Selling a house can be a daunting process, especially if it’s your first time. To help you get started, we’ve put together this short step-by-step guide to selling your house in Ireland. Should you have any questions about any step in the process, you can contact our conveyancing team on 1800 390 555.
Step 1: Prepare your property for the market
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.Step 2: Hire a solicitor
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. At McCarthy + Co, our conveyancing team have created a unique system based on a combination of legal excellence and amazing customer service. Our responsive team will guide you through the legalities of selling your house, preparing the contract for sale, ensuring all planning documentation is in order, overseeing the exchange of contracts, right through to closing the sale.Step 3: Select an estate agent
While it’s possible to sell your home privately in Ireland, most people choose to hire an estate agent. An estate agent will market your property, negotiate with potential buyers, and help you get the best possible price. Before choosing an estate agent, check their fees, reputation, and track record of sales in your area.Step 4: Set the asking 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.Step 5: Market the property
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.Step 6: Host viewings
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.Step 7: Negotiate and accept an offer
If a buyer is interested in purchasing your property, they will submit an offer, usually 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 or a percentage of the purchase price. This is fully refundable up until the point where contracts are signed.Step 8: Exchange contracts
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.Step 9: Complete the sale
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.Step 10: Vacate the property and hand over the keys
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. This can be done personally or through your estate agent or solicitor.Additional considerations
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, although our conveyancing team will be happy to provide you with guidance.
- 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-Principal 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 assessor to evaluate your property.
- Property Price Register – Once your house is sold, the selling price will be recorded in the 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.
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