What are the true costs involved in selling a house?

house price drop

Selling a house is never a cut-and-dried process. Whether it is your first time, or you have been through it several times, there are still some surprises that can catch you off guard if you are not prepared.

One of the things that could get out of hand when you are trying to sell a house are the fees or costs. Realistically, there are many to consider, and each of these fees needs to be carefully looked into so that you know how it impacts the sale price of the property.

The importance of estate agency fees

It is crucial to emphasise how much the estate agent will charge for selling your house. The estate agency is the expert at putting your home on the market and choosing wisely will determine how soon you can close a sale. High street agencies will typically charge a commission of anywhere from 1% to 3%, with added VAT on the house sale price.

For an average house in the UK that costs around £280,000, a high street estate agency can charge a commission of as much as £8,400. If you are looking for a cheaper way to sell your house, you can choose an online estate agent like housenetwork and pay as little as £300 to as much as £1,900.

Legal fees

The legal fees you pay for selling a house refer to the payment for a conveyancing solicitor. The solicitor will be your official representative and oversee legal matters pertaining to the sale. Realistically, you will have to pay conveyancing fees, and there is no other way around it. The average cost is from £500 to £1,000. The price will also depend on the complexity of the sale, but you can save on legal fees by hiring a local solicitor or by checking comparison websites.

Removal Costs

The removal costs will vary according to the size of your house as well as the distance travelled by the removal company. If you have a five-bedroom house, your removal quotes will be around £1,200, excluding the charge for packing. Hiring a removal company is primarily for convenience. If you have the time and can enlist the help of willing friends and family, you may be able to carry out the packing and removal and hire a moving van on the day you transfer to your new home.

Miscellaneous and unexpected costs

In selling a house, you will be required to provide an EPC certificate for the property. This certificate includes detailed information about the energy-efficiency rating of the house. The estate agent handling the sale of your property will arrange for an energy assessor to conduct the certification. The cost varies and will be anywhere from £40 to £120.

Lastly, you need to arrange for paying off the utility bills before the property gets turned over to a new owner. Apart from this, do not forget to have all your mail forwarded to your new address to avoid any inconvenience when the new residents settle in.