At this point, you should already have a rough estimate on how much the selling process would cost you, as this will help modify your financial priorities and avoid any overwhelming surprises when the bills start arriving.
Bear in mind that these guidelines are only to estimate how much you may end up spending; the overall cost would still depend on your individual circumstances.
Expenses of preparing your property for sale
It all comes down on how much money you want to spend on getting your property prepared for the sale.
If you are an expert on DIY provided that all necessary materials are at hand, then there’s a possibility that you may end up spending very little amount of cash and save a lot of time on refurbishment and repairs.
However, if you are not very keen on doing such, you will have to hire someone who knows how to do those tasks for you. List the essential things that have to be done and most importantly; be sure to get quotes!
These expenses depend on how you choose to market your property. Below are some examples.
- The Auction fee: This usually amounts up to 2 percent of the selling price. Be sure to check whether you will be charged individually for the cataloguing and the advertising. Bear in mind that you will still have to pay them later even if your property won’t be sold out.
- The Estate Agent fee: Normally, agents would charge you in a percentage-based commission which would usually be about 2% to 3%; which means that the higher the selling price of your property, the more amount of money the Agent will be paid.
- The Private sale: Naturally, you will have to incur some costs for advertising and marketing. The good thing about this is that these particular marketing/advertising are only one-time costs which are also unrelated to your property’s selling price, so financial arrangements will be much easier.
You will have to appoint a skilled solicitor for the administrative and legal aspects of the sale, unless you’re a legal expert with great nerves of doing the tasks yourself.
Though the expenditures will surely be lesser than when you buy a property, solicitors will still charge their fee according to the selling price of your property. The cost would amount from £250 up to £500.
Certificates of Energy Performance
Upon selling a property, you will definitely need an Energy Performance Certificate or EPC.
You must appoint the EPC before placing your property up for sale on the market, though you can already begin marketing your property even before the EPC is received. EPCs give out ratings ranging from ‘A to G’ for the property’s carbon emissions and energy efficiency, according to certain regulations.
Energy Performance Certificate show the prospective homebuyers the average costs for hot water, heating, and lighting for the property, in addition to some instructions on how to cut the costs by utilizing energy-efficient procedures.
Table Of contents
- Home Selling Guide Intro
- Knowing When To Sell Your House
- Expenses Involved In Selling Your House
- Who Will Sell Your Property
- Valuing your Property
- Choosing An Agent
- Selling Your Home Privately
- Selling A Property At Auction
- Preparing Your Property For Sale
- Property Viewings
- Conveyancing For Sale
- The Sale Completion