Costs of selling a home – and how to reduce them
Selling property can be expensive. With removal companies, conveyancing fees and estate agent fees, the costs can spiral if you don't watch out.
As always, Pittis are here to help. Here, we’ll look at the actual costs of selling a home and provide some useful tid bits of advice which could save you money.
How much will it cost to sell my house this year?
1. CONVEYANCING FEES FOR SELLING
Typical conveyancing cost: Between £500 - £1,500
What are conveyancing fees? Ultimately your 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 solicitors: If you live near London, chances are that conveyancing fees may be cheaper if you look further afield.
- Choose a conveyancer who offers a fixed fee for the conveyancing: If you pay an hourly rate, the costs could mount up.
- Look for a no sale, no fee promise: This means that if your sale falls 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.
Pittis' conveyancing team deliver this and more, working extended hours so you can usually reach them at a time that's best 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)
Typical 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. Take a look at our guide to EPCs for more information.
Need more help? Pittis can commission an EPC for your home as soon as we put it on the market.
3. HOUSEHOLD MOVING COSTS
Typical furniture removal fees: Between £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 can include 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 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. Arrange 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.
- Arrange a charity collection: 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 specialise in-house clearances, giving you one less thing to worry about.
- Move when you sell: A little trickier to manage since you’ll need to complete on your new house and your old on the same day. However, if you manage it, you could save on extra storage fees. If you instruct the right estate agent and conveyancer, this should be easy to achieve. Every branch of Pittis 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 premium listings, printed brochures, floorplans – it all costs money. But, when done correctly, these can essentially secure a quick 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 Pittis and certainly won't have the same incentive to sell your home as they've already received an upfront fee. Most online estate agents either charge up front for their services or may defer payment to a later date but the fee will need to be paid whether you sell your property or not.
So, 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. Remember, 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 repayments will soon surpass the money you saved by enlisting a less experienced agent.
When you choose a well-respected agent like Pittis, 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 best buyer for your home, all the while ensuring that 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