jm + property   7

Repair and Leasing Scheme - Peter Mc Verry Trust
Minister Simon Coveney and the Department of Housing have provided funding of €32 million in 2017 for the Repair and Leasing Programme and set a target of 800 units to be delivered this year (2017). A total of €140 million has been allocated to the repair and leasing scheme over the lifetime of Rebuilding Ireland.

The Repair and Leasing Scheme at a Glance:

Targets Properties Empty or Derelict for 1 Year or more

Grants to Property owners of up to €40,000 to get properties back into use

Lease Terms of 10, 15 or 20 Years

State Guaranteed Rental Income for Duration of Lease

Property and Tenants Managed by Approved Housing Bodies [the Peter McVerry Trust in D1,
D3, D7 and D9]
peter-mcverry  homelessness  dublin  housing  repair  derelict-buildings  homes  ireland  property 
10 weeks ago by jm
Kevin Lyda's mega pension post
Cutting and pasting from Facebook for posterity... there are some really solid tips in here.

'Some people plan their lives out and then there are people like me who randomly do things and suddenly, in retrospect, it looks like a grand plan has come together. In reality it's more like my subconscious pulls in useful info and pokes me to go learn things as required. If you live/work in Ireland, the following "grand plan" might be useful.

This year has apparently been "figure out how to retire" year. It started late last year with finally organising all my private Irish pensions (2 from employers, 1 personal). In the process I learned the following:

* Many Irish pension plans allow you to start drawing down from them at age 50. There are downsides to this, but if you have several of them it allows you more room to avoid stock market downturns when you purchase annuities.

* You can get 25% of each pension as a tax-free lump sum.

I also learned a few property things. The key thing is that if you have a buy-to-let property you should *not* pay off its mortgage early. You can deduct 75% of the interest you pay against the taxes you'd owe for rental income. That means the interest you pay will essentially be close to or even under the rate of inflation. A residential mortgage might have a lower interest rate nominally, but the effective interest rate is higher.

The Irish state pension is changing. If you are 68 after 2020 the rules have changed - and they're now much simpler. Work for 10 years and you get the minimum state pension (1/3 of a full pension). Work for 20, you get 2/3 of of a state pension. Work for 30, you get a full pension. But you can't collect it till you're 68 and remember that Irish employers can apparently force you to "retire" at 65 (ageism is legal). So you need to bridge those 3 years (or hope they change the law to stop employers from doing that).

When I "retired" I kept a part time job for a number of reasons, but one was because I suspected I needed more PRSI credits for a pension. And it turns out this was correct. Part-time work counts as long as you make more than €38/week. And self-employment counts as long as you make more than €5,000/year. You can also make voluntary PRSI contributions (around €500/year but very situation dependent).

If you've worked in Europe or the US or Canada or a few other countries, you can get credits for social welfare payments in those countries. But if you have enough here and you have enough for some pension in the other country, you can draw a pension from both.

Lastly most people I've talked to about retirement this year have used the analogy of legs on a stool. Every source of post-retirement income is a leg on the stool - the more legs, the more secure your retirement. There are lots of options for legs:

* Rental income. This is a little wobbly as legs go at least for me. But if you have more than one rental property - and better yet some commercial rental property - this leg firms up a bit. Still, it's a bit more work than most.

* Savings. This isn't very tax-efficient, but it can help fill in blank spots some legs have (like rental income or age restrictions) or maximise another legs value (weathering downturns for stock-based legs). And in retirement you can even build savings up. Sell a house, the private pension lump sum, etc. But remember you're retired, go have fun. Savings won't do you much good when you're dead.

* Stocks. I've cashed all mine in, but some friends have been more restrained in cashing in stocks they might have gotten from employers. This is a volatile leg, but it can pay off rather well if you know what you're doing. But be honest with yourself. I know I absolutely don't know what I'm doing on this so stayed away.

* Government pension. This is generally a reliable source of income in retirement. It's usually not a lot, but it does tend to last from retirement to death and it shows up every month. You apply once and then it just shows up each month. If you've worked in multiple countries, you can hedge some bets by taking a pension in each country you qualify from. You did pay into them after all.

* Private pension. This can also give you a solid source of income but you need to pay into it. And paying in during your 20s and 30s really pays off later. But you need to make your investments less risky as you get into your late 50s - so make sure to start looking at them then. And you need to provide yourself some flexibility for starting to draw it down in order to survive market drops. The crash in 2007 didn't fully recover until 2012 - that's 5 years.

* Your home. Pay off your mortgage and your home can be a leg. Not having to pay rent/mortgage is a large expense removed and makes the other legs more effective. You can also "sell down" or look into things like reverse mortgages, but the former can take time and has costs while the latter usually seems to have a lot of fine print you should read up on.

* Part-time work. I know a number of people who took part-time jobs when they retired. If you can find something that doesn't take a huge amount of time that you'd enjoy doing and that people will pay you for, fantastic! Do that. And it gets you out of the house and keeping active. For friends who are geeks and in my age cohort, I note that it will be 2037 around the time we hit 65. If you know why that matters, ka-ching!'

Another particularly useful page about the state pension: "Six things every woman needs to know about the State pension", Irish Times, Dec 1 2015, https://www.irishtimes.com/business/personal-finance/six-things-every-woman-needs-to-know-about-the-state-pension-1.2448981 , which links to this page to get your state pension contribution record: http://www.welfare.ie/en/pages/secure/ RequestSIContributionRecord.aspx
pensions  money  life  via:klyda  stocks  savings  shares  property  ireland  old-age  retirement 
december 2015 by jm
The Why
How the Irish media are partly to blame for the catastrophic property bubble, from a paper entitled _The Role Of The Media In Propping Up Ireland’s Housing Bubble_, by Dr Julien Mercille, in the _Social Europe Journal_:
“The overall argument is that the Irish media are part and parcel of the political and corporate establishment, and as such the news they convey tend to reflect those sectors’ interests and views. In particular, the Celtic Tiger years involved the financialisation of the economy and a large property bubble, all of it wrapped in an implicit neoliberal ideology. The media, embedded within this particular political economy and itself a constitutive element of it, thus mostly presented stories sustaining it. In particular, news organisations acquired direct stakes in an inflated real estate market by purchasing property websites and receiving vital advertising revenue from the real estate sector. Moreover, a number of their board members were current or former high officials in the finance industry and government, including banks deeply involved in the bubble’s expansion."
economics  irish-times  ireland  newspapers  media  elite  insiders  bubble  property-bubble  property  celtic-tiger  papers  news  bias 
april 2013 by jm
Daft: Gallery Quay, Grand Canal Dock, Dublin 2, South Dublin City - Studio apartment to let
'€57 Weekly. Deceptively spacious open plan unfurnished studio in one of Dublin's top locations.<br />
Carbon neutral, hand crafted inuit design. beautiful ambient light leading to rooftop garden. The studio comfortably sleeps five. Pets allowed, no parking. Short term lease for the month of December. Owner is interested in selling if market warms up.' It's an igloo. With a snowman head on top.
funny  igloos  daft  property  dublin  apartments  snow  sneachta  from delicious
december 2010 by jm
Inchicore family home ready for take-off
from the Irish Times property section: 'There’s a guy in Inchicore with an aircraft simulator in his shed. Not one of those fancy computer games, this is the real thing – a decommissioned 747 simulator, cockpit and all.' Unfortunately, the sim doesn't come with the house
houses  flight-simulators  gaming  inchicore  dublin  irish-times  property  from delicious
august 2010 by jm
The Irish Economy blog
features mainly posts from NAMA-sceptic economist Karl Whelan
economy  karl-whelan  ireland  nama  politics  property  banking 
august 2009 by jm
UCD Economist Karl Whelan pours cold water on the Irish Government's NAMA plans
'What we now know is that the banks have been actively working to keep development properties off the market, so that their true values are kept out of the public domain. However, to work through our current problems, these property assets are going to have to be dealt with – either sold at a reasonable price or else demolished or returned to agricultural usage.' oh dear
nama  ireland  economy  banking  property  liam-carroll  zoe  accbank  karl-whelan 
august 2009 by jm

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