How much will it cost if you sell your home?
Are you thinking about selling your home and wondering how much it will cost to sell it? This article will take you through the various costs you will suffer when selling your home. So that you are aware of the expenses you will incur and can plan out for them ahead. Further, this article will provide information on what to look out for so that you can keep the cost of selling your home to a minimum.
1. Estate Agents fees
Do you need an estate agent?
If you are organised, have time, and are willing to work hard, then you can sell your home yourself.
How much do estate agents charge?
If not, then you can hire an estate agent. Estate agents usually charge a percentage based commission between 0.75% and 3.0% of the finale selling price. On top of that, you will have to pay Value Added Tax.
Estate agent contracts
You must read the entire contract carefully. You should look out for hidden marketing costs. Estate agents contracts can get quite complicated, and if you do not read it carefully, you may end up agreeing to specific clauses you really would want to agree to had you known beforehand. So, before you sign any contract, please go through our article on what to look out for in estate agents contract.
No sale no fee
Some estate agents work on no sale no fee basis. This means that they will not charge a fee if you do not sell. Albeit, you may have to cover their costs.
Online estate agents
You may come across online estate agents which are considerably cheaper than high street estate agents. However, online estate agents are a good option, usually in cases if you are sure that your home will sell itself on online markets, and you can take an active role in the process of selling.
2. Auctions costs
If you want to sell your home at an auction, then you will have to pay an entry fee. Further, Auctioneers charge a commission on the sale price, which varies.
Conversely, you can sell your home on an online auction which is likely to cost less.
3. Conveyancing fees
You will need a conveyancer
Conveyancing is the process of transfer of ownership of the property from you to the buyer. You will require a solicitor or a licensed conveyancer for this part of the process.
Please take a look at our article to decide whether you need a solicitor or a licensed conveyancer.
What will a conveyancer charge?
Generally, the conveyancer’s fee will depend on whether you are being charged on a fixed fee or hourly basis. It would be best if you find a good conveyancer who charges on a fixed fee. With hourly basis, you may end up paying more than you expected.
You should also be aware that Solicitors usually cost more than licensed conveyancers.
Online conveyancing cost?
With online conveyancing, you can hire the facilities of a conveyancer online and sell your home without actually ever meeting your conveyancer and monitor the progress on your deal via the online case tracking facilities they offer.
Online conveyancers are generally cheaper than conventional conveyancers. Please take a look at our article to find out more about online conveyancing.
Which services will be included?
You should read your contract with the conveyancer. It would help if you asked the conveyancer to itemise your quote so that you know precisely what you will be paying for.
What to be on the lookout for?
You should be on the lookout for hidden costs such as PI contribution, photocopying expense, postage, filling the Stamp Duty Tax return, or charges for dealing with a lender or a leasehold property.
Read the contract carefully, take your time to compare quotes, and always read the fine print.
4. Early Repayment Charges
What is Early Repayment Charge?
It is a fee charged by your mortgage lender for paying back the amount you owe earlier than you have to.
How much is Early Repayment Charge?
The final figure that your mortgage lender will provide you will differ according to the remaining amount you owe.
5. Energy Performance Certificate
What is an Energy Performance Certificate?
EPC is a document which provides information regarding the energy consumption of the property. Further, it includes information as to the cost of energy being consumed, highlights the inefficiencies and provides recommendations which will make the property more efficient in energy consumption.
Is getting an EPC necessary if you want to sell your home?
You must get an EPC when selling your main home. You should have applied for an EPC before you market your home.
How much will an EPC cost?
The cost of the EPC will differ according to the provider, and the size of your home, number of bedrooms, to name a few factors.
If your estate agent offers to arrange an EPC, you should keep in mind that you will probably be charged a commission.
For further information relating to Energy Performance Certificate, please see our article.
6. Removal cost
Removal costs will vary depending on how much stuff you will be moving and how far you are moving it.
It would be beneficial for you to book with a removal company in advance as they are more likely to offer a discount if you book in advance.
Please note that the information provided on this page:
- Does not provide a complete or authoritative statement of the law;
- Does not constitute legal advice by Net Lawman;
- Does not create a contractual relationship;
- Does not form part of any other advice, whether paid or free.
We would love to hear what you think about this article and how we could improve it. Please do let us know. However, we shan't be able to reply to your specific questions. If you have a question about a document, please contact us.
If you have noticed a bug or a mistake on this page, or just want to give us feedback, we'd love to know. Nothing is too small or too big. Send your message on this feedback page.