Property Focus: Letterkenny buy-to-let property is an attractive investment

first_imgDuring 2016-2017, Donegal rental incomes experienced double-figure percentage increases, with Letterkenny seeing the largest share in rental price surges. And Letterkenny now offers some of the best buy-to-let investment opportunities in Ireland, which incidentally has topped the European buy-to-let investment league for the second year running, according to research by WorldFirst. According to Daft, Q1 and Q2 of 2017 saw year-on-year increases in rental values to the tune of 11.5% and 14.1% respectively (following an 11.5% hike in Q4 2016) – among the highest rises on record in the country. And although there has been no significant increase this year (0.3 in Q1 and 1.7% in Q2, perhaps as a result of Brexit uncertainty), yields have certainly not fallen back and don’t look like doing so.By Gareth McLarnon Gareth McLarnon of Glen Estates.In fact, Daft’s latest rental report which was released on August 17, states that one-bedroom apartments in Donegal offer an average yield of 10.7%. The Daft Q2 2018 report further states that two-bedroom houses offer a 9.2% rental yield with three-beds yielding 7.6%, four-beds offering 4.4% and five-beds providing a 4.6% return.Given that a typical savings account is offering a return of just 0.01%, it seems obvious that investors will look towards buy-to-let as an attractive option. Letterkenny is one of the regions that is pushing the Irish average rental yield up. A two-bedroom, semi-detached rental property in Letterkenny recently sold for €82,000 with a monthly rental income of €650 euro – that represents 9.45% rental yield. This of course is good news for vendors but even better news for investors. There is great value still available in the local housing market and – as prices continue to improve – investors are making the most of Letterkenny housing as an attractive investment opportunity.Capital appreciation of residential property over the past four years has been strong and we see no reason that this trend shouldn’t continue, as lending across the sector has improved with new lenders entering the market on a regular basis.Investors are required to have a 30% deposit when seeking finance for buy-to-let property. Lending is available to investors from specialist lending institutions for up to 60% of the value of the property.For more information on buy-to-let property locally, call Glen Estates on 074 91 02220. www.glenestates.ieDonegal buy-to-let tips The study by the UK international money transfer service found the average rental yield of an Irish buy-to-let property in 2017 was 7.08pc, compared with 6.54pc in 2016. In comparison, buy-to-let investors in the UK (including our neighbours in Northern Ireland) saw yields fall from 4.91pc to 4.00pc on average, making the UK among the least attractive in Europe. This situation is turning some UK and NI investor’s attentions to Ireland, although amid Brexit uncertainty (and the weak pound), many may well be adopting a ‘wait and see’ attitude for now regarding the Donegal market. Value for money in the local property market, coupled with unprecedented demand for rental accommodation, has placed the town firmly in the spotlight for property investment.center_img And the current housing situation looks set to be prolonged, as demand for rental properties continues to rise in Letterkenny. A deficit in development has resulted in a critical shortage in rental accommodation, with little reprieve in sight as developers are still struggling to find finance for residential development projects following the construction crash of a decade ago. This level of return may not be a typical scenario, but with three-bedroom residential properties selling regularly at just over €100,000, the returns are certainly much more attractive than many other investment options currently available.  Buy-to-let yields in Letterkenny are proving very attractive among investors with more than 10% gross return available on some properties. Do• Realise that the investment is for the medium to long-term• Plenty of research on the market locally• Make sure the figures add up• Budget for decorating to high standard• Hire a professional letting agent • Register on the Private Residential Tenancies Board (PRTB)• Ensure you have a robust tenancy agreement in place Don’t• Purchase a property without having a professional survey completed• Cut corners on tenancy agreements or legal documentation• Ignore your taxation responsibilities on buy-to-let properties• Expect an inexperienced family member to manage the property wellGareth McLarnon is Director of Glen Estates, Donegal’s fastest growing estate agents. He has worked in the property industry in Donegal for almost 20 years. Gareth is always available for expert advice on buying, selling or renting property in Donegal. Get in touch today on +353 74 910 2220 or info@glenestates.ieProperty Focus: Letterkenny buy-to-let property is an attractive investment was last modified: August 23rd, 2018 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Tennessee ~ Sales and Use Tax: Refunds Available on Certain Items for Sevier County Residents Affected by Wildfires

first_imgCCH Tax Day ReportAs previously reported (TAXDAY, 2017/01/05, S.32), Sevier County residents whose primary and/or secondary residence was damaged or destroyed as a result of the wildfires that occurred during November 28 through December 9, 2017, can receive a refund for Tennessee sales tax paid on certain items for their residences. The maximum refund available to any one residence is $3,500. Items that qualify for the refund include major appliances, and furniture and building supplies used to restore, repair, or rebuild a person’s primary or secondary residence. A person filing a claim for a refund for his or her primary residence must include documentation that verifies the assistance he or she received from FEMA. Individuals who file a claim for refund for their secondary residence must certify the damage or destruction was the result of the Sevier County wildfires and provide a copy of their fire department report, insurance adjuster’s report, or other documentation to verify the secondary residence was damaged or destroyed during the Sevier County wildfires. A person can file only one claim for a primary residence and only one claim for a secondary residence. For more information, taxpayers may visit the website of the Tennessee Department of Revenue at: Release, Tennessee Department of Revenue, June 9, 2017last_img read more

Weekly Report from Washington, D.C.

first_imgThe November 6 weekly report covers the House Republicans’ introduction of the Tax Cuts and Jobs Act. Also, the Senate Republicans continued work on their tax reform package. The IRS announced more relief for victims of Hurricane Maria and the California wildfires. The IRS also announced that e-filing for 2016 returns closes November 18.CongressHouse Republicans introduced the Tax Cuts and Jobs Act. Senate Republicans continue to work on a tax reform package.HouseHouse Republicans unveiled the Tax Cuts and Jobs Act HR 1. The bill would, among other measures, lower the corporate tax rate, repeal many individual and business tax breaks, and eliminate the alternative minimum tax (AMT). The bill is scheduled for scheduled for markup by the Ways and Means Committee November 6.SenateRepublicans on the Senate Finance Committee continue to work on a tax reform package. Senate Republicans could release tax legislation during the week of November 6 with markup during the week of November 13.IRSThe IRS provided additional disaster relief, guidance on ITIN renewal and LB&I compliance campaigns. Also, it announced that e-filing for 2016 will end November 18.Disaster ReliefThe IRS announced streamlined procedures for loans and distributions from retirement plans to help victims of Hurricane Maria and California wildfires. Employers that sponsor retirement plans for their employees may provide this relief to employees, along with some family members, who live or work in the disaster area, the IRS explained (IRS Ann. 2017-15).ITINsThe IRS reminded taxpayers to renew their Individual Taxpayer Identification Numbers (ITINs). Taxpayers with ITINs set to expire this year, and who need to file a tax return in 2018, must submit a renewal application (IR-2017-184).Compliance CampaignsThe IRS Large Business and International Division announced new compliance campaigns. The new compliance campaigns relate to the Swiss bank program, foreign earned income exclusion, and energy efficient buildings, among other issues.e-FileThe IRS announced that e-filing for 2016 returns closes November 18. Taxpayers may file paper returns for 2016 after November 18 (IR-2017-183).Health CareThe IRS has released guidance for small employers who want to provide health reimbursement arrangements (QSEHRAs). These plans help employees offset the cost of health insurance (Notice 2017-67).CybersecurityIRS Commissioner John Koskinen said that the Service has successfully defended against millions of cyberattacks. Koskinen steps down as commissioner later this month.NonacquiescenceThe IRS announced that it will not acquiesce in a district court decision awarding a married couple a refund because the Service incorrectly recharacterized the couple’s nonpassive income as passive (AOD 2017-7 ).By Jessica Jeane, George Jones and George L. Yaksick, Jr., Wolters Kluwer News StaffLogin to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.last_img read more

VMworld – Intel’s online booth – check it out.

first_imgFor the event next week @ VMWorld we have created a virtual booth, check it out here: Intel Virtual BoothAlso follow Hank Lea as he explores vmworld and blogs about the event.last_img