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06-03-2019, 20:31   #16
DubCount
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Thanks for the advice all, very helpful! Also I hadn’t thought about the CGT - yikes!!

So if I were to sell the apartment, any profit is exempt from CGT as it has been my PPR, is that correct?
Yes. So far this property has been your PPR for the entire period of ownership, so you get full exemption from CGT as your PPR. If you rent it out, then any gain is apportioned based on the period held as an investment and the period held as your PPR. You pay GCT on the portion of the gain based on time held as an investment. I think you get an extra 12 months of the property being deemed as your PPR in the calculation. Best to do some google searches on partial PPR exemption from CGT !!
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06-03-2019, 21:37   #17
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We have a supposedly right-wing government in place, and landlords are getting completely screwed - what's going to happen when SF get into government in a few years? If it was me I'd sell, you could end up with a bad tenant and can't do anything about it.

The dice are loaded against landlords (and good tenants) at the moment, too much risk in my view.
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06-03-2019, 21:56   #18
katie275
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I appreciate the advice folks, I’m going to talk to some agents and get valuations to see what sort of take home money I could be looking at here
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07-03-2019, 10:23   #19
Woshy
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We were in a similar situation and made the decision to rent the property out. We're only 18 months in and have made the decision this week to sell. It is just not worth being a landlord - financially or otherwise.

We have found it very stressful (admittedly we have had bad luck with repairs needed to the house) but when we sat down and looked at the figures plus the hassle caused on top of us both working full-time, running another house and having a young family it is just not worth it.

My advice is to avoid the mistakes we made and to sell the place.
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07-03-2019, 11:14   #20
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Correct me if Im wrong, but that scheme is gone
whoops - yes HRI gone since end Dec.
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07-03-2019, 15:12   #21
katie275
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Got two valuations booked for next week, agent I spoke to today reckons I’ll get at least 50k more than I paid in 2014. I’d be delighted with that and could do so much work to new house. You’ve all helped me make a decision...cheers!
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07-03-2019, 17:01   #22
Mad_maxx
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Got two valuations booked for next week, agent I spoke to today reckons I’ll get at least 50k more than I paid in 2014. I’d be delighted with that and could do so much work to new house. You’ve all helped me make a decision...cheers!
How much did you pay in 2014 and which city is the apartment in? 50k seems low

Is it South Dublin?

You should be up at least 35 % and that assumes you bought at the very end of 2014, otherwise you might be up 50%
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07-03-2019, 17:12   #23
katie275
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How much did you pay in 2014 and which city is the apartment in? 50k seems low

Is it South Dublin?

You should be up at least 35 % and that assumes you bought at the very end of 2014, otherwise you might be up 50%

I bought in December 2014 and paid 160k. Agent reckons I'll get at least 220 for it (which is in line with recent sales according to property price register)
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07-03-2019, 19:56   #24
Brego888
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How much have you left on the mortgage?
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07-03-2019, 20:07   #25
1874
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How much have you left on the mortgage?

why?
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07-03-2019, 20:23   #26
Brego888
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To see how much cash she will actually get back if sold at the predicted price. Most likely getting 80k odd back not 60k.
The actual numbers on the potential sale are relevant when making the decision.
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08-03-2019, 00:21   #27
Mad_maxx
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I bought in December 2014 and paid 160k. Agent reckons I'll get at least 220 for it (which is in line with recent sales according to property price register)
On reflection, December 2014 was the very end of the first phase of the recovery from spring 2012 so by the time you bought, market had already recovered by 40%, market was flat from end of 2014 until brexit vote of June 2016, it then began another leg up and is up around 20 - 25% since, my mum bought a three bed house in Beaumont for exactly 300 k in December 2014, it's worth about 360 k today so agent sounds about right
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08-03-2019, 11:52   #28
katie275
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To see how much cash she will actually get back if sold at the predicted price. Most likely getting 80k odd back not 60k.
The actual numbers on the potential sale are relevant when making the decision.
I have 135k left out of 145k
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08-03-2019, 14:34   #29
Brego888
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So you stand to get around 85k back out of the transaction, perhaps about 80k when you pay estate agent, solicitor fees etc. That money will go a long way to helping you in your new house.
It's a no brainer sell the apartment.
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08-03-2019, 22:17   #30
katie275
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So you stand to get around 85k back out of the transaction, perhaps about 80k when you pay estate agent, solicitor fees etc. That money will go a long way to helping you in your new house.
It's a no brainer sell the apartment.
So my profit is sale price minus the sum of - remaining mortgage balance, estate agent and solicitor fees?
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