Things a buyer should know and a seller should think about!
THE ELEPHANT IN THE ROOM – STAMP DUTY!The change in stamp duty rates in December 2014 has affected properties in the £1million plus market. How much do you think a £1.5 million home will cost in stamp duty? The answer is a whopping £93,750! A good estate agent will take this into account in recommending a guide price, otherwise your buyer might suddenly realise they can’t afford it and simply drop out some time into the conveyancing process. By that time, your other buyers could have lost interest and your property might sit on the shelf and be tainted by the amount of time it has been on the market.
SETTING A GUIDE PRICE
Take advice from a good estate agent, but be aware of the general value of property where you are selling/buying. If you set it too high, your property will probably not attract buyers or offers at the right price range and may be tainted by the lack of interest. Now, we can all tell how long a property has been on the internet from the various websites and even if there's nothing remotely wrong with a property, people think there might be! If you set the price too low, you are obviously in danger of losing the equity in your house. So, like 'baby bear' in Goldilocks, the guide price must be 'just right'!