Z
I think its a great idea to tax 2nd properties, people who bought 2nd houses for investment purposes using the equity on their orginal house, priced first time buyers(who were only trying to get somewhere to live) out of the market.What do people think of thsi new property tax that may be introduced?
My unerstanding of it may be incorrect but am i right in saying that anyone that owns a second home or a buy-to-let will be subjected to a tax?
Is my understanding correct?
Personaly I hink introducing a blanket tax on anyone just because they own a second property is unfair.
Back in the day property buyers who paid exceptionally high stamp duty by international standards were all told that at least we don't have a propety tax.
Now it seems that people that bought in the last couple of years will have paid both crazy high stamp suty as well as now being subjected to an ongoing property tax to top it all off.
This to me seems draconian and unfair.
A lot of people who bought a buy-to-let in the last couple of years now have a significant paper loss.
Surely the idea of tax is that people should give over part of their profits to the tax man.
MAny people these days are at a loss due to taking on a second property.
Obviously like any business that is the risk they took on and that's the way the cookie crumbles and all that.
However I certainly don't see why they should be subjected to a further property tax while their business runs at a loss.
Why not target profit making businesses instead?
I think its a great idea to tax 2nd properties, people who bought 2nd houses for investment purposes using the equity on their orginal house, priced first time buyers(who were only trying to get somewhere to live) out of the market.
Their greed is partly responsible for the mess we are in now so its time for some payback. Its great that eventually(probably in about a years time becuase people are still asking insnae prices for crap houses) that a 1st time buyer may actually be able to afford somewhere decent to live.
People who bought a second house for investment purposes should have done so for the long term, therefore they have taken on the risk that over time things will change. There could be positive changes (lots of that in the last 15 years) or negative changes (lots of that for the next XX years?)
Its "unfair" that the exchange rate has moved the wrong way by 30% if you are exporting to the UK...... but if you are to survive....you adapt.
Surely, If tax goes up from €200 to €600 pa and people can't afford it then they were sailing too close to the wind anyway.
Can I point out that not everyone who owns a second home is a necessarily in it for profit(rental) or pleasure(Holiday).
I purchased a house which my elderly mother lives in (rent free) and which it costs me money to provide and maintain.
I'm obviously not looking forward to paying a tax on this property on top of what it already costs me.
I'd ask some of the the more extreme posters to bear things like this in mind rather than seeing 'fat cat' and 'raging capitalist' every time there is a mention of someone owning more than one property.
Youre in the minority so most greedy people did it for profit and pleasure
by doing very little a lot of people made a lot of money.
Doing something for profit does not make you greedy.
It'll certainly affect the margins of the property investors, and therefore have an effect on the demand for investment property. So we're bound to see a knock on effect on house prices, but also on availability of rental property. Prices for FTBs might become cheaper, but rent will most likely rise. When mortgages are not exactly readily available there may be unwanted or more complex outcomes than might seem obvious.
As has been seen before in this country, tinkering with the property market without full examination & understandin of the possible outcomes is a dangerous game. But given this goverments ability, that is exactly what I expect to happen. In prinicple, I think the idea of taxing properties other than the primary property is a good idea. I have no doubt that the cute investors will find loopholes in the legislation so that in reality only the people with second home as a holiday house or city pad will end up paying the tax.
In short, this needs a lot of further thought by clever people (so I'll opt out at this stage) before I give it a full thumbs up. I dont really have any issue with it hitting the property investor per se, though having been so pro the investor I doubt FF will be that brave.
If they are in a position to absorb the cost, yes. With rents already declining there is a point at which that wiill not be an option, in which case they may be forced to sell.The over supply of properties across Ireland will prevent most landlords from increasing the rent. In all likelihood they will just have to absorb the additional costs.
Youre in the minority so most greedy people did it for profit and pleasure
I would more than welcome your backup for these statements as this is exactly the reason we are all in the sh*t.
I can also all but guarantee that in some way you have received some benifit from the property boom that we had for the last ten years as it underpinned our economy.
I received no benifit from the property boom whatsoever.
No way thats true. I can guarantee weather you know or not but your IT job is linked in some manner to the boom in Ireland which was spurred on by the Property Industry.
No disrespect but I cannot believe someone in IT has been unable to buy a house for over 6 years. I know single nurses and apprentices who have purchased their own houses. You could easily have gotten a mortgage (which was the problem) over than period.
Their greed is partly responsible for the mess we are in now so its time for some payback. Can you back this up "responsible for the mess we are in now"?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?