20 year old looking to invest 50K ,buying 1 bed apartment an option , currently earns 25K
can deduct house insurance, any other stuff, but just trying to keep simple,
Is there any new incentives Government have brought out in last budget that I am missing.
Would you think this is good options, Investing 50K in 5 yr fixed might after tax earn 3.5K
Apartment cost 210K
Mortgage 160K Fixed 25 Yrs 3.8%
Proposed Calculation
Monthly in/out Yearly
Rental €1600 *12 = €19200
Mortgage €820 *12 = €9840
Profit €9,360
Allowable Deductions
Man Fees €125 * 12= €1500
Mortgage interest €3,500
Pre Tax Net Profit €3360
Tax,PRSI,USC 30% €1008
Profit €2352
can deduct house insurance, any other stuff, but just trying to keep simple,
Is there any new incentives Government have brought out in last budget that I am missing.
Would you think this is good options, Investing 50K in 5 yr fixed might after tax earn 3.5K
Apartment cost 210K
Mortgage 160K Fixed 25 Yrs 3.8%
Proposed Calculation
Monthly in/out Yearly
Rental €1600 *12 = €19200
Mortgage €820 *12 = €9840
Profit €9,360
Allowable Deductions
Man Fees €125 * 12= €1500
Mortgage interest €3,500
Pre Tax Net Profit €3360
Tax,PRSI,USC 30% €1008
Profit €2352