Hi all,
Jointly own house with another family member. House valued at 230k with 130k remaining on mortgage. I live in the house. Asked to buy out family member (which I would love to do for practical levels, break tfinancial ties etc) but he wants me to buy him out valuaimg house at 250k
I can afford this but am I crazy to take such a hit ? Prices probably going to fall even more after this crisis ..
advice please
We had the house valued at 230k recently but have invested hugely renovating & landscaping etc( water under the bridge I know) 30k each at least but other joint owner wants some of that investment back I suppose
I will be paying mortgage off fully & paying joint owner his share.
If I don’t buy joint owner out we are still going to pay off mortgage 50/50 and we will begin to pay rent to him
have invested hugely renovating & landscaping etc( water under the bridge I know) 30k each at least but other joint owner wants some of that investment back I suppose
I wouldn’t see any gift tax issue there at all. An estate agent has said it’s worth €230k. The other party is contending that it’s worth more and wants €125k to walk. It’s a commercial transaction. And the differential isn’t enough to justify Revenue interest anyway.