Market Overview
Ireland’s unique charm and natural beauty are envied the world over – the influence this tiny island has had on the whole planet is simply extraordinary. Despite a rather catastrophic slump in property values between 2007 and 2012, things are once again heading in the right direction – average prices in Dublin spiked a massive 15 per cent during 2013 alone. Rental yields remain consistently high across major cities like Dublin, Cork and Galway, while tourism numbers are steadily growing by the year. As such, short and long-term letting opportunities abound. What’s more, property prices in rural Ireland remain surprisingly low and make excellent prospects for vacation rentals – Ireland’s bounce-back from economic hardship has so far proved impressive to say the least.
The Selling Process
Marketing Your Property
The normal means of marketing a property is via an estate agent who can also value your property. If you used an agent to buy your property, it would make sense to use the same one to sell it as they will already know the property.
Legal Representation
Your solicitor will need to prepare your home for the sale. To do this, they will have to collect the property’s Title Deeds from your mortgage lender, a process that can take several weeks. It is therefore advisable to complete this stage as soon as possible. If you are selling a family home, or your property is in your spouse’s name, you will need consent of your partner to sell the property. (If both names are on the Title Dees, this not an issue.)
Preparing for Viewings
Ensure that your home is as tidy and presentable as possible for viewings. This will ensure that you – and your property – appear professional, an impression that will help to secure an amount closer to, or above, your asking price.
Details of Sale
Once you and a buyer have agreed on an offer, your estate agent will issue the details of sale and your purchaser will pay a booking deposit. This document will contain your property price as well as list any contents and conditions of sale, as well as contact details for the buyer and their legal representative and an estimated closing date for the transaction.
Contracts Issued
The contract will be issued by your solicitor to your buyer, including a copy of the property Title Deeds. (If you have not obtained these yet, this stage will be delayed until they available.)
Contracts Signed
Contracts are signed, committing both parties to the sale of the property. These are then exchanged between your solicitors, who also draft the Purchase Deed and raise any outstanding issues that must be resolved. Upon completion, if you are selling a family home, the spouses will need to sign a Family Home Protection Act Declaration, as well as a copy of your State Marriage Certificate.
Transfer of the Title Deeds
Finally, the transfer document is signed by you, ready to be issued by your solicitor to the home’s new owner on the deal’s closing date. You must also give your solicitor the keys to your home and any other information required to access the property.
Average selling prices
2 Bed Homes
£103,120
3 Bed Homes
£114,953
4 Bed Homes
£275,239
Selling Costs Checklist
Once you have met these costs, you have paid to sell your home
Estate agent fee – usually 2% of the sales price Legal fees – this will vary, depending on your chosen representation CGT – this will vary, depending on the property price.
Photos: Martie1Swart, AJC1, j0sh (www.pixael.com)
