Buying Land and Property Taxes: Read this Facts

One Of the most common questions I get asked is”what is the best time of year to sell a property?” There’s no right or wrong answer to this question, it’s a matter of opinion. Properties come on and off the market all year round. However, the home market is a seasonal entity. Spring and Autumn are usually warm months, but in terms of the property market they are hot. If you’re reading this and wondering if to set your property on the current market, then in my estimation NOW is a fantastic time. It’s true, you will see different properties also coming on the market, but this really is the time many buyers are seriously looking to their next home. Read this guide if you need to buy property in turkey.

So, what is it that you need to know about buying and Selling homes this Easter? Well, from 1st April 2018 in Wales you will no longer pay Stamp Duty Land Tax (SDLT), but instead pay Land Transaction Tax (LTT), which is operated by the Welsh Revenue Authority. Let’s see What’s going to change;

The changes result in less taxation Being paid on residential property purchases up to #402,000 – this really is the’break-even’ point after which more tax is paid in Wales. Additionally, as the table shows, the 0% tax rate band in Wales is higher than in England, meaning that no LTT will be paid on purchases of properties in Wales up to #180,000. With the average price of a house in Wales at #150,254, this will be welcome news to most.

In Cardiff, the average cost of a home is 194,359, which will be under the break-even point meaning again, less LLT is going to be compensated than beneath the SDLT regime.

However, there are two areas where the fluctuations Aren’t so positive. Firstly, in connection with first time buyers. From the budget last fall, the government introduced SDLT relief for first-time buyers, resulting in there being no stamp duty payable for first time buys up to #300,000 and an additional reduced rate as much as #500,000. Those wanting to purchase in specific regions of Cardiff, where average home prices are above this amount, will not have any choice but to cover more.

If you are buying A second house or investing in BTL home, then you need to add on a further 3% in addition to the typical rates.

Whilst the changes Are positive for all in Wales, could it stifle growth from the Welsh capital? Wales Needs to take care not to put off investment by making purchasing a Property more appealing over the border in England.

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