Sarah O'Keeffe Property

How to value your Property for Local Property Tax

Property Valuation

The valuation of residential properties is generally done through direct comparison, i.e. if a similar house in a similar location recently sold for €300,000 then the value of the house being valued will most likely be €300,000 provided that there is relative comparison between the two properties. There will be a significant difference in price between an older style two bedroom cottage and new four bedroom detached home. So care will have to be taken when arriving at a value.

All house price sales from 2010 are listed on www.propertypriceregister.ie

Other resources include the property portals such as www.myhome.ie and www.daft.ie. These websites are useful because the information from the property price register is placed on maps, making it easy to identify where the most recent homes have sold relative to the home being valued, plus you will have an idea of what the asking price is for property is in your area. The asking price is not necessarily the sale price but such information compared with actual sale price available on the property price register should help to identify the value of your home.

Analysing Comparable Information

Unfortunately, it is very unlikely that an identical home will have been recently sold and some analysis with adjustments to reflect the differences in size, location, condition and date of sale will be required. There is no strict rule on how to draw comparison from nearby sales but adjustments to the values achieved are generally required to reflect the following;

• Location

• Size

• Layout

• Condition

• Specification

• Decoration

• Parking

• Service charge (For apartments)

• Garden

The above is not a comprehensive list and the individual points can have more or less impact depending on the type and location of the property being valued. More weighting should be applied to the most recent sales evidence of similar type properties with close proximity to the property being valued.

If it becomes apparent that professional advice is required, it is worth noting that the responsibility still rests with the owner to have a correct valuation. If the valuation advice provided is incorrect then it is the owner who is liable for fines / penalties.

Landlords also should be aware that the Local Property Tax is not currently deductible for tax relief

 
Personal Insolvency Arrangement

 It is likely that the new Personal Insolvency laws, will be paramount to the recovery of the property market. One feature of the new laws is the Personal Insolvency Arrangement, which will be welcomed by those struggling to pay mortgages both on family homes and buy to let properties. It is thought that Ireland's new Insolvency Service hopes to begin accepting applications from borrowers seeking debt relief in the second quarter of this year. However it is likely there will be significant backlogs due to the amount of mortgages in arrears. It will probably be the tail end of year before there will be a noticeable movement in the market. The aim of the Personal Insolvency Arrangement is to provide a reasonable alternative to bankruptcy while, where possible, leaving the borrower with their house and an affordable mortgage payment.

A Personal Insolvency Arrangement is for people with debts between €20,000 and €3,000,000 who are insolvent and it is unforeseeable that over the course of a 5 year period they will become solvent. This new arrangement provide a mechanism for debt settlement and restructuring for those who are insolvent but have the means to make part payments over a period of years

 
BER Changes

BER rating to be included on all adverts

 

New regulations have just been introduced requiring a Building Energy Rating (BER) to be prominently displayed on all property advertising such as online and print adverts, brochures and ‘For sale’ and ‘To let’ signs outside property Under the new regulations the obligation is on the seller and property agent to include the BER on all online and print adverts, brochures and on “To let” and “For sale” boards. Non-compliance could result in a fine of up to €5,000 or up to three months in prison. Originally the BER certificate had to be made available to clients looking to rent or buy. A BER test can typically cost anywhere between €100 to €500, but listed properties are exempt from the legislation.

 
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AIB, Permanent TSB and Irish Nationwide have all now agreed to cut their standard variable rates in the wake of the ECB rate cut announced on 3 November

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Sarah O'Keeffe Property
M: 087 985 1116
T: 021 438 40 404
E: sales@okproperty.ie