While most people are aware of buying your home is expensive, not as many people know the costs of selling your residence are also prohibitive. These costs need to be met at the same time, and if you don’t budget for them, you may create a significant gap in your finances.
At Williams of Petersfield, we are here to help you know what costs you need to cover when selling your home.
Energy performance certificates (EPC)
If you sell your home, you need to have an EPC for the property. You may already have an EPC. You should be aware that EPCs last for ten years, so if you have arranged an EPC in the past few years, you will be covered.
If you don’t have an EPC in place, you need one. The costs of an EPC vary, so make sure you shop around. The price can vary between £35 and £150, so there is a gap between what you might end up paying.
Estate agent costs for selling
If you use an estate agent to sell your home, and you should use an estate agent to sell your home, you need to pay for this service. Not all estate agents are the same; not all professionals charge the same price and not all agents charge you in the same manner.
It is believed the average estate agency fee in the UK is between 1% and 1.5% + VAT, but the cost can range between 0.75% and 2.5% + VAT. Most vendors use traditional High Street agents. While some people use online agents in the hope of lowering the cost of the service, online agents don’t always provide value for money.
Some online agents don’t offer all the services you need; other agents may not be of a good enough standard to promote your home. Some online agents provide an excellent service, but it is telling most vendors still use traditional estate agents.
Before you choose an estate agent, confirm the price is suitable, and make sure it provides you with value for money.
Conveyancing solicitor fees
You’ll also rack up conveyancing fees when selling your home, and this can be expensive. It is not uncommon for conveyancing solicitor fees to range between £550 and £1,000 + VAT. Similar to estate agent fees, not all conveyancing professionals offer the same service or standard of work. Before you commit to a conveyancing solicitor, research them and what they offer.
Try to find a well-recommended professional who you feel comfortable with using. If you are selling and buying, you may be able to obtain a discount for using the same professional for both conveyancing elements.
Other costs you need to pay include:
- Removal costs
- House cleaning costs
- Redecorating costs
- Mortgage exit fees
- Stamp duty
With so many costs to consider, it is critical you budget for these aspects when selling your house. If you plan on selling your home and want assistance from a local professional, contact Williams of Petersfield, and we’ll be happy to help.