How do you work out selling costs if you bought plot and built your own house.

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marios
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How do you work out selling costs if you bought plot and built your own house.

Postby marios » Sun Jul 02, 2017 12:01 pm

Lots of info on buying and then selling if the house is already built but what if you bought land and got house built by builder?.

AkoAko
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Re: How do you work out selling costs if you bought plot and built your own house.

Postby AkoAko » Sun Jul 02, 2017 12:08 pm

In our case when we registered the building we were asked to give what we believed the value of the property alone would be and we paid 1% tax on that sum , the Catastral then give a value based on the Sq Mtr thats figure is applied to a multiplier for your area and forms the base for its value when selling or what the tax man would expect to be declared . As an example our Catastral value is shown on our IBI bill as around 35k b, after the local multiplier is used the Taxman would be looking at a declares value of 150k , much less than that and the buyer would be billed for the tax on an under declared figure after the sale had gone through , happens a lot in our area due to the drop in property values , people selling for less that their property is actually work .

We were told that its value could be assessed on the basis of so much a sq Mtr for different types of buildings , i understand in the same way the planning fee is calculated and charged even when your literally doing all the work yourself .

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marios
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Re: How do you work out selling costs if you bought plot and built your own house.

Postby marios » Sun Jul 02, 2017 1:45 pm

Thanks AkoAko

Looked on ours and it has Land value 162,174 and Construction value 105,216.


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