Selling a house involves paying an estate agency, solicitors and spending money on renovation: read on for our experts’ tips of what costs to look out for.
Unlike buying a property, there’s no definitive cost when it comes to selling up. There are a number of fees and costs that every seller incurs when it comes to making the house as sellable as possible. Read on for our guide of what to add to your list.
The biggest cost for many homeowners looking to sell on is from estate agencies, who can charge between 1 and 3% commission, plus VAT, on the sale price of your home. The average house price in the UK last year was around £240,000: so a 2% commission would result in a £4,800 fee. It’s best to speak to an estate agent directly to discuss the fees that will be incurred.
When it comes to solicitors’ fees, you can expect to pay around £500 to £1,500 depending on the complication of the sale of your property. A solicitor will negotiate on your behalf when it comes to the legal issues involved in selling up, so it’s important to invest in one that you trust to act on your behalf.
Before you go through the process of actually selling your property, there’s the question of whether or not the home is fit for someone else to buy. In most cases, setting aside a couple of thousand pounds is a good idea, just to install central heating if you don’t have it, replace the worn aspects of the house, such as windows or carpets, and generally get your property looking its best, ready to wow potential buyers.
Most mortgages can be transferred from the property you’re in to the property you’re moving to, but this could be a good opportunity for you to see if you can save money by remortgaging. If you do negotiate a new mortgage you’ll incur repayment charges, and this is on top of an arrangement fee and product fee. But in the long term, you may be much better off.
Once the estate agent and solicitor are taken care of and you’re ready to sell up, there’s the process of transferring your belongings. A professional removal company will cost between £500 and £1,000 depending on the size of your property. Compare prices and get quotes from some in your area though, to make sure you’re getting the best deal.
Do you need help selling a property in Poole? Our team of expert estate agents are on hand to help explain various costs to you, offering a premier service and ensuring that your dream home is well within arms reach. Contact us today for more information about how you could be settled in a new property by Christmas.