Should I sell?

paddyland

I'm thinking of selling my apartment.

Is this a good time? I know buyers are hard to find, but I can bank some money now after the mortgage is cleared. I'm afraid I won't be able to do so in a year or two, if prices continue to fall.

Where do I stand on tax if I sell now? Capital Gains? Stamp duty?

Should I put it on the market anyway, and see if I get an offer?

The_Conductor

paddyland wrote: »

I'm thinking of selling my apartment.

Is this a good time? I know buyers are hard to find, but I can bank some money now after the mortgage is cleared. I'm afraid I won't be able to do so in a year or two, if prices continue to fall.

Where do I stand on tax if I sell now? Capital Gains? Stamp duty?

Should I put it on the market anyway, and see if I get an offer?

1. You no longer have your First Time Buyer status and favourable TRS treatment when you go to buy again.
2. CGT/Stamp duty etc- depends entirely on what the property is, what terms were associated with it purchase and how long you have owned it for.
3. Apartments aren't selling- the main movers at the moment are the sub 200k FTB market- and they are expressing a preference for houses, even small houses, rather than apartments.

dan_d

Apartments will only get harder to sell in the near future.So it depends how badly you need to sell it.And how low you're willing to go on the price.