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04-05-2020, 17:23   #1
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Buying a second house (as a holiday home)

Hello, I'm considering buying a holiday home in Ireland and I'm attempting to calculate the initial costs and also the ongoing costs.

I currently have a lodger in my primary residence (also in Ireland), under the rent-a-room scheme. Would this be something that I could continue with in my primary residence, if I purchase a second house?

What ongoing fees, taxes and costs would I be subject to on the second house? Would it be restricted to the same ones I have on my primary residence e.g., Local Property Tax, house insurance, utility bills, repairs/upkeep and TV licence. Or are there any extra ongoing fees and taxes involved in having more than one house?

In terms of initial costs that I would incur in the purchase of the holiday home. Is there anything in addition to this list (I'm budgeting about 150,000 euro for the purchase of a house)?:

- The valuer's report (150 euro I estimate)
- Survey/architects report (350 euro I estimate)
- Stamp Duty (1% of purchase price, so 1,500 euro)
- The legal fees (3,000 euro cost would be on the higher end and I hope it will cost less)

Would 5,000 euro cover the extra costs involved in buying the house (assuming cash buyer)?

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04-05-2020, 19:52   #2
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Join Date: May 2016
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Rent a Room scheme is tied to your Principal Private residence. This can continue when you own a second home, but you need to take care that you're not spending so much time in the second home, that it might become considered your principal private residence.

Also consider if you are happy having a lodger in your main home if you intend spending lots of time in a holiday home.

Costs at a basic level are as you outlined, but all property has a upkeep cost, and some renovation might be needed when you move in.

Finally, there may not be a second home tax yet, but its something that might happen. Our government likes the idea of attacking people with a second home, as it plays well with the general public who like the idea of rich people with more than one house paying more tax (even if a second home does not mean you're rich)
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