How soon can you sell your first home?

newboard

Are there any time restrictions on how soon you can sell your first home, and are there any associated penalties besides losing out on the first time buyer deposit requirement?

Thank you

Dahdum

As far as I know you’ve to live in the property a minimum of 5 yrs or revenue can claim back the proceeds. That’s the only penalty I am aware of.

ec18

Thats correct if you use HTB you have to live there for 5 years or revenue can ask for the money back

newboard

Thanks folks. So if you use HTB it's a 5 year minimum - what if you don't use HTB?

chops018

What? There are no penalties in selling your home once it is your principal private residence. You can sell it whenever you like. Only things to watch out for is if you used the HTB, as already mentioned, then there can be a clawback with Revenue, but this reduces each year up to the 5 years when there is no longer a clawback. Other things that might be a factor are if you are in a fixed rate with your mortgage provider then they may have penalties if you're trying to redeem the mortgage with them in the fixed rate. If it is not your principal private residence then you may be liable to CGT or other taxes on the sale.

seamus

newboard wrote: »

Thanks folks. So if you use HTB it's a 5 year minimum - what if you don't use HTB?

If you bought it without state assistance, then you can sell whenever you like.

You are exempt from CGT if you lived in the property for the entire time that you have owned it. There is no minimum amount of time needed to have lived in the house to qualify for this.

twiddleypop

So you could sell it only after one year of living there without any implications?

Bought it just before covid in Dublin and now I really want to move back to the country.

Might feel different when things go back to normal, absolutely blessed in many ways considering how insane the market is gone. Great location and my neighbours are absolutely sound.
.
The grass is always greener eh?

Buddy Bubs

twiddleypop wrote: »

So you could sell it only after one year of living there without any implications?

Bought it just before covid in Dublin and now I really want to move back to the country.

Might feel different when things go back to normal, absolutely blessed in many ways considering how insane the market is gone. Great location and my neighbours are absolutely sound.
.
The grass is always greener eh?

You can sell it the next day if you just bought it with no government schemes. Why do you think you have to wait?

TP_CM

Are you on a fixed mortgage rate by any chance? Might be some penalties there?

Caranica

I know someone who put their home on the market the day they moved in. Bought off the plans, house was lovely but the neighbours weren't.

Gumbo

newboard wrote: »

Thanks folks. So if you use HTB it's a 5 year minimum - what if you don't use HTB?

If you bought today without state assistance, then you can sell it tomorrow.

Dahdum

Dahdum wrote: »

As far as I know you’ve to live in the property a minimum of 5 yrs or revenue can claim back the proceeds. That’s the only penalty I am aware of.

Is it not done on a percentage scale?

Move within 1 year - pay back 100%
Move within 2 years - pay back 80%

Etc etc

Dolbhad

If you have a fixed mortgage and break the term you may have a breakage fee.