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What are the hidden costs of selling a house?
1.Estate Agent fees
2. Conveyancing fees
3. Energy performance certficates
4. Moving costs
Whether it’s an inherited property, a need to downsize or you’re just moving to a new area, there are plenty of reasons that you may be selling. However, from agency fees to house checks, there are plenty of hidden costs that are often overlooked and being aware of them can ensure you can get the most for your money.
While selling your house privately is an option, the resources that estate agents have at their disposal can make selling a house easier. For this reason, people often turn to experts for guidance through the house selling process.
Unfortunately, these services aren’t free and while fees may differ from agent to agent, a typical average rate is 1.3% of the sale. So, for example, if a house sells for £100,000 then the estate agent’s fees will be roughly £1,300.
Different levels of service will be delivered depending on how much is paid, so it’s important to make sure you’re getting exactly what you need to ensure you’re not spending more than you need to.
It’s only natural to want to sell your house fast, but the transfer of property has many legal aspects and you will need a solicitor or licensed conveyancer to help guide you through the entire process.
The conveyancing fees you pay will cover the preparation and organisation of the relevant documents to ensure that the property transfer is legal and ensure the title deeds are received by the right people.
Similar to the estate agent, these fees could come as a percentage of the property value, or it could be a fixed fee. Either way, you can typically expect to pay anywhere between £500 and £1,500 depending on the complexity of the deal.
Energy performance certificates
Otherwise known as an EPC, the energy performance certificates are legally required whenever a property is built, sold or rented. The EPC contains information about a property’s energy use and typical energy costs through an A to G ranking system, A is the most efficient, while G is the least.
A property only needs an EPC every 10 years and if yours has received certification within the last decade then it could still be valid. If a new certificate is required, then they can be dealt with by accredited energy assessors and while it can be organised by your estate agent, it can often be cheaper to organise it independently.
Compared to the other costs that are associated with selling a home, the EPC is fairly cheap and you can expect to pay anywhere between £50 and £120.
Costs of moving
Together with the various fees, moving property can have other costs as you need to ensure your property is in the best condition for viewings. Alongside this, you may opt to use a removals company to help you make the transition from one home to another much simpler. Depending on the size of your property, this can cost anywhere between £400 and £1,200.
Selling your property the traditional way can quickly start to eat into any profit you’re set to make, however, there are alternatives. At We Buy Any House, we take care of all the conveyancing fees and by selling directly to us, you don’t have to worry about any real estate costs.
Get in touch today to discover how our service can provide you with a speedy service that aims to have cash in your account within two weeks.