Selling a House in Ireland – Costs and Other Requirements You Should Know About

Selling a house in Ireland is not an easy task. There are many factors to consider, from the legal requirements to the costs involved. It can really be an overwhelming endeavour, even for those who have done it before.

But here’s the thing – if you knew the costs and requirements involved in selling a house, you would be better prepared for the process. So, if you are planning to sell your home in Dublin or elsewhere in Ireland, read on to learn about the costs and requirements involved in this process.

The Cost of Selling a House in Ireland

Unless you are a real estate agent, you may not be familiar with the many costs associated with house selling. In fact, many home sellers are surprised to find out that they need to pay certain fees and taxes.

Truth be told, there are a lot of costs associated with selling a home in Ireland. While some are unavoidable, others can be managed to keep the sale affordable. Ultimately, having an idea of how much you’ll have to spend is essential, so you know how much to budget.

What Are the Fees Associated With Selling a House in Ireland?

Here are some of the things you may need to spend on when you put your house on the market:

  • Home Improvement
  • BER Certificate
  • Property Valuation
  • Estate Agent Fees
  • Solicitor Fees
  • Legal Fees
  • Taxes

How Much Are Estate Agent Fees for Selling a House in Ireland?

The fees vary per company or agent. The industry average is around 1.5% to 2.5% of the agreed sale price plus VAT. However, there are reputable real estate companies that charge lower fees. For example, the fees of agents at MTS Property, Dublin’s leading real estate company, are only 1% of the agreed sale price.

It is also worth mentioning that certain firms or agents observe the “No Sale, No Fee” policy. This means that you only have to pay the agent once your property is sold. Additionally, some agents’ fees are already inclusive of the advertising costs. But there are those that charge separate fees for the promotional materials.

How much exactly a real estate agent in Ireland will charge depends on factors such as the property’s location and scope of work. Hence, it is important that you learn more about the agent’s fees before hiring them.

How Much Are Solicitor Fees for Selling a House in Ireland?

Conveyancing fees vary widely between firms and solicitors. What’s definite, though, is that fees for selling a house are cheaper than when buying. Moreover, most solicitors now charge a fixed price instead of a percentage fee.

Factors like the solicitor’s experience and the location of the property have an impact on the fees. The complexity of the transaction also affects the cost. For example, if you are selling a leasehold property, you will need to pay an additional fee because more legal work needs to be done.

In Ireland, you may be charged between €900 to €2000 plus VAT for the solicitor’s professional fee for sales conveyancing. Also, there are expected outlays for admin-related stuff such as clerk fees, bank transfer fees and copies of title deeds.

How Much Tax Do I Pay When I Sell My House in Ireland?

You need to pay Capital Gain Tax (CGT) on any profits you make when you sell your house. In Ireland, the CGT rate is currently at 33% of chargeable gain.

For example, you bought your house in 2005 for €350,000. Now, you are selling it for €450,000. With a chargeable gain of €100,000, you will have to pay €33,000 for your CGT. It should be noted that you can deduct other costs from your gains, such as solicitor and estate agent fees.

It is also worth mentioning that you may be exempt from paying CGT if you qualify for the Principal Private Residence (PRR) Relief.

Under the PRR Relief, you no longer need to pay CGT if the house you are selling is your main or primary residence. This means you are not qualified for the relief if you sell an investment property.

It is also necessary that you have lived in it for the entire period of ownership. What if you haven’t occupied it for some time? Then, you’ll have to pay a prorated fee.

To add, you are fully exempted from paying CGT if you have used the entire house as your home. However, if you’ve used it for business, then you’d only be able to claim relief for the part that you’ve used as your primary residence.

Determining whether you qualify for the PRR Relief and how much tax you’ll have to pay can be confusing. This is why it is crucial that you consult with your solicitor to ensure that you are able to utilise the relief and other exemptions as well as pay the right amount of tax.

Are you planning to put your house on the market? Make sure you are prepared before selling your house in Ireland! Talk to our real estate agents to know exactly how much you’ll spend and what requirements you need to comply with. Call us today at 014959020 or leave us a message here.

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