I'm confused and I hope I'm not the only one. You inherited it so what relief are you claiming? Was it not mortgage free or something?I'm looking for a few perspectives on whether I should buy or rent given my particular circumstances. I inherited an apartment a few years ago and as I owned no other property at the time was able to avail of ppr relief - the condition being i live in the property for 6 years as my ppr
Wow, didn't know any of that. Thanks.In certain circumstances you can inherit a property and not pay inheritence tax on it if it is your only ppr (principle private residence). For example if a parent dies his/her child can inherit the home tax free provided they don't already own property. In my case, the property that i inherited has to remain my ppr for 6 years. During this time if I buy another property, I have to pay stamp duty as I am not considered a first time buyer (even though I have never bought a property before). The transaction would be considered a property investment transaction. However, after having the inherited property as my ppr for 6 years, I regain ftb status for stamp duty and mortgage interest relief.
Ok, that makes sense; I see what you are trying to do now. If you are moving for work purposes and provided you do not rent out the inherited property, I think you should be ok.Obviously, I'm not going to change pprs (even though i plan on working in dublin) because the inheritence tax would still be alot, but the option to buy a house is still on the table if i paid stamp duty etc. Although I would live in it for work purposes, it wouldn't be my ppr.
I find this to be a strange way of looking at it to be honest. Regardless of whether you buy or rent you are going to be paying someone else for the privilege.Oh, it's just that rents are so high. I'll be paying at least €1200-€1300 per month which is an awful lot of money. Sure I can wait for 3 years if I want but in the meantime I'm paying someone else's mortgage......
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