The Action Plan for Housing.

[Blue Jasmin]

Cork residents threaten to block construction of social housing in estate

Regional reports from the Irish Examiner team

www.irishexaminer.com

 

[Stacky]

Great to see all the politicians who scream for new social housing provision during a housing "emergency" on both sides of the argument as per usual.

 

[omar]

Kilbarry, Kilcully, Rathpeacon, Kileens and Monard will all be highly developed in the next 20 years. Allowing for the fact its on the doorstep of the Northside, a fair percentage of social housing will be expected. Once that area became rezoned as the City it was inevitable really.

That area will only be joining up with the developments in Whitechurch in the last what 15 or 20 years?

Pity that such a nice area might just become an extension of the Northside.

 

[Meridian]

Cork residents threaten to block construction of social housing in estate

Regional reports from the Irish Examiner team

www.irishexaminer.com

What a laugh.
When the city boundaries were moved out in 2019, Blarney became part of the City.
Due to where it is geographically, it is on The Northside.
Therefore these people are now Norries.
They need to remember their new social position in the scheme of things.

 

[TheEarlofPearl]

Cork residents threaten to block construction of social housing in estate

Regional reports from the Irish Examiner team

www.irishexaminer.com

Lol, that place has become a kip and they bothered by social housing

 

[Mike Strutter]

I’ll do my best to answer this.
If they came into/inherited money, they will have to pay 33% CGT tax on the money they received. (if it’s not from a parent)

So, let’s say the house costs €350k and the purchase fees and set up costs are another €31k your total cost to be rental ready is €381k.
You would have to inherit about €575k to end up with (after paying the CGT tax) the €381k to set up your rental property.


But this is the case no matter what you do with the money.

I’m basing this example on a 15year old 2nd hand 3 Bedroom semi detached house in reasonable condition

Purchase price €350k

Stamp Duty €3.5k
Legal fees €6k
Engineers fees €1k
To bring up to modern regs for letting-. Fixtures & Fittings, repairs & Redecorate €12k
Furniture €8k
Total set up Costs €31k

Total Investment €381k



Rental Income/annum 16k
Average Rental income of €1350/month is €16k per year

Costs/annum Total €2k - very conservative
Breakdown
PRTB & letting costs- done by self is €250
Maintenance 3% €500
Misc €250
Sinking fund €1000
Total €2k

Total Tax on Rental Income is €8320
Breakdown consists of:
Income Tax 40%
PRSi 4%
USC 8%

Total Costs €10,320

Total Rent €16,000
Total Costs €10,320
Total Profit €5680 per annum or €473/month

So, if you inherited €575k, invested it in a 3bed semi in Douglas you would end up with €473 per month for yourself.
That is a return of 1% on your investment. Which taking inflation into account means you are actually getting poorer every year.

Hopefully this sheds some light on why landlords are selling up.

Thanks a lot for that!. Just another question; if there are so many homeless (11,500 odd) why isn't property investment the way forward then? I know that renters have a hell of a lot more rights now when it comes to eviction etc. Can you advise?

 

[JimmyBarrySmurph]

Thanks a lot for that!. Just another question; if there are so many homeless (11,500 odd) why isn't property investment the way forward then? I know that renters have a hell of a lot more rights now when it comes to eviction etc. Can you advise?

At this stage, buying a house to rent is no longer a good way to invest your money. See my previous info. A landlord will lose money if they have bank repayments. That is why so many landlords are selling up and exiting. Their houses are being bought by owner occupiers for family homes and taken out of the rental pool.
The homeless crisis is complex and there are many factors behind it. More state supports are needed.

 

[TheOutdoorThreadmill]

Objection gone in against the development at WaterRock in Midleton, the objector is from Mayo. An Lucht Inbhuanaithe is the objector, he seems to be a serial objector, objected to plans in Kildare and Dublin. Michael Callaghan is his name.

 

[bluesball]

Should be told to F /OFF it is none of his business

 

[hemlock666]

You can officially object to a planning application for €20 with a handwritten letter. It doesn't even need to be a very rational reason. They have to send an engineer to survey the site and make a report on the objection.

It's an open invitation to spacers and Karens.