Selling Your House: Know the Costs
Selling your home is rarely a stress-free experience, but in order to give yourself the very best shot at one, and to get the most money out of the process, it’s essential that you plan ahead in every way possible.
One of the top priorities will be in working out all of the costs associated with actually making the sale – obviously it’s not quite as straightforward as someone handing over the cash to you.
Let’s take a look here at the major expenses and fees that you’ll need to think about before you start looking for a buyer.
Preparations for Sale
It’s far easier to sell a house that’s in tip-top condition, so you may well want to spend a few hundred on things like repainting and finishing.
You don’t necessarily need to spend a lot, but consider what would make you more likely to buy a property.
Energy Performance Certificate
This will be something new to those who haven’t bought or sold a property in a while, but this is essentially a document to show potential buyers how energy-efficient the building is.
This includes things like how much it’s likely to cost to heat, provide hot water and light.
EPCs are now mandatory, and you cannot put a house on the market without already having started the process to apply for one.
The costs are generally reasonable however, with many places offering them for less than £50.
These are usually the biggest costs, and will vary depending on exactly how you’re going to sell the property.
Estate Agents usually charge commission as a percentage of the value of the final sale, which gives them an incentive to get as much as possible. 2-3% is common.
Many agents, such as Featherstone Leigh, also provide guides to help you through the process. Auctions are another option, charging a similar amount, though advertising fees may be extra, and incurable even if there isn’t a sale.
Finally, you can try to do everything yourself, from advertising in local papers to showing people round. The costs here can vary hugely depending on what you want to do.
There are lots of financial and legal issues to deal with when it comes to the actual transaction itself, and you will need legal support unless you know exactly what you’re doing.
Solicitors can be expensive when buying, but in the case of selling, they’re not often more than around £500, and prices vary depending on things like the council tax band that you’re in.
This is not an exhaustive list of all the costs that you’ll need to pay, but it does cover most of them. Bear these things in mind and you can be sure of no nasty surprises and a better end price.
Image Source 1 by David Hawgood@wikimedia, Image 2 by Katherine of Chicago, Image 3 by Gralo@wikimedia.
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