24 February 2024

Some costs involved in selling your house

By ruiiid5

Finding your dream home is an exciting life milestone to achieve. But before you pop the bubbly to celebrate, selling your old home can be the real Everest to conquer when it comes to costs. It’s important not to get too caught up in that new house smell, as selling your current place can usually sneak up on you with a list of hidden fees not everybody would anticipate. Let’s take a look at some expenses you might not have considered when selling your house.

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Agency Commission Fees

Agents work relatively hard to market your house, negotiate with potential buyers and handle all the paperwork. With all this being said, the extra legwork has to come at a cost. The fees can often be up to 4% of your home’s sale price, which is quite the ‘bank breaker’ for some if it’s a higher-priced home. Typically, an agency fee of 1% should be the standard.

Closing Costs

Don’t be confused by the term ‘closing.’ This just means when a bunch of fees come due. These costs include things like recording fees, title insurance, and prorated property taxes. Just ask for transparency from the get-go with your chosen solicitor, so none of these seem like a nasty surprise when they come into play.

Home Sale Prep

First impressions matter, and that means making sure that your house looks like the cream of the neighbourhood crop to potential buyers. This might involve anything from minor repairs to a professional fix-up. While some things you can do yourself, such as a good, deep clean, most other housing maintenance services require a professional. If you have a lot of work to do, these costs can add up.
Conveyancing Fees

These are the fees paid to a solicitor to handle the legal aspects of the sale. Conveyancers ensure a smooth transfer of ownership from buyer to seller. Conveyancers will carry out searches to uncover any liabilities and handle the exchange of contracts. They’re basically your legal guide to the selling process.

However, conveyancers of course charge for their time and expertise. One option, offered by conveyancers like https://www.samconveyancing.co.uk/news/conveyancing/fixed-conveyancing-fee-121, is a fixed fee conveyancing route, which is no doubt favourable to many sellers. Here, you’ll know exactly what you’re paying upfront with no surprises.

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Think Ahead

Selling can be a financial whirlwind, unbeknown to many! With the agent fees, housing prep, moving expenses and closing costs, it’s easy to see how the excitement can quickly become overshadowed by a surprising lump sum. So think ahead, and factor in these costs when planning your selling timeline. By doing so, you’ll save yourself stress and hopefully some money along the way.