Second home or trading up

[milo]

I bought a property with my brother.

The property is currently worth 180K but I would like buy my own place now.

How will stamp duty affect me.

Would I be better buying a site and building on this. has this any implications with stamp duty.

I have to move from the area that we origionally bought so I would prefer to have my own place now.

Buying together now seems to be causing problems as houses where I am moving to in the region of 350K so i would have a hugh stamp duty bill all because I am regarded as a property owner based on my share of a house.

 

[ClubMan]

How will stamp duty affect me.

You are not a FTB so you may be liable for SD if you buy a new house over 125sqm or a second hand house over €127K.

Would I be better buying a site and building on this. has this any implications with stamp duty.

I presume you pay SD on the site purchase but as far as I know not on a self build property itself. Seems like a lot of hassle to go to to avoid SD?

Buying together now seems to be causing problems as houses where I am moving to in the region of 350K so i would have a hugh stamp duty bill all because I am regarded as a property owner based on my share of a house.

New builds are exempt from SD for FTB or non FTB owner occupier buyers.

 

[milo]

I am in construction so I have no problems taking on a self build project.

based on the above, I could possibly buy a old house and develop it.
Or buy a site and pay stamp duty on the purchase of the site.

No problem getting the mortgage for a new house but it would take several years to get the funds together to pay the stamp duty.

 

[ClubMan]

You should get independent professional advice on your potential SD liabilities in any specific situation but the key issue here is that you are not a FTB as far as SD is concerned.