Help please! Looking to invest in some form or property.. normal or section 23 but as usual get cold feet when it comes to taking plunge
I am a joe soap employee with equity of €400k im my principal residence and another €200k in an investment prop i have with 4 others. I am currently having to pay approx €2500 per annum tax on the invest prop and am eager to offset it. Have a offer to buy a sec 23 in Roscommom .. €195k incl stamp with a guranteed rent of €500/mnth. Also looking at a Dub property ( no section ) for €440 incl stamp approx rent €1100
Quandry is:
Section 23: Do I borrow it all? Capital appreciation is historically very low on this type of prop but I will only have a v small shortfall in repayments. Risky?
Dublin prop: 20K deposit req. interest only mortgage with shortfall of 500/mnth on repayments but capital would be much much better. Will be able to offset a % of the shortfall through tax and receipts. Do I take the risk now and reap benefits later? Any other way of decreasing shortfall?
I am real novice with a very basic understanding of tax etc so forgive me if i have come across a amateur but I really want to take the leap
Any feedback really appreciated
I am a joe soap employee with equity of €400k im my principal residence and another €200k in an investment prop i have with 4 others. I am currently having to pay approx €2500 per annum tax on the invest prop and am eager to offset it. Have a offer to buy a sec 23 in Roscommom .. €195k incl stamp with a guranteed rent of €500/mnth. Also looking at a Dub property ( no section ) for €440 incl stamp approx rent €1100
Quandry is:
Section 23: Do I borrow it all? Capital appreciation is historically very low on this type of prop but I will only have a v small shortfall in repayments. Risky?
Dublin prop: 20K deposit req. interest only mortgage with shortfall of 500/mnth on repayments but capital would be much much better. Will be able to offset a % of the shortfall through tax and receipts. Do I take the risk now and reap benefits later? Any other way of decreasing shortfall?
I am real novice with a very basic understanding of tax etc so forgive me if i have come across a amateur but I really want to take the leap
Any feedback really appreciated