Selling your home: Understanding the hidden costs
When you’re thinking of selling your house and buying somewhere new, you’ll need to budget for the sale of your existing property as well as the purchase of your next. You’ll no doubt have the deposit and stamp duty at the top of your budget priorities, but there are plenty of hidden costs to take care of to get the sale underway. These include:• Estate Agents Fees – getting the property on the market • Conveyancing Fees – going through the legal aspects of the sale • Energy Performance Certificate – making sure you have all documentation in place for the buyer • Removal Fees – costs incurred on moving day Here we’ll take you through the basics and give an idea of how much you can expect to pay.
Costs associated with getting the property on the market
- High Street Estate Agent: The average price of a house in the UK is £223,257. If your estate agent charges 2% you’ll end up paying them upwards of £5,358.17 incl VAT. The bigger the sale price, the higher the cost.
- Selling privately: You’ll save money, but you’ll need to do everything yourself. Not only does this include viewings and the negotiations should you get an offer, you’ll also need to make sure you get people in the door in the first place. It will be guaranteed to take up a lot of your time.
- Online Estate Agents: When you look at the price, it may be much more appealing than the percentage model from high-street estate agents. Just make sure you check the small print before you sign up to anything, making sure you fully understand the parameters of the service of how much you’ll be expected to do yourself.
Costs required for the legal sale of the property
- It makes sense to use the same solicitor or conveyancer for the sale and purchase of your new property (if you’re buying somewhere new). This could likely save you some money and it will also be much more convenient as you’ll have one point of contact throughout.
Costs associated with the documentation when selling
- Once a property has been assessed it will be recorded on the national register and will be valid for 10 years. This means if you moved into the property less than 10 years ago you should already have this in place and won’t need to pay for a new one.