holiday home..stamp duty?

S

starlite68

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i have been offered a cheap cottage in co galway by a friend who is selling up and leaving the country.it needs a bit of doing up...which i will do in my spare time,i then want to keep it just for holidays.do i have to pay stamp duty ect,the price is 75.000euro for the cottage.i already own a half share in the house i live in now,my brother owns the other half,which was willed to us by our parents,but he lives in a house of his own with his family.i have no experence of buying proptery so any advice would be very welcome.
 
Is €75K the fair market value or a discounted price? SD is reckoned on the former if different from the latter. If the fair market value is below €127K then the purchase is exempt from investor SD.
 
thanks clubman,i would say its probably close to a fair market price,given that it dose need work.where i hope to save is by doing most of the work myself in my spare time.
 
I always thought the nominal (on-paper) value of a property was decided by the valuation by an Estate Agent and confirmation by acceptance by the solicitor who does the conveyancing, at the point at which the property changes hands. An Estate Agent will give you a free valuation.

Your home (principle private residence PPR) was inherited from parents and is co-owned with a sibling so you do not have first-time buyer status if that was an implicit question. You already own a property so the cottage is an investment property........if that was an implicit question. In terms of how your purchase and ownership are categoriesed it doesn't make any difference whether you are renting it out or keeping it shuttered when you yourself are not using it.....if that was an implicit question.
 
so what dose that exactly mean,marie....what will i have to pay on top of the price of the house? you see im new to all this!
 
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