Well, with a little more time to look at AM now the last few days are sorted, as its been mayhem here in work, I am amazed that any of our fine intelects here here would suggest this guy start a pension at his age. Pure Madness
I notice Bronte has softened the cough of many here. Her Plan is, in my opinion brilliant. Albeit on a somewhat similar platform to mine only, so much better put. But thats what makes Bronte Queen of the property, a very well informed poster.
Again, as said in another thread, Ideas although directed to the op, are read by others who may also benefit.
Yes, I understand the rent-a-room scheme very well Bronte.
The bottom line is that a self-contained unit, such as a converted garage or a basement flat, does not qualify for the relief.
A lodger is someone who rents accommodation in another person's house. Someone who rents accommodation in a self-contained unit is a tenant.
I missed this post.Seems pensions is not the way to go in this case, some of the other suggestions have been thought about and are being considered.
Even if a loan could be got, an investment property is not a burden or commitment he would take on heading into retirement, I’m sure some do it successfully, but it’s not for him.
Granny flat is an option, the house could easily be separated into upstairs and downstairs apartments, there would be some initial cost, but no mortgage. 2 bed apartments in the area are getting €1.7K monthly, the upstairs of a house might not get the same but I’m sure something near it. Not without it’s problems though, many scary stories on here that would make one reluctant to be a landlord. Some of his neighbors make handy money taking students during term time, Sunday evening to Friday morning from nearby UCD, this might be the better option.
Downsizing to an apartment is an option, has many benefits and would probably release €300K, they like their house though, but this option can’t be ruled out if ever needed.
In this person’s circumstances, it seems there is a lot of merit in simply banking the cash in state savings or whatever is the best available and spending €5K annually, given the average Irish life expectancy, realistically, it’s unlikely it will ever be all spent.
Thanks for the replies.
AAM doesn't like property. They like shares and bonds and stuff. There is also an Irish bias against landlords.
I know little of shares and bonds. But I do know property, albeit in a small way. And I can tell you this, I'm very glad to say this is the first year I didn't have to use our own money to pay the rental tax. And next year we will finally start getting the money from the rents. I was over the moon this year to take out 1K and now my OH is in early retirement it is heartening to know we will have a source of income that we can't get elsewhere. I wouldn't like to live on the state pension solely.
The bottom line is that a self-contained unit, such as a converted garage or a basement flat, does not qualify for the relief.
You're wrong. As long as it is connected, that's rent a room. But if you convert your separated chalet, it is not.
It's my old home. It has a granny flat
Must hold very previous memories for you, nice to keep in the family. Hopefully you can attack that granny flat soon and resolve the damp issue.
Forget about Coventry, he is about as useful as a rats tail
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