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How soon can you sell your first home?

  • 05-05-2021 10:47am
    #1
    Registered Users, Registered Users 2 Posts: 225 ✭✭


    Are there any time restrictions on how soon you can sell your first home, and are there any associated penalties besides losing out on the first time buyer deposit requirement?

    Thank you


Comments

  • Registered Users, Registered Users 2 Posts: 68 ✭✭Dahdum


    As far as I know you’ve to live in the property a minimum of 5 yrs or revenue can claim back the proceeds. That’s the only penalty I am aware of.


  • Registered Users, Registered Users 2 Posts: 2,751 ✭✭✭ec18


    Thats correct if you use HTB you have to live there for 5 years or revenue can ask for the money back


  • Registered Users, Registered Users 2 Posts: 225 ✭✭newboard


    Thanks folks. So if you use HTB it's a 5 year minimum - what if you don't use HTB?


  • Registered Users, Registered Users 2 Posts: 2,458 ✭✭✭chops018


    What? There are no penalties in selling your home once it is your principal private residence. You can sell it whenever you like. Only things to watch out for is if you used the HTB, as already mentioned, then there can be a clawback with Revenue, but this reduces each year up to the 5 years when there is no longer a clawback. Other things that might be a factor are if you are in a fixed rate with your mortgage provider then they may have penalties if you're trying to redeem the mortgage with them in the fixed rate. If it is not your principal private residence then you may be liable to CGT or other taxes on the sale.


  • Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    newboard wrote: »
    Thanks folks. So if you use HTB it's a 5 year minimum - what if you don't use HTB?
    If you bought it without state assistance, then you can sell whenever you like.

    You are exempt from CGT if you lived in the property for the entire time that you have owned it. There is no minimum amount of time needed to have lived in the house to qualify for this.


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  • Registered Users, Registered Users 2 Posts: 198 ✭✭twiddleypop


    So you could sell it only after one year of living there without any implications?

    Bought it just before covid in Dublin and now I really want to move back to the country.

    Might feel different when things go back to normal, absolutely blessed in many ways considering how insane the market is gone. Great location and my neighbours are absolutely sound.
    .
    The grass is always greener eh?


  • Registered Users, Registered Users 2 Posts: 4,499 ✭✭✭Buddy Bubs


    So you could sell it only after one year of living there without any implications?

    Bought it just before covid in Dublin and now I really want to move back to the country.

    Might feel different when things go back to normal, absolutely blessed in many ways considering how insane the market is gone. Great location and my neighbours are absolutely sound.
    .
    The grass is always greener eh?

    You can sell it the next day if you just bought it with no government schemes. Why do you think you have to wait?


  • Registered Users, Registered Users 2 Posts: 443 ✭✭TP_CM


    Are you on a fixed mortgage rate by any chance? Might be some penalties there?


  • Registered Users, Registered Users 2 Posts: 10,179 ✭✭✭✭Caranica


    I know someone who put their home on the market the day they moved in. Bought off the plans, house was lovely but the neighbours weren't.


  • Moderators, Society & Culture Moderators Posts: 40,370 Mod ✭✭✭✭Gumbo


    newboard wrote: »
    Thanks folks. So if you use HTB it's a 5 year minimum - what if you don't use HTB?

    If you bought today without state assistance, then you can sell it tomorrow.


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  • Posts: 0 [Deleted User]


    Dahdum wrote: »
    As far as I know you’ve to live in the property a minimum of 5 yrs or revenue can claim back the proceeds. That’s the only penalty I am aware of.

    Is it not done on a percentage scale?

    Move within 1 year - pay back 100%
    Move within 2 years - pay back 80%

    Etc etc


  • Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    If you have a fixed mortgage and break the term you may have a breakage fee.


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