Selling a house - what is the process

dogbert27

Hi,

I'm thinking of selling my house in Ireland as I have left nearly 10 years ago and don't intend on moving back.

I bought the house for 257,000 euro.

Current mortgage left is 143,000.

Looking at houses sold in the area I could value the house at 225,000.

By selling the house at this price do I make a 82,000 euro for myself on this? What tax would I have to pay and at what rate?

ELM327

Consult an accountant or tax advisor if unsure. Sale of PPR is not subject to CGT, generally, however if it has been rented out you may have a portion of CGT to pay (eg the gain multiplied by the fraction denoting how many years it was not your PPR)

Claw Hammer

https://www.boards.ie/discussion/comment/120686406#Comment_120686406

There is no gain so there will be no CGT to be paid. There might be a Capital Loss which could be utilised against other gains.

dogbert27

https://www.boards.ie/discussion/comment/120686414#Comment_120686414

Is this because the current value is less than the original value?

dogbert27

https://www.boards.ie/discussion/comment/120686406#Comment_120686406

The house is rented out. I don't have a pension in Ireland so I was planning to just leave it rented and then sell it when needed to add to a pension fund. Circumstances at the moment are making me look at selling earlier then planned.

ELM327

https://www.boards.ie/discussion/comment/120686414#Comment_120686414

Correct, I skim read the post and though he was profiting based on 143k. Of course if no gain then no tax. A paper loss can actually be advantageous if trading shares etc too

Hooked

https://www.boards.ie/discussion/2058299722/selling-a-house-what-is-the-process

82,000... less the solicitors fee and auctioneers cut... 😉 ballpark 7 grand.

A sale price of 225 will get an auctioneer who's operating at 2% a tidy 4,500. Solicitors fees, land registry, banks, etc... prob eat up another 2,500.

And just check with bank if you are liable for any penalties, regarding the early mortgage exit.

No better time to sell IMO

dogbert27

Thanks for the quick replies everyone. I really appreciate the advice.

Kurooi

Not much advice to add on what was said above. I would say that once you get the process rolling you should find solicitors nice and early, and get quotes from at least 2-3 it will likely save you a few hundred quid, and ask them to request your house deeds.

Same on estate agent, shop around a little , if not for price at least find someone competent. Lots of cowboys out there.

badboyblast

https://www.boards.ie/discussion/comment/120686458#Comment_120686458

Would you think so, do you not think they have much left in them?

KaneToad

An auctioneer isn't mandatory. In a seller's market a DIY sale via daft.ie is the way to go.

theboringfox

I will be selling and using an agent. I think it's best to leave it to a professional.

Marcusm

https://www.boards.ie/discussion/comment/120686443#Comment_120686443

Not if he is no n-resident unless he can get a capital loss where he resides.