Beef or Salmon
Registered User
- Messages
- 4
Hi all,
Im looking for advice on buying a rental property with spare cash thats sitting in a bank account earning almost no interest & im afraid if inflation takes off again sometime this cash will disappear & also I want to see something for my hard work. I need advice on the tax end of things, I know if there is a mortgage on the property you can write some tax off against it, so if there is no mortgage am I going to pay way more out on tax & so leave it not worth while for me? I want to treat the money I invest as a mortgage to myself if that makes any sence & watch the rent pay it back over 25 years & then hopefully have a property to sell as part of my pension plan! The property in question will cost €100,000 in total & I know will rent for €500 a month easily. Can anyone give me a break down on the tax Il have to pay out, Im familiar on the property tax etc.
If your on high rate of tax you will be taxable on 3000 so lets just say you end up with 1500 after tax roughly again.
Thanks for the replies,
I like your way of thinking valparaiso but I have being sitting thinking on this for a long time & I feel now is time for action as this money just sitting there. I have other small investments in equities & not comfortable putting any more money in them, I also have a basic pension plan so this property was not going to be my total pension plan.
Am I thinking about this completely wrong because I would of being happy for the property just paying for itself over the term & then I have a house to sell or do whatever with, maybe im missing the bigger picture!!
I guess I need to sit down with a accountant to work out the pro's & cons of this but he will hardly advise on better investments, what other type of advisor should I see? I have no problem paying for good advice but just dont want to meet a sales person who has a product to sell & thats it
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