Bought 10 years ago with pal - Possibly out of the woods! what to do

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Bought a house with a buddy a couple of years before the crash. We've managed to hang on in there, we're renting the property and its covering the mortgage. I believe we're now out of negative equity, and with the rent situation, we're making a small profit each month, of course this goes into a slush fund.

Couple of questions... now go easy, investing and the like, I'm cluesless

1. would you recommend holding on to it for another 10 years or so, or get out while the goings good? We're on a tracker, 1.1% + ECB

2. what's the deal with capital gains tax if we sell, we pay a % of the profit made?

3. how much are real estate agent fees?

4. do I need to be physically present in the country if we sell?

cheers
 
Bought a house with a buddy a couple of years before the crash. We've managed to hang on in there, we're renting the property and its covering the mortgage. I believe we're now out of negative equity, and with the rent situation, we're making a small profit each month, of course this goes into a slush fund.

Couple of questions... now go easy, investing and the like, I'm cluesless

1. would you recommend holding on to it for another 10 years or so, or get out while the goings good? We're on a tracker, 1.1% + ECB
We'll you won't get money as cheap ever again so if you don't have to sub it and unless you need to purchase a PPR then it depends on your own view on the price of property.

2. what's the deal with capital gains tax if we sell, we pay a % of the profit made? You pay CGT on the difference between the sales price and associated cost of sales less cost of purchase and associated costs.

3. how much are real estate agent fees?
Will depend on where the house is around 1.5% - 2.5%

4. do I need to be physically present in the country if we sell?
Don't think so but the sale will be subject to CGT.
 
Principal Private Residence - ie your home that you are living in.

Given your other thread about living outside the State, your tenants are obliged to withhold tax unless your co-owner is in the country or you have appointed an agent.

If you decide to sell queries may arise as to tax liabilities over the course of your ownership of the house.
 
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Brendan
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