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Wait for stamp duty changes or negotiate?

  • 28-10-2009 9:59pm
    #1
    ArraMusha
    Registered Users, Registered Users 2 Posts: 589 ✭✭✭


    I'm looking at buying in Galway county in the not too distant future but with stamp duty (that evil dark shadow) as it is now, it pushes the amount above what I'd be comfortable with.

    I have read this forum and I'm probably going to hold off for a while. Also any offer will be made with stamp duty factored in and this will be made plainly clear to the EA and seller.

    My questions are:
    1. Do you think they're will be any reduction/abolition of stamp duty (and replacement with property tax.)?
    2. Do you think that now is a really opportunistic time to be involved in a sale negotiation...as some sellers stare into the abyss and a few may have to take the 30-50% below asking thats on the table?

    thanks.
    Arramusha:cool:


Comments

  • #2
    Senna
    Registered Users, Registered Users 2 Posts: 8,800 ✭✭✭Senna


    At this stage you could put in offers as you wont be completing before the budget anyway (only 6 weeks away). Factor in SD and hope for a change that will be of advantage to you.

    I would expect some changes to SD, maybe scrapped or a signification rise in limits so most houses will be exempt to trader uppers bar mansions.


  • #3
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    Cowen and Lenihan have been hinting since August that a residential property tax will be delayed - saying that it won't be 'rushed into' and that there will be no new taxes beyond a carbon tax.

    Since the reform/abolition of SD has been talked about in the context of a replacement property tax, I wonder how likely it is that the reform will take place if no property tax is introduced. That said, some with particular interests in the market are acting like it's a done deal. Also Lenihan may hope that abolishing SD might lead to more activity in the market in the short term, at which point a property tax could be introduced.


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