There are many costs involved in selling a house, some of which you may not even know about. There are many fees to factor in that can occur at various stages of the process. There are a few different options to consider when it comes to selling a house, so it is worth conducting some research into which is the best option for you, and to get a clearer picture of how much does it cost to sell a house.
Selling a House Through an Estate Agent
So how much does it cost to sell a house though an estate agent? When it comes to selling a house through an estate agent, likely the most popular option, not only will you have to pay the estate agents fee, but it is also likely that you will have to pay a conveyancing fee, solicitors fee, and various other costs. You can get a clearer picture of all the costs by using a cost of selling a house calculator.
Although it is possible to go it alone and sell your house privately, unless you have a lot of time on your hands and know the market well, most people choose to use the services of an estate agent.
Of course, the cost will vary from agent to agent, and the kind of contract that you have with them, but the average fee is anywhere between 2-3%, including VAT, which can take quite a chunk out of your profit from house sale.
Anyone who is selling a home will also have to provide the buyers with an energy performance certificate of the property. These are conducted by accredited domestic energy assessors, which can either be arranged independently or through the estate agent. Usually, you can expect to pay anywhere between £50 and £120 for this service, and is definitely something else you should consider when pricing up the average cost to sell a house.
You will also need to hire either a licensed conveyancer or a solicitor to deal with all the legal aspects when it comes to selling a property. The fees of solicitors vary greatly, but you can expect to pay between £500 and £1500, which is either a flat fee or a percentage of the value of the property. All of these varying costs make it difficult to fully determine how much does it cost to sell a house.
Removal fees shouldn’t be forgotten either, and many people will hire professionals to do the job for them, rather than do all the heavy lifting themselves. Depending on the size of the property, this can also be fairly pricy business, and should be used to help calculate selling costs to sell a house.
Online Estate Agents
Many people may question how much does it cost to sell a house through an online estate agent. In general, selling a house though an online estate agent will be a much cheaper experience, as they will normally charge a fixed fee of between £400 and £1000. However, the difference here is that you will have to do much of the work yourself, and this is something that a lot of people will not have the time to do.
There are a few online estate agents that will give you a fuller service, although of course the cost here will be more. Most will just pay for the advertising side of things, which means that you will be in control of conducting any viewings, and in some vases even in charge of negotiations.
How much does it cost to sell a house at Auction
When selling your property at auction, there is no guarantee that it will reach its reserve price, and in some circumstances, it may not even sell at all. In this eventuality, you will have to relist your property, leading to further costs. If you were relying on the sale of this property to buy other properties immediately, this could cause problems.
In many cases, the cost of selling a property at an auction will exceed that if using an estate agent, especially as you will have to pay the auctioneer’s fees regardless of if the property sells or not. Usually, the process is more expensive as it tends to be much faster, with more extensive marketing and extra costs involved in the auction event itself. For example, when the auction day occurs, you will also have to take a solicitor with you, which means that you will also have to pay for their time and the associated costs of this.
Sale commission will also be charged after the property has sold and contracts exchanged, with commission levels varying between auction rooms.
In addition to the cost, you are also likely to get a fair few ‘interest’ parties who will likely pay your property a visit. They will be keen to look at every nook and cranny, kicking the walls and peeling the wall paper as they go.
Like with most things, there are a huge range of pros and cons when it comes to selling a house through an auction, all of which will alter how much it costs to sell a house.
Be prepared for a possible no sale scenario
We are living in very uncertain times when it comes to the housing market, so even if you have done everything right and advertised your house well, there is still no guarantee that anyone will be able to buy it. Lenders are much less willing to lend at the moment due to this housing market uncertainty, so even if someone wants to buy your house, there is a possibility that they might not be able to.
There is also talk of a hike in interest rate, which is likely to affect housing prices, and even put people off buying. The Bank of England has raised its base rate for the second time in a decade, inching it up from 0.5% to 0.75%.
Property Saviour to the Rescue!
If you are hoping to sell your house for a fair price, then Property Saviour can help you. We are genuine cash buyers who are in a position to exchange contracts within days. On average, it takes us just 5-10 days to exchange a contact, with you in the position to decide when you want the sale to complete. With 25 years of experience, you can rest assured that you are in good hands when it comes to selling your house.
We offer a high standard of service every time thanks to the team of excellent property consultants ready to work with you, working on a basis of honesty, integrity and trust, so be sure to call us to make an enquiry.
We are different from others, more traditional house selling methods as we buy the property for ourselves, rather than act on behalf of other investors, meaning that there are no contracts to sign. We charge no fees, offer a free valuation and will even provide you with £500 towards your legal fees, free house clearance and free energy performance certificate. So don’t hesitate to get in contact today by calling us on 0113 320 6700.