Costs of selling a home
Selling property can be expensive. With removal companies, conveyancing fees and estate agent fees, you’ll want to make sure you’re saving money wherever possible.
As always, we’re here to help. In this guide, we’ll look at the real costs of selling a home with tips on how you can save money.
How much will it cost to sell my house this year?
1. CONVEYANCING FEES FOR SELLING
Conveyancing fees: Between £500 - £1,500
Ultimately, your conveyancer will handle all of the legal issues involved with selling a property. They’ll look after everything, from obtaining the title deeds to answering the enquiries made by your buyer’s solicitors. They’ll arrange and prepare a draft contract and settle upon a completion date, ensuring everything runs as seamlessly as possible.
How to save money on conveyancing fees?
- Don’t settle for your local conveyancing solicitors. If you live near London, chances are that conveyancing costs may well be cheaper if you look outside of the capital.
- Check there's a fixed fee for the conveyancing. If there's an hourly rate rather than a fixed fee, your costs could spiral.
- Insist upon a no sale, no fee promise. If your sale were to fall through, you wouldn’t be liable for any of the fees, other than disbursements (for instance, searches which are fairly cheap). A no sale, no fee promise is essential if you want to prevent any unnecessary costs. Douglas Allen conveyancing team deliver all of this – and more. Our experienced conveyancers work extended hours so you can usually reach them at a time more suitable for you. What’s more, you can track their progress via your very own online portal, keeping you better informed about the sale of your home.
2. ENERGY PERFORMANCE CERTIFICATE (EPC)
EPC cost: Approximately £60 - £120
Valid for 10 years, an EPC is an energy efficiency and environmental impact assessment for a property. The property is assessed by a Domestic Energy Assessor and is given a current rating from ‘A’ (very good) to ‘G’ (very poor). A seller needs a valid copy when putting their home up for sale, or they could incur a £200 fine.
Bear in mind, if you’re looking to sell a specialised building – such as a church or a listed property – you could be exempt.
3. HOUSEHOLD MOVING COSTS
Furniture removal costs: Approximately £600-£2500
From packing up your furniture to driving it to your new home, removal costs can include many things. If you’re looking to downsize, you may also need to pay the council to take away any unwanted bulky items for a fixed fee.
How to save on moving costs?
- Do it yourself: It’s tempting to enlist the help of professional removers with packing up your belongings but it might be something you can do yourself. Or get quotes from various removal companies. Many can even supply you with boxes, take apart your furniture and do all of the heavy lifting, leaving you to get on with the comparatively easy task of packing.
- Give to charity: Not only is this a lovely gesture, it’ll also circumvent the cost of paying the council or a removal company to dispose of your unwanted furniture. Some charities specialise in-house clearances, giving you one less thing to worry about.
- Get your timings right: Tricky to manage, since you’ll probably need to complete on your new house and your old on the same day or incur extra storage fees – however, if you instruct the right estate agent and conveyancer, it's certainly not impossible. Every branch of Douglas Allen has its own sales progressor who is responsible for keeping track of the sale of your property. You’ll be able to do this too via your own online portal. If there are any hold ups, you’ll be fully aware ahead of time so you can plan your move accordingly.
4. ESTATE AGENT FEES
Typical estate agent fees for selling: Up to 2% + VAT based on the value of your property.
Your estate agent will charge you an agreed fee in return for helping you to find a buyer. Property images, Rightmove featured properties, printed brochures, floorplans – it all costs money. But, done properly, and these can help to secure the sale of your home.
How to save money on estate agent fees?
It may be tempting to use an online agent who, on paper at least, appears to be slightly cheaper than a high street agent. However, you should know that this could end up costing you more in the long run.
Online agents may not have the same knowledge of the market place as a local agent such as Douglas Allen will. They also won't have the same incentive to sell your home, since many will receive an upfront fee. Most online estate agents either charge up front for their services or may defer payment to a later date but they will still become due whether you sell your property or not. Their commission may be lower but what you eventually take home may be considerably less than if you’d trusted your gut and gone with a more experienced agent with access to local buyers. Remember, every day that your property is on the market, it is costing you money. Bills, council tax and mortgage repayments – it all adds up. So, if your home is on the market any longer than necessary, you may find that these extra bills will soon surpass the money you saved by enlisting a less experienced agent.
When you choose a well-respected agent like Douglas Allen, you know that your fees are being put to good use. We invest in the best people, the best technology and the best routes to market to find you the right buyer for your home and make sure we achieve the highest price possible for your property – and quickly.Contact us for more advice