There is a lot to consider when preparing to sell your house. So much so, that you might not have stopped to consider the overall costs and where some of those unexpected outgoings may come into play, particularly if you are also concerned with the purchase of another home. We’ve broken down the costs of selling a house, to help you plan ahead and feel prepared for the next steps.
Mortgage term fees
When moving home, we recommend you speak to a mortgage broker who will search the market on your behalf in order to find the most cost-effective mortgage for you. If you have a mortgage on your existing home but choose to switch to another product and/or lender for your new property, you may be charged an Early Repayment Charge for doing so.
There are other fees associated with taking out a mortgage, including the amount, but these vary depending on several factors, such as loan size and mortgage rate chosen. A good mortgage broker will do the sums for you and will let you know all of the options and costs up front. You also need to factor in that some mortgage brokers charge a fee for their service, is payable when your mortgage completes.
Putting your home on the market can be daunting as you soon come to notice the things around the home that need fixing or improving before proceeding. In order to maximise the desirability of your home and help increase its value, you may encounter anything from the smaller, cosmetic improvements to be made, such as repainting walls, doors, ceilings and frames or tidying up the garden, to the need to address larger structural issues like damp proofing.
Don’t underestimate the costs of these improvements, as even updating up your rooms with fresh paint, new cupboard doors or handles and repairing cracks in tiles or walls can start to add up. We would be happy to advise you on any works that we felt would help to sell your home before you come to the market.
Estate agent fees
At Austin Gray, we know that this will be a large part of your decision when choosing an estate agent but would always recommend choosing the best agent for your needs. Most estate agents today will charge circa 1% of the final selling price plus VAT, but you should also ask if there are if there are any other costs. Remember, cheapest doesn’t always mean best.
Solicitor or conveyancer fees
As you’ll know from the purchase of your home, fees amongst solicitors can vary greatly, including both fixed and hourly rates, so it is always a good idea to compare quotes before making a decision. Covering not just the flat legal fee, you will generally also need to pay for Land Registry, transfer fees, money laundering checks and local searches.
As well as weighing up the overall costs, be sure to compare reviews of the overall service. Selling (and buying) property can be a lengthy and frustrating purpose, so you will want the assurance that you are in the best of hands – again, cheapest is not always the best option.
As with anything, there will always be those things that arise that you hadn’t factored in to your overall spending, such as redirecting your post, the cost of removals if you choose to use the service and updating the EPC for your home.
At Austin Gray, we have been helping people buy and sell homes for over 40 years. We’ll keep you informed every step of the way and, with a residential team having lived and worked in the Brighton and Hove area for many years, are happy to provide you with the advice for a reassuring purchase or sale.
If you’re thinking about putting your home on the market, get in touch with our residential team today. Alternatively, why not sign up to our newsletter to receive more useful information around buying and selling?