Hi All,
My wife and I currently rent and have been saving a deposit with a view to purchasing locally (Dublin commuter area).
We are now considering buying a holiday home in the West with a view to rent it out on short term holiday rentals. We would purchase using our own savings, with no mortgage.
We would then continue to save hard until such a time that we have the option again to buy locally for our own residence, or else up and move altogether to our house in the West, with our savings, pending suitable employment opportunities.
I wonder what would the implications be in terms of tax and would there be any other hurdles associated with this or any risks or financial implications we should consider before taking the next steps?
Thanks in advance.
My wife and I currently rent and have been saving a deposit with a view to purchasing locally (Dublin commuter area).
We are now considering buying a holiday home in the West with a view to rent it out on short term holiday rentals. We would purchase using our own savings, with no mortgage.
We would then continue to save hard until such a time that we have the option again to buy locally for our own residence, or else up and move altogether to our house in the West, with our savings, pending suitable employment opportunities.
I wonder what would the implications be in terms of tax and would there be any other hurdles associated with this or any risks or financial implications we should consider before taking the next steps?
Thanks in advance.