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It is generally accepted that buying a property is expensive, especially when stamp duty comes into play. However, very few people are aware of the costs involved when selling too. From EPCs to estate agent commission – there are several costs we completely forget about when selling up. For those of us who want to make the most of our money is there any way to make selling your home not break the bank?
There are a handful of expenses that you cannot avoid when selling your home with a traditional estate agent. Often it is the estate agency fees that are the biggest expenditure. However legal fees, the cost of an Energy Performance Certificate and the help of a removals company are expenses that cannot be avoided.
In the table below we have estimated the total cost of selling a house with high street estate agent priced at £300,000.
|Estate agency fees (2% + VAT)||£7,200|
|Solicitor’s fees||£850 – £1,500|
|Energy Performance Certificate (EPC)||£60 – £120|
|Removal company||£300 – £1,500|
|Total||£8,410 – £10,320|
Commission varies between different high street estate agents. If you are selling your home, you could pay anything from 0.75% and 3.0%+VAT on the price your house sells for. However, fees can vary depending on the type of contract you have with an agency too. On lower value properties they may charge a fixed fee, whereas there can room for negotiation if you have a high-value home or are happy to agree to a sole agency contract – this is where you cannot list your home for sale with any other agent for a set period of time.
When it comes to the legalities of selling your home you will need to hire a solicitor or conveyancer. This individual will handle the entire legal and financial process and typically charge a one-off fee or a percentage cut of the value of your home. You could find yourself charged more if you are selling a leasehold property. Other fees under this umbrella may include:
It is law to provide any prospective buyers with an Energy Performance Certificate (EPC). Once a report has been commissioned the EPC results should be contained in all marketing material for the property. The cost of an EPC will depend on the type of property you have and the number of bedrooms.
Regardless of whether you have bought a new property, you will need to empty your home of all your belongings. Prices vary dramatically; some people prefer to rent a self-drive van whereas others utilise a removals company. Understandably, the size of your home will also dictate the option you choose.
Prices for renting a vehicle start at £45 whereas the cost of a specialist removals firm can go above and beyond £1,500 for larger homes.
Selling your home doesn’t need to be expensive. Whilst costs such as removals and an EPC cannot be avoided, at SOLD.CO.UK we can guarantee you won’t spend a penny because you can sell your home for free with us. We offer a fully managed selling service with different routes to sale. Whatever you choose, we cover all costs – even your legal fees.