Negative equity means that the mortgage is €40k higher than the property is worth. I presume that there is no mortgage on this property and that you mean that it's worth €40k less than your mother paid for it?it is about 40K in negative equity.
I calculated that after all the taxes were paid, maintenance done etc, I have about e100 per month from the house for loads of headache and grief. I have thought about selling the property, but the property would now not make what my mother bought it for in 2002. Any advice/comment would be really welcome.
The other option is to sell the property - it is about 40K in negative equity.
Would really welcome advice/comment from others.
The management fee is 98 per month - Does this not take care of the headache and grief? this together with a gardener who costs 600 per year - nearly a month's gross rent on thisand maintenance, USC, PRSI etc. makes it uneconomical to rent out the house - I calculated that after all the taxes were paid, maintenance done etc, I have about e100 per month from the house for loads of headache and grief. I have thought about selling the property, but the property would now not make what my mother bought it for in 2002.
Presumably there would be CGT of 30% on your gain.....
That would be 33% and it would depend on the valuation used at the time the OP inherited it - not the price paid for it.
+1Chances are it'll be a loss-maker and no CGT will be due.
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