How much does it cost to sell my home
Contents |
[edit] Introduction
Homeowners may not initially be aware of the hidden costs that are incurred when they want to sell their homes. This can cause problems throughout the selling process, especially when the move is prompted by financial issues.
If you’re selling a house that you don’t live in, these costs can get forgotten about and come as a nasty surprise when they surface. Making sure that you know about them from the outset will allow you to organise your finances so you are fully prepared for all of the costs of your move.
[edit] Estate agent fees
These will vary, depending on the agent that you use, so you should make sure that you know how much your agent is charging before you sign the contract. Estate agent fees can be up to 3% of your sale price, and if you don’t take that into consideration it can be a big chunk off your profit.
When you’re looking to sell, you should speak to more than one estate agent to make sure that you’re getting the best price as well as the best service from them, and make sure that you know exactly what their charge is and what it includes to avoid issues.
[edit] Conveyancing fees
You may think that conveyancing fees are included in the other legal fees that you pay when you sell, but most of the time, they aren’t. Conveyancing can easily cost more than £1,000, so you should make sure that you’re aware of this before you start the selling process.
This is an important part in the sales process as it will ensure that everything is done legally, so you will need to pay for your conveyancer and keep this cost in mind when you’re selling.
[edit] Early mortgage repayment fees
A lot of the time, your mortgage will have a clause that states there’s a fee you need to pay if you want to make your repayments early. This isn’t in every mortgage agreement, but you need to find out if your mortgage does have this fee in place, as it will cost you when you sell.
You can contact your mortgage lender and ask them if you will need to pay this fee so you can factor it in to your costs.
[edit] Energy Performance Certificate (EPC)
You legally have to have an in-date EPC when selling your home. This needs to be refreshed every 10 years, so depending on how long you’ve lived in the property and when the last EPC was done, you may not need to have this redone. If you do, it can cost anywhere from £35 to £150, depending on the size and the location of your house.
[edit] Redecoration costs
Most homes need a bit of a refresh before going on the market, and this can quickly rack up costs in your selling process. It will vary property to property, and some houses will only need some touch ups which can keep the costs down.
If you’re looking to get the best price for your home, you’ll need to put some money into it to achieve that. Often, homeowners will look at updating the house, especially in the kitchen or bathroom, to increase their sale price, but they will need to be able to afford this. For those who don’t want to redecorate the house they’re selling, they may want to in the property that they’re moving into, so these costs still need to be considered.
[edit] Moving costs
Some of us can move with the help of friends and family, which will help to keep the costs of the day down, but most people will end up needing to get a large van or lorry to move their belongings. For some, you’ll also need to hire movers with the van, and pay for packaging materials especially if you’ve got a lot of furniture. This isn’t cheap.
Do some research to get the best quote you can, and remember to book the movers as soon as you confirm your moving date to ensure they will have the availability.
[edit] Standing costs
Selling your house is a lengthy process that takes, on average, around six months to complete. During that time, you’ll need to be able to afford to run the property whether you’re living in it or not. These costs include:
These costs add up quickly and can cause difficulties for homeowners who don’t consider them, so make sure that you know the running costs that you’ll need to make while you sell to avoid any problems.
[edit] Related articles on Designing Buildings Wiki
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