Property value where there haven't been recent transactions

matjay

Hi

I am helping my parents fill out their LPT for the new property tax. I have done mine as it is quite easy as there are still houses in my area on the market so i can put in the market value based on that.However my parents live in Loughlinstown Park, Dublin (south) and I cannot find anywhere a asking price or sold price as it has been a very long time since a property has been sold or is being sold.

They have been placed in Category 4 which is about right but I would like to have had an average value based on past sales that I can put down on the form instaed of plucking a value out of the air so to speak,

Cheers

MATJAY

matjay

matjay wrote: »

Hi

I am helping my parents fill out their LPT for the new property tax. I have done mine as it is quite easy as there are still houses in my area on the market so i can put in the market value based on that.However my parents live in Loughlinstown Park, Dublin (south) and I cannot find anywhere a asking price or sold price as it has been a very long time since a property has been sold or is being sold.

They have been placed in Category 4 which is about right but I would like to have had an average value based on past sales that I can put down on the form instaed of plucking a value out of the air so to speak,

Cheers

MATJAY

Sorry hit the post button too soon LOL just wondering would anybody have an idea on how to get a value other than the property register/property sales site or having a valuation done (which costs more money) Or if anyone knows how much the houses would go for in the area ??

Ta

Matjay

RATM

Is there any similar sized properties to rent ? If so you can get a rough estimate of the value of your parents house from what similar houses are renting at. I say rough as it doesn't account for factors like proximity to shops, transport links, schools etc. But with the LPT you have a €50,000 bandwidth to play with so a rough calculation should suffice.

A rough calculation would be to multiply the rent by 11 months and then multiply that figure by 13 to arrive at a rental yield of 7.6% which is around what most investors would look for. An owner occupier would typically value a house a little over that figure as it is their home but you get the jist and unless you are very close to one of the valuation brackets then you shouldn't worry too much about it.

matjay

RATM wrote: »

Is there any similar sized properties to rent ? If so you can get a rough estimate of the value of your parents house from what similar houses are renting at. I say rough as it doesn't account for factors like proximity to shops, transport links, schools etc. But with the LPT you have a €50,000 bandwidth to play with so a rough calculation should suffice.

A rough calculation would be to multiply the rent by 11 months and then multiply that figure by 13 to arrive at a rental yield of 7.6% which is around what most investors would look for. An owner occupier would typically value a house a little over that figure as it is their home but you get the jist and unless you are very close to one of the valuation brackets then you shouldn't worry too much about it.

thanks a million for the info i will apply that and see what I come up with if

Ogham

Have you tried working out how much the price has increased or decreased since they bought it?

som eaverage figures on house price changes here http://www.moneyguideireland.com/house-price-changes-in-ireland-a-history.html