Parking Space Advice / CBT

superd1978

Hi all,

This is a two pronged question / post.

Would anyone have a rough guide price of how much a secure underground parking space in smithfield market apartments (or Dublin 7 in general) would fetch in today's market?

I purchased the parking space with the property 10 years back, and has been my primary residence. The parking space has never been rented or leased. Would i be liable for CBT tax on any sale of parking space?

Thanks,

D

davindub

superd1978 wrote: »

Hi all,

This is a two pronged question / post.

Would anyone have a rough guide price of how much a secure underground parking space in smithfield market apartments (or Dublin 7 in general) would fetch in today's market?

I purchased the parking space with the property 10 years back, and has been my primary residence. The parking space has never been rented or leased. Would i be liable for CBT tax on any sale of parking space?

Thanks,

D

I don't think there is enough of a market for parking space to determine a price, but I have seen prices from 12k to 40k.

PPR includes up to an acre around the residence for sale at non development value.

Its a difficult question as to whether the exemption includes a parking space within the same complex but not actually connected to the property and if it is whether the value of the parking space is @ development value...

CGT will be probably be due but, you would need a tax advisor for this kind of query.

The_Conductor

Also- check out the status of the parking space- it may be vested in a management company, i.e. you may have bought a right to use a parking space, rather than physical title to a parking space- which could impact on your ability to assign this right to a third party..........

myshirt

Did the contract for sale assign a price to the parking space and to the property?

superd1978

Hi Guys,

Thanks a million for taking the time to respond.

I bought the parking space separately. It cost 26k on top of my apartment back in 2007, so would imagine i have full ownership.

I had maintenance fees for parking space for the past 10 years, so will be able to right them off any CBT taxes.

D

Lantus

superd1978 wrote:

I bought the parking space separately. It cost 26k on top of my apartment back in 2007, so would imagine i have full ownership.

Just because you paid extra for the space still doesn't mean you own it. Check the contract lease document to be sure. It could of been an option to buy but if bought with the apartment may well be incorporated into that lease.

wordofwarning

Why don't / won't you rent it? You will get around €100 per month. I know most management companies ban it. Yet in every development I have to a sizeable amount of spaces are rented and the management company does not really care.

Baby01032012

You cant write off maintenance fees against a capital gain...its an expense not something that adds value to the asset. If you were renting out the apartment/space you could write the maintenance fees off against income. You need to check the title on the deeds in relation the parking space as previous posters mentioned., you may not own but lease the spaces.

4ensic15

The parking space can only be sold to someone who is a member of the management company i.e. another owner in the complex. That will limit the potential market.

If there is a mortgage it will cover the parking space and the permission of the bank will be needed. There may also be extra costs in respect of title registration.

The value of the apartment without a parking space will fall, possible by more that the sum realised by the parking space.

IMO, renting out the parking space is the only sane option.

superd1978

Thanks for all the responses folks. Ill engage with my solicitor and/or management company.

I may lean towards renting for now.