The leading consumer facing property purchasing companyÂ’s research is based on figures from bbc.co.uk, HM Treasury, The Office of National Statistics and Hometrack.
The results combine the costs of estate agents fees and solicitors fees added to the ‘hidden costs’ of selling your property – the ‘opportunity cost’ of what you could have been doing with your time – as well as other considerations.
David Harber, Communications Director for National Homebuyers, said: “This research details the true cost of the inefficiency of selling your property in the open market.”
Based on property chains falling through one in three times, the result has been set out in three outcomes – a direct sale, as well as the chain falling through once and twice.
And even with a direct sale, sellers will have to fork out over £20, 000 for hidden costs.
Harber said: “One issue is that when deciding how to sell their house, few people account for the opportunity cost – the monetary value of their own time in the process.
National Homebuyers encounter people every day, and help them sell their property, that have not factored the hidden costs as well as the fallibility of the chain. Effectively, we enable people to break the chain, putting them in a stronger situation to buy their new property.”
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