Probate valuation difference

[fistophobia]

I am due to inherit a Dublin house from parent, with no one else involved.
Its going through probate, as no will was made.
I have 2 estate agent valuations, 500K and 600K.
A house sold a few doors down for 630K, but was in good condition.
The house concerned is a shell and looks bad, so the neighbours are ready to lynch me.

Any ideas how best to handle this?
I am planning to keep the house, remodel and rent out.

 

[Thirsty]

How to handle what?

The neighbours, the renovation, renting, being alone?

 

[fistophobia]

the difference in valuation, with Revenue.
CAT bill, I am referring to.

 

[Thirsty]

Valuation:

Option 1: get a third valuation, add them together and divide by 3.

Option 2: put the house on the market and see what offers you get.

Inheritance tax:
Do you have the money to pay it?

 

[fistophobia]

I have money to pay it.
Yes, was thinking of putting it on market, but thats a waste of everyone's time, agent, punters, mine.

 

[noproblem]

You have a €550,000.00 property. You're going to put (maybe) €100k into doing it up a bit and then rent it out to someone. Are you crazy?

 

[Johnno75]

the difference in valuation, with Revenue.
CAT bill, I am referring to.

Pick one valuation and use it. As long as it’s credible.

 

[NoRegretsCoyote]

I have 2 estate agent valuations, 500K and 600K.
A house sold a few doors down for 630K, but was in good condition.

Revenue don't, and won't, drive up and down the street comparing houses.

It's a self assessment system and you have to be able to justify the self assessment if challenged.

Three professional valuations and using the middle one seems reasonable to me.