Buy to Let Investment Property in Ireland-Factors to Consider Before Investing
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- Опубликовано: 11 июл 2019
- BUY TO LET INVESTMENT PROPERTY IN IRELAND IN 2019. This video looks at the factors to take into account if you are considering buying property in Ireland for letting purposes.
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Alright Terry. Thank you for sharing the valuable knowledge. From now on I'll be your listener.
Terry, thanks a lot for the video!
Thanks a lot Terry. Very very useful. I plan to do in long-run. So very useful info. indeed
Thanks very much for the straightforward information Terry. Find your videos very interesting, keep it up!
Thank you for this clip... The Irish housing sector certainly is unique in many respects. Top man Terry👋
brillant video, its very difficult to get straightforward info regarding the Irish property market. id like to see more like this. thanks
If every senior and successful person SHARES his opinions with youngsters then this will be such a correct world. I do feel that the youngsters don't look for seniors experience and seniors dont share there experience easily.
Terry thanks so much for your time spend for so many of us on your videos and incredible value information. All the best Martin from Cork.
Thanks Martin 👍
Being a landlord in Ireland is just a nightmare. My friend's tenants moved out while my friend was away for holiday. No last month payment, house was badly damaged. If I had money, I would rather buy a holiday home. PRTB is getting paid by landlords, but mainly protects tenants's rights. Anyway, thanks for your video.
Yes, it is very difficult, I discovered this a long time ago😉👍
Cheers Terry. Wise counsel as always.
No worries👍
Absolutely brilliant information. Thank you Terry. Liked, subscribed and now off to watch the rest of you content!
Thanks and welcome
Thanks
I was going to do this in the UK, but I'm a first time buyer and using a LISA so I can't get a buy to let mortgage :(
If you like being the game being relentlessly, ruthlessly stalked by numerous predators but principally the Charity industry and big government then by all means invest.
What about just renting out a room in ur house?
Terry, thank you for these clear and very informative videos. I have a question about correspondence marked ‘without prejudice.’ And when it’s protection might be set aside:
If a correspondence contains a clear and provable falsehood on a matter of fact, could the ‘without prejudice’ protection be lifted if the falsehood vindicated one of the parties in court? Many thanks for your help.
John, there are some exceptions to the application of this rule. You will learn more here:businessandlegal.ie/without-prejudice-communication-in-legal-proceedings-what-you-should-know
Good info, how long does it take for a bank to approve a loan on a buy to rent property and what cost are the solicitors fee's,yours and there's.
Depends on the bank, the application, the property value, the solicitor-lot of variables
Do you think I've any hope looking for a bit of land around kildare for 10g I've seen cheaper land in rosscomon..
You might get a bit of land but you may never get planning permission, if that is your intention
Great video, have u ever encountered someone buying a house, changing garage into granny flat and renting out both the house and granny flat ?thanks
Yes, no problem but if you are to do it right you will need planning permission and the work should be carried out in accordance with the building regulations
Thanks Terry, great video
Hi Terry, I have a question if you don't mind. If A person buys a house (in a rent pressure zone) which had previous tenants in it ( but those tenants move out when I buy the house) and I get new tenants in. Do I have to keep the rent at the same level with the new tenants as the previous tenants had with the last landlord? Much appreciated any help from you
Joseph, I don't know the answer to that question but I am sure a Google search or the Residential Tenancies Board website would provide that information easily enough.Good luck 👍
@@terrygorry thanks
In your opinion would a flat or a house be a better buy to let option? Not looking for financial advice just your personal thoughts on this
Also thank you for the great content you are giving back to the people, it's very much appreciated and a great testament to the kind of person you are
My personal preference would be for a house because
1. no management company
2. no management company fees
3. no common areas
Might be easer to sell later because you will probably not sell an apartment to a young family.
Hi Terry, great video. Did anything change regarding the expense of the interest rates? I read something on the revenue page that this is not possible anymore. Is that true?
Not sure what you are asking but Revenue is a reliable source of information
@@terrygorry Hi Terry this is the information provided by Revenue:
Mortgage Interest Relief
Mortgage Interest Relief is tax relief on the interest you pay on a qualifying mortgage on your home.
Mortgages taken out after 31 December 2012 do not qualify for this relief.
Would that mean if we buy a let to go property we would not be able to expense the interest of the mortgage?
Is it legal to do a back round check on a potential tenant with Garda before you rent to them?
Garda will not give you information about a potential tenant
Hello! How much is the privat consultation with you about investing in property, in out case? Thanks( we don t have a property in ireland, we are first time buyer)
Ring the office 👍
Would these measures still apply is you are renting out a room in the property and you the landlord is living in the other?
Same broad principles apply to property investment, and have not changed for many years, to be honest
Hi, would you recommend staying away from the Donegal border areas/villages? Thanks for all your work
No, no reason to recommend that. You can get value and get rode anywhere 😉
@@terrygorry Thanks
By no means am I interested in any type of violence, however I do happen to be 6ft 4 and quite active, if I physically removed my tenants from my rented house with proof of rent default on theur parts, how would the law treat me jail or fine, it would be my first offence,??
Depends on the judge and all the circumstances of the offence
Big man 6ft 4" Lmao🤣 Just so you know if you physically impose yourself on any individual, they are within their rights to protect themselves using lethal force if necessary. Don't take the law into your own hands pal, you could lose a lot more than just unpaid rent.
Hi, thanks for your video. I want to buy a house soon and it will be my first house but what if I decide to rent it in a couple of years with the First Time Buyer Scheme? Can I do that? Is there a workaround?
Revenue can claw it back if you don't live in the house for 5 years
Thanks, I have to live there the first five years soo.
Hi again. What if we rent a room and share the house? Can we do that as First time buyers? Thanks
Hi again. What if we rent a room and share the house? Can we do that as First time buyers? Thanks
Hi Terry
That’s for the info in the video
Can you tell me does the tax system here support landlords with depreciation against the property like they do in the US ?
The US has a very favorable tax incentive system towards real estate investing
I might give you a call sometime on it for a chat or arrange a meeting with you after covid restrictions are back to normal in time
Please advise
Capital Allowances/depreciation is relief against income tax that’s allowed on items that are purchased to furnish your property. The current allowance is 12.5% of the cost over 8 years. Typically this would be furniture and fittings, not the building itself. Have a look at thiswww.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-allowed.aspx#:~:text=This%20is%20known%20as%20'wear,purchased%20for%20your%20rental%20property
So no depreciation on the property so like the US. That’s a very attractive tax benefit they have over there and can use the losses against personal income taxes or other business tax so that no tax or very minimal tax is paid,
The ROI of any investment property in Ireland must be very low as there’s so much downside and not a lot of upside it would seem ? It’s broad question but I’d imagine it’s less than 5-6% on most properties if a mortgage is used to purchase ?
Great video and very informative. I'm 50 with young children and am now finally looking into investing for their education and future as well as some sort of retirement. I have been watching hundreds of hours of RUclips videos on investing in shares and property, and have come to the conclusion that Ireland is so socialist that it is almost hostile to investors and frowns on any ambition to grow wealth, especially since the crash (a crash that happened 14 years ago and still used as an excuse).
It’s a little bit like taking cocaine did I hear right 😳😆
Yes, you sure did😀 Not that I would know, but the empirical evidence points in that direction 😉
Terry Gorry Solicitor I hope you don’t 😆 quick question Terry is there anyone out there that will allow me to release my equity in order to buy to let?
@@IRISHSNIPPET Doubtful, to be honest, but you will need to shop around the various lenders
Thanks