Selling your home privately could save you money. Given the new tax on the £2m plus homes it means those looking to sell at the high-end of the market may need to consider an alternative approach. They may wish to sell their home without an estate agent if they want to try to save money.
Selling your home privately could save you a serious amount of money
Looking at the £2m plus homes they are now subject to a 7% stamp duty. It wasn’t so long ago, a year in fact, that the Chancellor introduced a new 5% rate on homes selling for over £1m. So this change for homeowners looking to sell their £2m plus pads in Cheshire, Wirral, Liverpool and other areas of Merseyside could cost them at least an extra £40,000. This is still a significant amount of money to consider selling your home privately. Even if we assumed that estate agents fees were say a modest 1% of the sale price, then that equates to at least £20,000 in fees. With the additional £40,000 this would mean at least £60,000 going on the additional tax measure and estate agency fees. Simple maths based on these figures mean a homeowner could save themselves at least a third of this massive sum of money.
Selling your home privately is a real alternative
It really is about changing mindsets selling or letting your property privately. It is important to understand the amount you can save when selling your home privately. Yes there may be a bit more work involved, but taking the example above of a £2m plus home the savings can be quite significant. It really depends how much you want to do yourself. For example, you could choose to add your own photographs or you can choose to pay a professional to show off your home in the best possible light. Likewise you could get engage a professional film company to video your home showing off all the features it has to offer. The circles you mix in may mean you already have a network of contacts who can assist you in this area. It doesn’t matter whether you are selling a home that is £100,000 or one that is £2m plus, you still need to do the appropriate level of marketing to attract potential buyers.
If you choose to use an estate agent they will prepare the necessary marketing material to promote your property. They may also have a database of contacts they will be able to inform of your decision to sell. It’s a different approach when selling your home privately. You will need to add your property details to a private sale property website. They too may also have a database of contacts informing them of your home coming on the market. It doesn’t stop you also spreading the word about your house being for sale. Once you have added your details to an online property website you can copy the link to your details and circulate them yourself. Therefore, your can use your own social network and get them to do some marketing for you as well through their own contacts. Simply spreading the word for you!
You should consider selling your home privately
Nearly 15% of the home sales in the USA are done by selling your home privately. It won’t be long before people in Cheshire, Wirral, Liverpool, other areas of Merseyside or anywhere in the UK for that matter realise that selling your home privately is a real alternative to the traditional approach.
