The Blog

A collection of articles to help you sell, buy and let

When £5,000 suddenly isn't a lot of money

When £5,000 suddenly isn't a lot of money

Even for the very well-off, £5,000 is still a lot of money. If you are selling a home for the average price of around £240,000, you'd have to pay a traditional estate agent about £5,000 in estate agency fees.

But somehow when someone is willing to pay you £240,000 for something, £5,000 becomes much smaller.

Never mind that the £240,000 is mostly mortgage or that the £5,000 needs to be paid in cash (in other words after tax).

Never mind that £5,000 could transform the kitchen in your new home (that was the one thing that you compromised on when you agreed to buy it) or put in an en-suite bathroom.

Never mind that if you were able to put £5,000 more into the deposit on your new mortgage you may be able to secure a lower mortgage rate, saving you tens of thousands over the course of the mortgage.

Emotion takes over and when you're getting nearly a quarter of a million pounds - £5,000 becomes a drop in an ocean of pounds.

Selling and buying a house is an emotional experience for a whole host of reasons.

Just remember that £5,000 is a lot of money.
Comments are closed