Costs Of Selling A House

cost of a selling a house

Selling a house is by no means a cheap process.

It can be time consuming and costly, so it’s best to do it when you’re at the right point in your life.

After all, there are few things more important than your home and where you live when it comes down to it.

So, in order to be prepared for the time when you decide to sell your house, it’s a good idea to look at the costs of selling a house.

From stamp duty to Energy Performance Certificates to removal vans, there is a lot to consider and factor into your budget. That’s why we’ve created this all you need to know guide on the costs of selling a house – we hope you utilise it to your advantage.

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House Selling Costs

1. Mortgaging

Generally speaking, mortgaging a house costs between £1,500 and £3,000.

You will probably need to look into mortgaging services when you’re selling a house if you’re not buying a new one outright.

While most mortgages are portable and you can transfer them from the house you initially bought to the new one, you may be able to save money by remortgaging.

Remortgaging usually involves repaying charges on your existing mortgage loan and paying an arrangement fee and product fee on your new mortgage.

It also allows you to reduce the size of your loan and possibly even get a cheaper payment rate as a consequence.

You should be aware, though, that sometimes there are hidden repayment charges and exit costs when you remortgage, so make sure you have checked and double checked for any of those.

Make sure to keep comparing how better off you’d be with the new mortgage versus the fees you may be paying for the process.

If you think it’s possible for you to save money by remortgaging, speak to a mortgage expert, or your current mortgage advisor to see what next steps they advise.

2. Estate agent fees

You will more than likely be selling a house through an estate agent as, generally speaking, it is the easiest way to do it.

They take control of all viewings, advertising and negotiations on your behalf, which makes your life a lot easier in the long run.

However, all of this obviously comes at an extra cost, and so you should be aware that when selling through an estate agent, you will have to pay a chunk of money to them in return for their service.

Typically, high street estate agents charge an average fee of 1.42% of the final selling price. This fee will vary depending on the kind of contract you have, though, and so you must check with the estate agent how much commission they will take off the final price.

While it seems easy to pick the cheapest estate agent with the least extra fees, it isn’t always best.

In fact, it can be a huge error to simply go with whoever is cheapest as they may not actually be selling your property well enough when it comes down to it.

Looked at simply, the better the estate agent, the higher the fees.

Make sure that you’re proactive in your research and check to see which agent sells quicker and sells for a good price in your area to ensure that you’re getting the best deal for yourself.

You will want an estate agent that is hands on, so the costs of selling a house when it comes down to estate agent fees are necessary and most definitely worth it.

Also, don’t forget that you can choose to sell a house with an online estate agent rather than a high street one. This will inevitably be a whole lot cheaper and you can usually pick packages that will determine how much money you’ll have to pay.

More often than not, online estate agent fees range from £600 to £2,000, which is so much cheaper than high street agents.

Need a fast & hassle-free house sale?

We can connect you with the best cash property buyers in the UK. Sell in under 30 days. Get a cash offer here.

3. Conveyancing fees

Conveyancing fees are another necessary cost of selling a house as they are one of the most important fees during this process.

You will need to hire a solicitor or a licensed conveyancer to manage all of the legal aspects of selling your house and, as a result, they will charge you a fee, or a percentage of the value of the property. This can cost anywhere between £500 and £1,500, so remember to budget this into your plans for selling a house.

If you are also buying a house as well as selling, this conveyancer will most likely be able to deal with the transaction of your purchase, so keep them around and tell them your plans for buying a new house. As a result of this, the fee will probably need to be negotiated again, but it’s better and easier to have the same person onboard throughout the whole process.

To help you out with finding a good conveyancer in your area who will give you a good deal, you could ask your estate agent.

However, Money Super Market’s online comparison tool allows you to search for this yourself while also comparing conveyancers in the area. This tool hides no fees and also does not include conveyancers with completion fees and those who have not undergone a strict due diligence process.

Make good use of this tool if you’re trying to get the best deal for the conveyancing fees on your property.

4. Energy Performance Certificates

It is required by UK law that when selling a house, the house must have an Energy Performance Certificate (EPC). This certificate gives information about the energy efficiency of the house and it rates the house in categories ranging from A to G, with A being the most efficient.

In order to get an EPC, you will need to enlist an accredited domestic energy assessor, which can be done through your estate agent.

However, if you get your EPC through the estate agent, it’s likely that it will cost more money than if you just did it independently.

So, you should search around for accredited individuals to come and assess your house for the EPC if you want to save money.

On average, you will pay between £50 and £120 for your EPC, so it’s not too much of a cost in comparison to everything else when selling a house.

However, you may be in luck if you bought the house you’re now selling less than ten years ago as EPCs last for a decade. If so, you can still use the EPC and put the money you’ll save into something else entirely.

Good news, right?

5. Cleaning and DIY costs

Selling your house is not an easy task, as we’ve already established. We did say it would take a bit of work, and this is indeed the case when it comes to the costs of cleaning and DIY.

If you want to sell your house quickly and at a good price, you’ll need to make sure that it’s in top condition, which includes going that extra mile to make everything appear fresh and new.

In DIY terms, that means buying some paint and going over bedroom walls that haven’t been painted in a few years, grouting between bathroom tiles that hasn’t been touched in goodness knows how long, and giving all fences and railings in the garden a good lick of paint.

And, when it comes to cleaning, you should invest in the best products to clean your kitchen and bathroom with in particular.

Alternatively, you can hire someone to do the deep cleaning job on your behalf, but it is usually cheaper to do it this way. The same applies for having your carpets cleaned. It makes a world of difference when you do this to your house, so we would recommend it, although it can be costly.

Just make sure to factor all of this into your house selling budget and then you should be totally fine.

Need a fast & hassle-free house sale?

We can connect you with the best cash property buyers in the UK. Sell in under 30 days. Get a cash offer here.

6. Removals fees

When you come to the very end of the process of selling a house, there is one more cost that will get you.

This cost is slightly more expensive than you’d expect, but – again – it’s a necessary one. Removals fees are vital in terms of shifting out all of your possessions from one property and moving them into another. And, unless you live in a very small house, you’ll need to stump up the fee for them.

It is going to cost you around £400 to £1,200 depending on how much you’re planning to move from house to house. However, don’t just take the price from the first company you speak to – shop around.

A lot of removals companies will give you a high quote to begin with, but once you look around and get a variety of quotes, you can easily work out who is trying to rip you off and who is trying to give you the best deal possible.

About the Author Accelerate Homes

Accelerate Homes connects UK homeowners with qualified Cash Property Buyers. Working in partnership with a small selection of the most reliable cash buyers, we have helped 1000s of homeowners sell their house fast! Our network will buy any house in any condition, nationwide. Contact us today to get a quote!

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