Before you dive into selling your home privately, also known as a DIY sale, you will need to consider more than the financial side of things. If you have zero property experience it could be a daunting prospect. Don’t tie yourself to the decision too soon. Spend time considering:
- Do you have the time available?
- Do you have the confidence to negotiate with potential buyers?
- Do you have enough knowledge to sell your home successfully?
- Are you available to facilitate viewings?
If you answered yes to these questions, you would still need to conduct research and analysis of the homes in your area before starting the process. A great starting point is to receive a property valuation so you have a ballpark figure to play with. At SOLD.CO.UK we offer an instant valuation so you get the clearest idea of the value your property may hold.
It should be remembered that selling your home privately isn’t free. If you’re interested in selling up read the article below to understand how much the process costs compared to estate agents, online agents, and other routes to sale.
How much does it cost to sell my home with an estate agent?
It is commonplace for high street agents to charge commission when they sell your home. You are paying for their service and expertise and this comes with a price tag. Most traditional estate agents charge between 0.75% and 3% commission on the final sale value of your home.
Therefore, if your home sold for £250,000 you would pay between £1,875 and £7,500 in commission. £1,875 seems like a fair deal to many, especially if their estate agent did a fantastic job and achieved a fast house sale. However, £7,500 can seem high with an estate agent charging 3%. Below, we have put together a list of figures so you can see how much you could be paying in commission.
|Final Sale Value of Property||0.75% Commission||3% Commission|
You should bear in mind that some charge VAT on top of this commission percentage. Agents may also charge separately for legal fees and an EPC certificate. Be mindful of hidden costs of selling your house with an estate agent.
How much will an online estate agent charge me to sell my house?
Most online estate agents charge a flat fee to sell your home. This can vary from an offer of £99 to £1,500. Each company will have a different contract so it can be best to shop around before making a decision. Unlike estate agents where the commission cost will vary depending on how much your home sells for, the online agent flat fee is set in stone and will not change.
One issue some sellers have when selling their home with an online estate agent is the fee is required upfront. Whilst this may not be a problem with lower costs, many homeowners struggle to source the cash for higher selling fees. This can be particularly troublesome for those selling due to financial difficulties.
How much will it cost me to sell my property privately?
We have established that traditional estate agent fees can vary immensely and that an online estate agent won’t typically cost more than £1,500. So, how does selling your home privately tally up financially? You will likely need to spend on the following:
- Legal fees
- An EPC certificate
- Floor plan designs
- Content writing
Legal fees and an EPC certificate are a necessity. Solicitors could charge anywhere between £850 and £1,500 and an EPC certificate will vary between £60 to £120. With any added expertise in terms of marketing your DIY property sale is likely to cost upwards of £1,000.
Is there a way to sell my home for free?
With SOLD.CO.UK you can sell your home for free and browse our list of properties for sale. We are one of the UK’s leading online estate agents. However, unlike other online agents who charge for their services, we don’t! We believe that’s selling your home shouldn’t be expensive, so we even cover your legal fees. SOLD.CO.UK can offer you a fast, free, and fair property sale.
If you’re interest in selling your property with SOLD.CO.UK begin the process today by finding out how much is my house worth? Alternatively, you can call our friendly team of property experts on 0800 566 8490.