Buying and selling expensive properties can be extremely expensive.
In London for instance, stamp duty land tax and legal fees will cost the buyer an average of 7.1% on top of what they’re already paying for the luxury property. The seller would also take a hit in the UK for getting the pricey home off their hands thanks to 0.6% in legal and agency fees, totaling on average over $90,000.
In NYC, it’s the seller who eats it, paying an average of $1.15 million on taxes and fees for a $15.5 million dollar home, while the buyer pays less than $220,000.
And this doesn’t even take into account what you’d be paying each year in property tax,.
Moral of the story: Know the true price of your home before you commit to that penthouse.
Check out more in the infographic:
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.