Continue to rent out or sell...?

Hi all, apologies if this is not the correct forum to ask but I was just looking for a number of opinions on a subject.
Background, I was left a share in my family home along with my siblings. We did a little modernisation and repairs to the place and rented it out for the last number of years. The house (3 bed terrace) is in the suburbs of Dublin in a popular area within walking distance of the LUAS and shops etc, is an older house in a desirable area. We've always rented it out easily at a bargain rate (€800 per month) although an agent told us we could get €1300 pm if we replaced the windows and replaced the oil CH with gas. The current tenant will be moving out soon and some of my siblings have decided that it might be less hassle to sell the house and split the proceeds of the sale but I think it would be better to hold onto it for now and split the proceeds of the rent (minus the cost of repairs and upgrades) for now and wait until the market improves before trying to sell it. I was just wondering what people on here might think, Sell up or hold on for now? There are valid arguments for both proposals so any suggestions would be welcome.
Thanks

My advice in these situations is always to sell and if the party wanting to hold onto the property doesn't want to, they should buy out their siblings shares. Nothing worse than being in business with others when you don't want to . And you're also asking them to stump up money for improvements with no guarantee of markets improving. (Deerie me I thought Ireland was in another bubble !)

Just curious, how long to hold and by how much do you want it to rise? 1 year, 5, 10 or 20?

How do you all deal with the rental tax issues? Who is managing it?

"How do you all deal with the rental tax issues? Who is managing it?"

We've never taken any money out of it. We set up an account for the rent to be paid into, we all lodged an initial sum into the account to cover repairs and modernisation and after a year or so we took that money back. The rest of the rental income is sitting in the account and will be divided up between us at some stage. At this point I plan to declare to the tax office that amount of money and pay whatever's due on it, it's not a large sum.

Oh dear. Where to begin. Just because you think there isn't a lot of money doesn't mean there is no tax or penalties due.

How long is it rented, what is rent, costs.

What do you mean by modernisation - is that a capital cost.

No costs prior to letting are allowed.

Have you paid NPPR? LPT? Household charge.

I'm assuming no mortgage so the PRTB doesn't matter (for tax).

Profit has to be divided into 3 siblings and declared on each of your tax returns.

Bronte said:

Oh dear. Where to begin.

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+1

Quick Question said:

At this point I plan to declare to the tax office that amount of money and pay whatever's due on it, it's not a large sum.

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Given that you have no idea what you are doing, you should put the property on the market immediately and sell it.

You also need to talk to an accountant immediately to get your affairs sorted out to avoid, actually to minimise, penalties.

Brendan

If it's only a year he might be fine. But dates and rough figures are needed to figure it out.

Quick Question said:

rented it out for the last number of years.

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Seems like it's more than a year.

Quick Question said:

some of my siblings have decided that it might be less hassle to sell the house and split the proceeds of the sale but I think...

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A healthy partnership needs all the partners on-board. Get away from this before it burns your family dynamics and finances.