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Buying a property for the purposes of renting

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Comments

  • #32
    JVince
    Registered Users, Registered Users 2 Posts: 2,042 ✭✭✭JVince


    https://www.boards.ie/discussion/comment/123018436#Comment_123018436

    Never ever go by "surveys"

    Firstly it's usually those with a negative disposition that answer it and, as you show, they allow you pick multiple reasons.

    The main "landlords" leaving are accidental landlords.

    Also you have a natural disposal as more elderly ones decide to retire as landlords.

    I've an investment property. I'll sell in about 15 years when I'm in my 70's - gives me a few good years to enjoy the funds



  • #33
    Flinty997
    Registered Users, Registered Users 2 Posts: 14,887 ✭✭✭✭Flinty997


    Rent a room seems a easier way to get a bit of income without breaking the bank or having a lot of risk.



  • #34
    [Deleted User]
    Posts: 29 ✭ [Deleted User]


    https://www.boards.ie/discussion/comment/123019581#Comment_123019581

    While the OP has probably made their decision by now as their post is over a year old, I need to correct Soirish.

    For the majority of resident one off landlords the income tax rate will be 40%, Income tax, PRSI and USC will be in the region of 52%. So instead of a net rent of 20K its more like 14K based on your calculations. If the OP only has a deposit of 30K their mortgage will be in the region of 1,450-1,500 per month for the next 30 years thats ~17.5K per year. In 30 years they are in for a hell of a pay day but for the next 30 years unless rents rise significantly and interest rates stay low they are going to be paying 3.5K with their form 11 each year, thats 105K over the lifetime of the mortgage.

    If you get an not functioning tenant you could have to pay the mortgage on the rental property, your rent and legal fees without any additional income.



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