Selling Investment Property

T

Trebledigit

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I've had an investment property (1 bed apartment) in Dublin for just over 4 years which has appreciated substantially and I'm now considering selling it. Any advice please on the best way to go about selling ? Should I place my trust in one estate agent or offer it to several ? They all seem to be charging around 1% agency fees but are there other hidden fees ? At what stage should I engage a solicitor ? If anyone has any useful tips I would appreciate them please.

Is there a link in Askaboutmoney that I'm missing on this topic ?
 
I think myhome.ie will not let individuals advertise on their website and thats how a lot of houses are shifted. Some Estate agents are doing it for 0.75% if you haggle, however, it depends on the company.
 
You should engage the solicitor now because when the deal is done you want to get your money in as soon as possible.
 
Would you mind if I asked why you are selling up? Is it a feeling about the market or poor performing rental yields?
 
The property has appreciated by over 100k (50%) in a relatively short time. I'm going to take my profit and spend it. Being a landlord is hard work !
 
it is hard work. i think this guy has his head scewed on. like every other investment you have to have an exit strategy and this guy has made a 100k in a short time and now wants to put the money in a safe bet with 4-5% or so guaranteed with no hassle. i think you should be encouraged to do so. well done. enjoy the fruits of you labour.
 
Check out daft.ie. As far as I'm aware you can post your apt on there and sell it yourself without an agent. Would save a lot of money on fees.
 
Thanks for advice. I've decided to go with an Estate Agent. The rate I negotiated is 0.85% and she reckons she can make it worth my while. I've pointed out the less than satisfactory performances of some agents in the past but she is adamant that 'she is not one of those girls'. I'll report back on my experience.
 
Q: "Any advice on the best way to go about selling"

A: As quickly as you possibly can!
 
Trebledigit said:
The property has appreciated by over 100k (50%) in a relatively short time. I'm going to take my profit and spend it. Being a landlord is hard work !
Click to expand...
A moot point; but that ain't a 100k profit until you've got that cash in your bank account. Also, remember you'll have CGT on that at 20%.

0.85% is a decent rate, don't be afraid to check up on the EA to make sure she's doing what you paid her to either.
 

Dont forget the EA fees paid are treated as a deduction for CGT purposes not income tax
 
Thanks for advice. I've no problem paying CGT in the knowledge that 80% of the appreciation is all mine. If the economy wasn't doing so well (or at least the housing end of it), the apartment wouldn't have made this kind of money so that's my little contribution to the exchequer.

I'm carrying a substantial loss from the sale of Deutsche Telecom shares last year. I presume I can net these off against my CGT exposure (in addition to my CGT allowance). In fact, as my wife is a co-owner, I believe we will have two CGT allowances to deduct !
 
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