I want to SELL my Property,Whats the NEXT STEP?
At Holton Homes and Properties, we offer a complimentary, no-obligation valuation to help you get started. We’re passionate about providing personalized service and are ready to assist you with all your property valuation needs. Simply contact us by email or phone to book your free valuation. Once we have your details, we will arrange an appointment at a time that works best for you, including evenings and weekends. We’re excited to help you on this journey!
Before listing your property for sale, you should prepare your house to make it appealing to potential buyers. This could involve simple tasks like decluttering, cleaning, making minor repairs, painting, or making the garden and outside areas more attractive. It’s essential to showcase the best features of your house to attract buyers. It can also be helpful to get your house appraised or valued. This will give you an idea of your house’s worth and help you determine a reasonable asking price.
In Ireland, it’s essential to appoint a solicitor at an early stage in the process, as they will request the title deeds which can take up to 8 weeks to reach them.
An estate agent will market your property, negotiate with potential buyers, and help you get the best possible price.
Now that you have a rough idea of your house’s value, you can set an asking price. It’s crucial to be realistic about this. Overpricing can deter potential buyers, while under-pricing may result in final sale price that you are not happy with. Consider recent sale prices of similar properties in your area for a perspective on what your asking price should be.
Your estate agent will market your property by creating a listing, taking professional photographs, and possibly creating a virtual tour or video. They’ll also advertise your property on various platforms, such as online property portals, social media, and their agency’s website.
Once your property is on the market, you’ll start receiving viewing requests. It’s advisable to make your house as presentable as possible for each viewing, and your estate agent can guide you on the best practices to appeal to buyers.
If a buyer is interested in purchasing your property, they will submit an offer, through their estate agent. You can accept, reject, or negotiate this offer. Once you’ve agreed on a price, the buyer must pay an initial booking deposit to your estate agent which is often a fixed sum of €5000- €10,000 or a percentage of the purchase price. This is fully refundable up until the point where contracts are signed.
After accepting an offer, your solicitor will exchange contracts with the buyer’s solicitor. The buyer will then pay a deposit, typically 10% of the purchase price. Once the contracts are exchanged, the sale becomes legally binding.
Once the contracts have been signed and the balance of the purchase price has been paid by the buyer, the sale is completed. The deeds of the property are then transferred to the buyer’s solicitor. The whole process of selling a house in Ireland can take anywhere from a few weeks to a few months, depending on various factors like the housing market conditions, the property’s condition, and the price.
After the sale is complete, it’s time to vacate the property. You will need to do various administrative tasks such as cancelling any utilities or services tied to the property, including electricity, gas, water, and internet services. Once these tidying tasks are done, you can then hand over the keys to the new owner.
Some other important things to be aware of when selling a property in Ireland.
⦁ Capital Gains Tax (CGT) – If the property you’re selling is not your primary residence, or if its value has increased since you bought it, you may be liable to pay Capital Gains Tax. You may wish to consult with a tax expert on this.
⦁ Property Tax and Charges – you will need details of your LPT Property History for the purposes of any sale along with a Certificate of Exemption or Discharge in respect of the Non-Principle Private Residence (NPPR) Charge which is available from the Local Authority in which the property is located.
⦁ Energy Efficiency – You’re required to have a Building Energy Rating (BER) for your property when selling it. The BER rates the overall energy efficiency of your property. If you don’t have a BER, you can hire a BER accessor to evaluate your property.
⦁ Property Price Register – Once your house is sold, the selling price will be recorded Property Price Register. This register provides transparency to the public about the residential property market in Ireland.
⦁ Mortgage – If you have an existing mortgage on the property, you’ll need to repay it from the proceeds of the sale. The balance of the sale proceeds, after paying off the mortgage and any fees (like solicitor’s fees and estate agent’s fees), is your equity from the sale.