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Misguided Price on Family Home

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  • 08-02-2019 8:55pm
    #1
    ThomasKilal
    Registered Users Posts: 10 ✭


    hello
    our family are in possession of a 5 storey Georgian Building on the Northside of Dublin with space for a car park at the back of it. my solicitor has valued it at 300k. in the mean time i have made contact with Citizens Information Service and they have Quoted 800k for a building like this from Dublin City Council

    my question is why do you think there such a difference from my Solicitor quote and the Council.


Comments

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    #2
    listermint
    Registered Users Posts: 33,991 ✭✭✭✭listermint


    Citizens information giving out house valuations now are they....


    Yeah...


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    #3
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Your solicitor is not a valuer. Citizens advice also not a valuer.

    It’s like asking a dentist to repair your car.

    Get the right person for the job.


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    #4
    Steer55
    Closed Accounts Posts: 226 ✭✭Steer55


    Since when did solititors become valuers? Get it valued by estate agents and look at what similar properties in the area are going for.


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    #5
    cnocbui
    Registered Users Posts: 20,090 ✭✭✭✭cnocbui


    Would your solicitor perhaps have the payment of CAT in mind?


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    #6
    Plumbthedepths
    Closed Accounts Posts: 12,653 ✭✭✭✭Plumbthedepths


    Why not use a professional whose job it is to you know.....value properties?


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    #7
    ThomasKilal
    Registered Users Posts: 10 ✭ThomasKilal


    thanks for the replies , ill talk to a an estate agent


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    #8
    Bicycle
    Registered Users Posts: 798 ✭✭✭Bicycle


    cnocbui wrote: »
    Would your solicitor perhaps have the payment of CAT in mind?

    CAT (Capital Acquisitions Tax) is payable on an inheritance. And is paid at time of probate.

    However, it may take time to sell a property, after probate. And the value of the house may go down as well as up.

    Generally what happens is a conservative (e.g. low) valuation is given for CAT purposes and CGT (Capital Gains Tax) is then paid on the amount of profit made following the sale or disposal of the property. This allows flexibility. So, for example, the valuation for probate (and CAT) was €500,000 but the property subsequently sold for only €400,000 you would have paid €165,000 in tax. However, if the property was valued at €300,000 and sold for €400,000 the CGT would cover the shortfall, you would have paid €99,000 followed by €33,000 thus saving €33,000.


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    #9
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    Is there any reason not to deliberately under value a house then?


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