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Selling house

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  • 22-12-2017 1:27pm
    #1
    SmallgirlBigcity
    Registered Users Posts: 234 ✭✭


    Hi All,

    I plan to sell my house next year. I bought it for 250k and the mortgage is down to 180k. From viewing recent sales in the same area, it should sell for just over 200k.

    It's my first time selling a house. Does anyone know what costs are involved? I know I'll need to pay solicitor and estate agent fees. I don't think I'll have to pay Capital Gains Tax because I'm not making a profit on it, once it doesn't sell for over 250k, which it probably won't.

    Is there any other costs I'm leaving out? Do banks tend to charge a fee for interest or anything like that? Thanks for your help.


Comments

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    #2
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    If it's your Primary Private Residence you don't pay Cap gains anyway.


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    #3
    SmallgirlBigcity
    Registered Users Posts: 234 ✭✭SmallgirlBigcity


    Sorry I forgot to mention that it is rented out. I still shouldn't pay Capital Gains Tax anyway if I don't make a profit right?


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    #4
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    SmallgirlBigcity wrote: »
    Sorry I forgot to mention that it is rented out. I still shouldn't pay Capital Gains Tax anyway if I don't make a profit right?

    Correct, in fact you can carry the loss AFAIK


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    #5
    SmallgirlBigcity
    Registered Users Posts: 234 ✭✭SmallgirlBigcity


    Thanks, what does AFAIK mean?


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    #6
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


    SmallgirlBigcity wrote: »
    Thanks, what does AFAIK mean?

    As far as I know ;-)


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    #7
    Grawns
    Registered Users Posts: 2,169 ✭✭✭Grawns


    SmallgirlBigcity wrote: »
    Sorry I forgot to mention that it is rented out. I still shouldn't pay Capital Gains Tax anyway if I don't make a profit right?


    If you sell it for more than you bought it for you may be subject to capital gains on the difference between bought and sold price. If it's the only house that you own there may be some principle private residence allowance.


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    #8
    weshtawake
    Registered Users Posts: 142 ✭✭weshtawake


    Can you explain what you mean by "if its the only house you own......". Surely if the house is let and there is a gain such gain is subject to CGT whether it is the person's only owned house or not?? Or am I missing something??


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    #9
    katie275
    Registered Users Posts: 148 ✭✭katie275


    Posting on this thread rather than starting another..

    If I'm selling my property, how is profit calculated? Purchase price minus auctioneer fees + legal fees + outstanding mortgage balance?
    Or is it more complicated than that?
    I'm not liable for CGT by the way
    I rang the mortgage department in my bank and they weren't any help..
    Thanks in advance!


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    #10
    tretorn
    Closed Accounts Posts: 1,800 ✭✭✭tretorn


    Maybe contact your local Council. They may be interested in buying the house off you but once you put the house with an estate agent the council wont buy it. You have to deal exclusively with the council.


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    #11
    bleary
    Registered Users Posts: 495 ✭✭bleary


    tretorn wrote: »
    Maybe contact your local Council. They may be interested in buying the house off you but once you put the house with an estate agent the council wont buy it. You have to deal exclusively with the council.

    I don't believe that is true ,plenty of cases of people reporting that councils bid against them.
    I know of a number of bank sales that were purchased by council. The bank would not have allowed exclusive sales.


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