Most home owners are hoping to get a cash boost and bank a certain amount after selling their home. In reality, many people barely make any profit from selling their house, while some may even suffer financial losses. The main reasons why people don’t earn any money from their homes are because they have either sold their home for less than they have paid for it, over-improved their property or simply miscalculated what fees, commissions and expenses they would have to pay to complete the transaction. To help you determine how much it will cost you to sell your home, we made the following list of fees you will pay when selling your house.
Fees when selling with We Buy Any HouseSelling your home to We Buy Any House is free, with no hidden costs of fees for the seller to pay. Its as simple as that. We will take care of all the paperwork and pay your legal fees.
Agent feesMajor property portals like Zoopla and Rightmove only display listings made by registered and regulated real estate agents. As a private home seller, you will not be able to list your property on your own. Most people choose to sell their home using professional real estate agents. Their commission usually ranges between 1% and 4% and averages at 1.3% of the sale price. When choosing an estate agent ask about their experience with properties similar to yours. How long it took them to sell, at what price, where they advertise their properties, lock-in periods and checks they perform on potential buyers. Click here to get a full list of questions to ask a real estate agent. Remember that some services and charges may be negotiable and a good estate agent will be understand and willing to take your property. You can avoid commissions and pay less by using an online estate agent. Online estate agencies allow you to manage your property listing through them and display your home for a certain period of time for fees ranging between £99 and £2,000. Each website offers different premium packages and various options to collaborate with a local estate agent who can help you with taking photos, making floor plans and property descriptions. The key difference between traditional real estate agents and online property agents is the amount of work you would be required to do. With an online estate agent, you would be required to manage all house viewings and communication, while a traditional real estate agents take care of the process for you. Your decision to use an estate agent or not should not be affected solely by what commission you may need to pay. Buying and selling property is an important decision which involves understanding some complex laws and processes. Make the most of using an estate agent – make sure they market your property to their best abilities and don’t be afraid to speak up if you are not happy with their services.
Alternatively, you can list your property for sale on other websites as a private home owner. You could even advertise your home on social media and newspapers. Please bear in mind that those websites will not offer the same exposure as major property portals. It may simply be a bad decision to drop your house price by 5% of its market value to sell it faster instead of paying 1,3% to an estate agent who will help you market your property to a wider audience.
Legal feesSurveying fees and stamp duty are usually paid by the house buyer, however the sellers would still need to hire a solicitor or conveyancer to act on their behalf and represent them legally. Both solicitors and conveyancers are regulated and can represent you adequately during a house sale. Conveyancers are specialists property lawyers, while solicitors are lawyers who undertake various legal work. If you require legal services which require knowledge outside of property law, you should hire a solicitor. For instance, if you are going through a divorce or a very complicated transaction. Solicitors tend to be busier and visit court more often, so if you believe that you will have a smooth transaction, you should choose a conveyancer. Solicitors are usually charge slightly more than conveyancers.
How much you pay will depend on the complexity of the transaction and the agreed price. Sellers are asked to pay a flat fee or a percentage of the final price. Like with real estate agents, the fees you will pay are negotiable and it is worth researching on conveyancers’ reputation. Read more: How to increase the value of your property Shop around and chose a solicitor or conveyancer you think would work best for you. “Make sure you pick the one that is right for you; solicitors are a mainstay of the process and are costly to replace if you change your mind. In general try to avoid large corporate conveyancing firms; while they can be much cheaper, they mostly operate out of call centres and reduce the process to a snail’s pace.” says moneysavingexpert.co.uk The whole legal process can take between six to eight weeks to complete. Firstly, the sellers’ legal representative prepares a contract for sale and forwards it to the buyer’s legal representative. The contract is discussed between the seller’s and buyer’s conveyancers or solicitors. Once all searches, checks and queries are taken care of, contracts are exchanged between both parties. When contracts are exchanged the seller and buyer are legally obliged to completion of the sale. The final step of the process involves setting a completion date when money will be transferred and keys given to the new house owner.
House removal costsLets not forget the house removal expenses, which increase even further the fees to pay when selling your home. Its impossible to avoid the home removal costs, whether you choose to move your belongings yourself, with the help of friends and family or by using professional services. Attempting to move out by yourself can be time consuming, however it may save you money. Renting a van and engaging the whole family in the process can make moving out a fun and quick process, but it could potentially be the opposite. If you do not have much large furniture or plan to leave your white goods and furniture in you old property, renting a vehicle to transport your personal belongings may be the cheapest and easiest option. You should consider specialist services if you haven’t got much experience driving a larger vehicle or if you need to carry heavy objects. Professionals from removal companies are experienced and offer quick and safe services.
You will avoid hurting yourself in the process and can benefit from their insurance, in case your items are damaged in transit. Check whether the company of your choice is a member of British Association of Removers – this guarantees the company meets the association’s requirements for staff training, experience, insurance, code of practice and quality standards. Request a free quote from a few professional companies. AnyVan is an excellent place to list your house removal and get plenty of competitive quotes and see what reviews companies and drivers have previously got. Many companies offer a variety of vehicles, porters and full packaging services. Related: moving houses with children Unfortunately we can’t give you an estimate of how much it costs to move houses on average, as the price depends on many factors – distance, accessibility, specialist services, packaging, volume of the move, dismantling and reassembling services. Although the cost may be high, it is worth having professionals deal with your house removal to avoid injuries and damage and save time and energy.
By Kristiana Georgieva