When property developers approach you to purchase your land because they want to turn it into the latest housing estate, what do you do and what are the financial implications? The team at Sage Business Group have supported a number of clients presented with the option of selling their property which can often include their family home. We are familiar with the questions that come up beyond 'how much will we be paid?'
We strongly urge you to consider the following questions;
Do I have to pay Capital Gains Tax?
How much Capital Gains Tax will I need to pay?
When will I need to pay Capital Gains Tax?
It sounds like a lot of money, but what’s the reality of the cash flow?
Should we buy a new home and when?
How much should we spend on a new home?
We know the pension is now not an option, how will we deal with rising costs of living?
How much should we invest?
What are the investment options – property, shares, term deposits, other?
What happens if we give some money to our children? Is that a good idea?
If the property is owned in a company or trust how does that change things?
Can we save tax using superannuation?
Should we set up a trust to invest the proceeds of sale?
and many more specific to you………
Whilst the answers are always particular to the individual circumstances, there are a number of principals that apply across the board. This information is critically important for you to know, whether in the lead up to any potential decision to accept an offer OR if an offer has already been accepted.
The team at Sage Business Group have dealt with a number of these transactions on behalf of local clients and we have built a robust system that provides you with confidence when making one of the biggest decisions of your life. You must be well informed on the good, the bad and the ugly of any proposed transaction.
If you would like more information about this very important topic please email firstname.lastname@example.org