You should have a rough estimate of how much the whole selling process will cost you. This helps you to adjust your financial priorities and prevents you from unpleasant surprises when the bills start coming in. Please keep in mind that these are only guidelines for estimates - how much you end up spending always depends on your individual circumstances.
Costs of preparing your house for sale
It is eventually up to you how much you want to spend on getting your house ready for sale. If you are a DIY expert with all the necessary materials to hand, you can end up spending very little money and a lot of time on repairs and refurbishment. If you are not, however, you will have to pay someone to do it for you. Make a list of things that have to be done and get quotes!
These costs depend on how you decide to sell your house.
- Estate Agent fees: Agents normally charge a percentage-based commission – usually 2-3%. This means that the higher the sale price of your home, the more money the Agent will earn.
- Auction fees: Usually amount to 2% of the selling price. Check whether you will be charged separately for advertising and cataloguing. Keep in mind that you will have to pay the latter even if your house is not sold.
- Private sale: You will usually incur some costs for marketing and advertising. The advantage is that these are one-off costs unrelated to your property's sale price, so clear budgeting is easier.
Energy Performance Certificates
When selling your home you will need an Energy Performance Certificate (EPC). You must have commissioned the EPC before placing your home for sale on the market, but you can start marketing your home before the EPC is received. EPCs provide 'A to G' ratings for the home's energy efficiency and carbon emissions, as per EU regulations. EPCs tell homebuyers the current average costs for heating, hot water and lighting for the property as well as how to cut costs with energy-efficiency measures. You can find out more about EPCs on the Directgov website at UK government website and learn more about prices using our EPC Quote page
Selling Homes in Scotland
All homes marketed for sale in Scotland require a Home Report, with only a few exceptions. Find out more about the cost of selling your property in Scotland by obtaining a quote for a Scottish Home Report.
Unless you are a legal expert with strong nerves, you will have to hire a solicitor for the legal and administrative aspects of the sale. Although your expenditure will be lower than when you buy a house, solicitors will still charge you according to the price band your property is in. This can amount to anything between £250 and £500.