When selling your house on the property market, there are a number of upfront costs and hidden fees you should take into account, but these are often overlooked amidst the excitement of the move itself. The realisation of these amounting fees might make you think twice about selling with an estate agent!
To ensure your moving budget is accurate (before you take out a mortgage!), it’s important to consider and watch out for these hidden costs.
The agent’s commission is usually the most expensive cost when selling your house.
Estate agents often charge between 1.5-3% of the value sold, plus VAT. So, for an average priced house (£250,000), you’d be charged up to £6,000 in estate agents fees alone! Quite a hefty sum when you consider all the other costs of moving house…
When it comes to legal costs, these tend to vary, however, most fees of this nature amount to 0.5% of the property sale. In the majority of property sales, legal costs start from £1,000.
This cost usually falls to the buyer of the property, but if you’re concerned that your house has serious faults that ought to be addressed before you put it on the market, you’re best getting a survey carried out; this can cost anywhere from £500 up to £2,500.
Energy Performance Certificate
An Energy Performance Certificate (EPC) is now a compulsory document which must be obtained prior to moving house and displayed somewhere within the property (i.e. in the meter cupboard or on the boiler). An EPC usually costs £75 – £150.
When moving house, you still need to consider your monthly mortgage repayments.
On average, it takes six months to sell a property on the market, so you’ll still be making these repayments during this time.
Moving costs can stack up at an alarming rate, with the average person spending approximately £600 on removal vans, packaging, and new address cards!
Please note, the above figures apply only to those selling properties on the market. Those selling to private buyers may not incur the same costs. We pride ourselves on our no fees policy; we cover all legal costs incurred, as well as the RICS survey and we do not charge agency fees.