limited housing supply, low rates, a global reach for yield, and what we’re calling the institutionalization of real-estate investors has set the stage for another speculative investor-driven home price bubble,” the firm concluded.
PropQueries wrote: » So, those apartments that the Government has agreed to let over 25 years at c. €2,000 a month will be increasing to c. €4,000 per month? Maybe, if they're tied into it. Can the Government justify or more importantly afford such increases? But the apartments that aren't yet built or tied in, they could easily fall in value by c. 50% or more IMO I think the Government is going to have to come up with a Plan B and fast IMO
yagan wrote: » Fascinating WSJ piece about the institutional rent farming bubble.https://www.wsj.com/articles/if-you-sell-a-house-these-days-the-buyer-might-be-a-pension-fund-11617544801 It is entirely possible that we may end up a rental surplus but paying 15-10 rental bonds written by Fianna Fail to reduce the housing list. Even as silent partner they could have made building social housing where it was in short supply a priority.
Bass Reeves wrote: » Again you are flip flopping all.over the place. Previous post you stated it was older apartments that fall in value as yield would be too low not you are saying apartments being build will fall in value. If we have inflation and wage inflation then building costs will not reduce. If that happen supply is reduced and we are back to square one
Hubertj wrote: » I’d be interested to see your numbers on a surplus of units considering the difference between units being delivered and the forecasts of 30k + being published by the ESRI. didn’t the central bank say it could be even higher a couple of years back?
yagan wrote: » The closest to the true count of unoccupied is a census, but that's deferred this year due to Covid I believe.
PropQueries wrote: » Inflation won't rise so much that wages will rise. The central banks will put a dampener on it long before any such increases in inflation would have a positive impact on wages, debt levels etc. If inflation does take off, companies here will very likely move to eastern EU countries even quicker IMO All it takes is for central bank rates to rise to c. 3% and all those build-to-rent apartments no longer become viable at anywhere near current market valuations IMO As I mentioned above, whoever in Government thought that the funds will solve our housing issues going forward really needs to draw up a real Plan B and quickly IMO, just in case this inflation isn't "transitory", which it may very well be, but it appears the markets are beginning to believe otherwise.
bubblypop wrote: » These estates that were bulk bought, were on the market for a while and were not being sold. Apartments in greystones, and houses in Dublin 15, obviously were not being sold, they were on the market long enough, then were sold in bulk. I don't know about maynooth So, why were they not being bought? Where are all the ftb for these new builds?
Revolution 1917 wrote: » There will be no wages rise because will be huge supply of cheap labor from South America. The government will work heavily at labor import trying support business recovery The bigger competition on jobs market the smaller the wages The immigration will kick renting market and investment to property what is the same as building industry and mortgages We will get cheap labor good rents good interest to invest to property higher property prices bigger VAT and the bigger the movement the bigger the inflation But the lower the wage the less income what mean prices can not rise This gonna be interesting Because bringing cheap labor you put wages down and prices can not rise because people does not have good wages Bring minimal wage to 12.50 per hour as Varadkar says ? Will this help business recovery ? Unless government will cover extra by wage support ! But will there enough money and for how long ? This is another question. How heavy will be emigration ? This is another
yagan wrote: » In fairness I have to think back 20 years since I last met any Irish person working in a meat factory. But you do have a point in that immigration has been influenced by the Fianna Fail/Fine Gael landlordism.
hmmm wrote: » https://www.echo.ie/news/article/councillors-vote-unanimously-against-cookstown-castle-plans Councilors vote unanimously to oppose a scheme with over 1,000 apartments. I know nothing is perfect, but it seems to me councilors go out of their way to find reasons to object to things. The article quotes several reasons for objecting, including it being apartments and not for families (single people and couples need somewhere to live too), it not all being social housing (do we really want to go back to large social estates?), all for rent (not everyone wants to buy), putting pressure on the LUAS and Dublin bus (where else are we going to build?), and near the flight path to Baldonnel (ffs).
Hubertj wrote: » I think the RTB register should be the main source of such information where landlords record such information.
![Photo of [Deleted User]](https://www.boards.ie/applications/dashboard/design/images/banned.png)
![Photo of [Deleted User]](https://w6.vanillicon.com/v2/6b0748b4741870baaad828fe92174b3c.svg)
