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Part Exchange House

  • 02-09-2010 3:24pm
    #1
    mcclaffs
    Registered Users, Registered Users 2 Posts: 31 ✭


    Does anyone know of any person who wants to get rid of some property. I currently own a 4 bed semi in tuam town, Galway but want to move to a detached house with some land in the countryside. I want to offer my house as a part exchange plus cash so if you know someone who wants a rentable asset plus cash let me know. The desired property would be a 4 bed minimum with a shed within 15 - 20 miles of Tuam but all things will be considered.

    Look forward to getting some feedback
    Tagged:


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    Why would anybody bother ?

    Geniune question. I never understood this part exchange, house swap rubbish. Talk about narrowing your potential options.

    Sell & then buy.


  • #3
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  • #4
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    mcclaffs wrote: »
    Thanks, but if it were that simple wouldn't I already have done that???:confused: My situation is unique in the fact I can afford a bigger mortgage and am looking for someone who wants to downsize their house and get cash as part of the deal.

    Right but my point is I dont understand the logic

    Lets assume I have the larger house and want to downsize. There is no benefit in me doing a part exchange deal.

    If the house is worth 300k on the open market then its worth 300k in a part exchange. Only difference is I dont have the choice of where Im "buying"(exchanging)


  • #5
    This content has been removed.


  • #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    mcclaffs wrote: »
    Thanks, but if it were that simple wouldn't I already have done that???:confused: My situation is unique in the fact I can afford a bigger mortgage and am looking for someone who wants to downsize their house and get cash as part of the deal.

    The reason this doesn't happen anymore- is up until 2006 you could exchange property (wholly or partially) with another party without triggering a taxable source of income. Post 2006 any property exchanges are dealt with as 2 separate taxable transactions, triggering stamp duty and or capital gains on either or both transactions.

    It used to be a great idea- and I know several people who availed of it in the past- unfortunately its an avenue that has for tax reasons almost totally closed off.


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