We Irish love property as an investment and we all have a fear of missing out when it comes to our money. So if you’re one of those thinking of buying a property and paying off that mortgage as soon as possible, here’s how you might go about it.
If you are considering getting on the property ladder or “rightsizing”, the new term for downsizing your home, consider a property that can avail of significant tax breaks on rental income to help with that mortgage.
All of the rent generated could even be tax free if you avail of a scheme to rent out part of your own residential property.
Homeowners can receive up to €14,000 tax free each year through the “rent a room” tax credit scheme.
Considering a main residence with the potential to avail of this scheme could be far more beneficial than the traditional “buy to
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