Many experts would advise that selling property is taboo when building wealth or developing a portfolio. However, with agents fees at 2-3% per sale, and stamp duty at over 3% every time you buy, is buying and selling too much eroding your profits? Where is the perfect balance in today’s market, where the words ‘plateau’ and ‘housing bubble’ seem commonplace in public sentiment. Do you hold for 20, 30, 40 years?
What are some examples of when selling can be tempting
- Income has changed and you can no longer afford the property
- Unsecured debts have grown and you need to make some hard decisions
- Circumstances have changed and you need to change your lifestyle or home, via upgrade or downgrade
- The property is due for expensive repairs or the annual costs are blowing out