Selling a home can be very expensive; of course, nowhere near as expensive as trying to buy a home, but the point still stands. When you’re only expecting to make money, or to pay off a mortgage and let go of some debt, all sorts of fees and taxes can come round and bite you!
Indeed, no matter what kind of home you’re trying to get off the market, there’s going to be something that makes it an expensive ordeal. It can be stressful, and it can make you want to tear your hair out, and that’s why you need to know the heads up right now. And with the points below, we hope to give you just that.
The Fees to Keep in Mind
It’s going to cost you to sell your home, and there’s no getting around that! You’re going to have to pay to get the property surveyed, as well as energy certified, and both of these things are going to cost well over £100. Indeed, in terms of the former, it could even cost closer to £1000.
You’re also going to have to pay to get your own items removed and moved on at some point, which could cost you over £800 if you own a 4 bedroom house. And then comes the estate agent fee – this could be at least 3% of the sale price, but more on this below. However, thankfully, you won’t have to pay any Stamp Duty though!
What’s Your Agent Charging?
One of the main things that makes selling a house a problem is the agent you work with. Usually, when buying a home, you just need to rely on the seller’s agent to show you around and give you the low down. However, when you’re on the other end, you need to be sure you trust the estate agents you’re working with.
What do you need to look out for? Someone who values your property realistically, and doesn’t give you an outlandish estimate. Someone who lets you know about their fees up front, and communicates clearly with you at all times. And most of all, someone who is able to drum up plenty of interest, and doesn’t take ages to sell your house! Don’t pay for a subpar agent, and have to switch half through the process – it’s going to cost you at least twice as much.
What’s Often Forgotten About
However, it’s not just the costs above that are going to sting you. You could very well have to fork out for mortgage fees, including cancellation and early repayment costs. Similarly, there’s the Capital Gains Tax to deal with, depending on whether or not you’re selling your main home. Just keep this in mind if you’re attempting to flip a house for profit, or you’re investing.
Selling a home can be a very pricey thing to do. Make sure you’re budgeting for matters like those above, and help your sale go through much more smoothly.