Costs of selling a home – and how to reduce them
Selling property can be expensive. With removal companies, conveyancing fees and estate agent fees, you’ll want to make sure you’re saving money wherever possible.
As always, we’re here to help. In this guide, we’ll look at the real costs of selling a home with tips on how you can save money.
How much will it cost to sell my house this year?
1. CONVEYANCING FEES, SELLING ONLY
Conveyancing fees: Approximately £500 - £1,500
What are conveyancing fees? In a nutshell, your solicitor or conveyancer will look after all of the legal issues involved with selling a property. They’ll handle everything, from obtaining the title deeds to dealing with the often numerous enquiries made by your buyer’s solicitors. They’ll prepare a draft contract and agree a completion date, ensuring a seamless process throughout.
How to save money on conveyancing fees?
- Don’t just go with your local conveyancing solicitors. If you live near London, chances are that conveyancing costs may well be cheaper if you look further afield.
- Negotiate a fixed fee for the conveyancing rather than an hourly rate to prevent costs from spiralling.
- Make sure there’s a no sale, no fee promise. So if your sale were to fall through, you wouldn’t be liable for any of the fees, other than disbursements e.g. searches – which are negligible. A no sale, no fee promise is essential if you want to prevent any unnecessary costs.
Wards conveyancing team deliver all of this – and more. Our experienced conveyancers work extended hours so you can usually reach them at a time more suitable for you. What’s more, you can track their progress via your very own online portal, keeping you better informed about the sale of your home.
2. ENERGY PERFORMANCE CERTIFICATE (EPC)
EPC cost: Approximately £60 - £120
What is an EPC? Valid for 10 years, an EPC is an energy efficiency and environmental impact assessment for a property. The property is assessed by a Domestic Energy Assessor and is given a current rating from ‘A’ (very good) to ‘G’ (very poor). A seller needs a valid copy when putting their home up for sale, or they could incur a £200 fine.
Can I get a free EPC certificate? Unfortunately, not. However, if you’re looking to sell a specialised building – such as a church or a listed property – you could be exempt.
Need more help? Wards can commission an EPC for your home as soon as we put it on the market.
3. HOUSEHOLD MOVING COSTS
Furniture removal costs: Approximately £600-£2500
What are household moving costs? From packing up all of your furniture and other possessions to transporting them to your new home, removal costs encompass a great many things. If you’re looking to downsize, you may need to pay the council to take away any unwanted bulky items for a fixed fee.
How to save on moving costs?
- Do a lot of it yourself: It’s tempting to enlist the help of professional removers with packing up your belongings but it might be something you can do yourself. Or get quotes from various removal companies. Many can even supply you with boxes, take apart your furniture and do all of the heavy lifting, leaving you to get on with the comparatively easy task of packing.
- Donate to charity: Not only is this a lovely gesture, it’ll also circumvent the cost of paying the council or a removal company to dispose of your unwanted furniture. Some charities, such as Sue Ryder or the Pilgrims Hospice, specialise in-house clearances, giving you one less thing to worry about.
- Try to get your timings right: This is somewhat trickier since you’ll probably need to complete on your new house and your old on the same day or incur extra storage fees. However, if you instruct the right estate agent and conveyancer, this should be easy to achieve. Every branch of Wards has its own sales progressor who is responsible for keeping track of the sale of your property. You’ll be able to do this too via your own online portal. If there are any hold ups, you’ll be fully aware ahead of time so you can plan your move accordingly.
4. ESTATE AGENT FEES
Typical estate agent fees for selling: Up to 2% + VAT based on the value of your property.
What are estate agent fees? Your estate agent will charge you fees in return for marketing your property and finding you a buyer. Professional photography, Rightmove featured properties, printed brochures, floorplans – it all costs money. But, when done correctly, these can essentially fast-track the sale of your home.
How to save money on estate agent fees?
It may be tempting to use an online agent who, on paper at least, appears to be slightly cheaper than a high street agent. However, this could end up costing you more in the long run.
Online agents may not have the same knowledge of the market place as a local agent such as Wards and do not have the same incentive to sell your home as they receive an upfront fee. Most online estate agents either charge up front for their services or may defer payment to a later date but they will still become due whether you sell your property or not. Their commission may be lower but what you eventually take home may be considerably less than if you’d trusted your gut and gone with a more experienced agent with access to local buyers. In addition every day that your property is on the market, it is costing you money. Bills, council tax and mortgage repayments – it all adds up. So, if your home is on the market any longer than necessary, you may find that these extra bills will soon surpass the money you saved by enlisting a less experienced agent.
When you choose a well-respected agent like Wards, you know that your fees are being put to good use. We invest in the best people, the best technology and the best routes to market to find you the right buyer for your home and make sure we achieve the highest price possible for your property – and quickly.Contact us for more advice about how to save money when selling your home