UNRAVELLING PROPERTY CHAINSCOST UP TO £44,000 SAYS REPORT

[quote.co.uk, Wednesday, 17 May 2006 17:27]: Becoming entangled in an unravelling property chain when trying to sell a home can cost up to £44,000, research for National Homebuyers has suggested.

The combined costs of solicitors, estate agents and the value of the time lost soon add up, claimed the report and can be very pricy when you consider a third of chains break.

"This research details the true cost of the inefficiency of selling your property in the open market," said David Harber, National Homebuyers communications director.

"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 that process.

"National Homebuyers encounter people every day… that have not factored the hidden costs as well as the fallibility of the chain."

Even if a deal does not fall through, the company has calculated that the cost of selling a home can add up to £21,243.05.

This breaks down to £6,170.22 on average estate agent fees, up to £1,300 on solicitors fees, the £2,726.27 cost of mortgage payments and council tax while on the market, £600 in surveys and the costs of cleaning and showing people your home.

Homeowners eager to cut the costs of selling their home can reduce their payments by finding the best mortgage rate offers available online.