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Should I sell my share in house?

  • 08-05-2021 2:55pm
    #1
    Registered Users Posts: 2 Ftfrdszgh


    I bought a house with my sister in 2007.
    I moved out 9 years ago and she lives in the house alone. Instead of renting my room out (she prefers to live alone) we agreed that she would pay the going rate for the room rent and I would make up the shortfall for my half of the mortgage.

    We are in positive equity now.
    She has asked can she buy me out of the house and I dont know what the best financial decision is on my part. Has anyone got any advice?


Comments

  • Registered Users Posts: 1,587 ✭✭✭ Buddy Bubs


    On balance with the little info we have, I'd be looking to let a sibling buy me out. It's her home, depends on what you want out of it financially though.
    Probably, you'll want a higher price than she wants pay so it's about aligning expectations.


  • Registered Users Posts: 290 ✭✭ Bicyclette


    Speak to your sister. Get three independent valuations on the house. Pick the middle one and pay half of that.

    Be aware that you will be liable for Capital Gains Tax on the sale as it isn't your principal private residence.


  • Registered Users Posts: 2 Ftfrdszgh


    Thank you, some good advice there ��


  • Registered Users Posts: 2,700 ✭✭✭ cronos


    Bicyclette wrote: »
    Speak to your sister. Get three independent valuations on the house. Pick the middle one and pay half of that.

    Be aware that you will be liable for Capital Gains Tax on the sale as it isn't your principal private residence.

    Agree with this and the sentiment to let her buy you out. Ultimately if you decided you wanted to sell and needed the money you would have a very difficult time getting her to move. Better to reinvest that money elsewhere with less strings attached. The valuation will obviously be the main contention but with the property price register and multiple valuations it should be possible to work it out reasonably accurately.


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