Uncovering The Hidden Costs of Selling Your Home

Near to a generation of the UK is unable to get a foot on the property ladder due to the current affordable housing crisis. With the price of …

Near to a generation of the UK is unable to get a foot on the property ladder due to the current affordable housing crisis. With the price of family homes soaring in price on the market, many first-time buyers and young families are being pushed out in favour of comparatively wealthier buy-to-let landlords, reports The Guardian. Consequently, many current homeowners are reluctant to sell, preferring to add renovations and extensions to adapt their home to changing needs. Still, the market is slowly moving, and for homeowners looking to sell there’s never been a tougher time to get the best deal.

Changes to legislation in 2013 have meant that many homeowners are now finding ways to escape from the additional Estate Agent fees when it comes to selling their property. The phenomenon of the ‘DIY Sell’ may revolutionise the housing market further still, with traditional agencies working hard to defend their place. The BBC write that a DIY sell online costs around £600 in fees to advertise your property, with the work of a DIY ‘for sale’ sign, reporting energy efficiency ratings, taking photos, marketing the property, and negotiating prices. That said, many sellers end up missing the best price because negotiation is simply not a skill they have, or due to poor marketing.

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Even with a DIY sell, it’s necessary to factor in the extra costs of leaving a property: getting a correct valuation on your home requires consulting a professional. The best route is to contact an insured member of the Royal Institute of Chartered Surveyors, who specialise in the local area and type of property in order to assess any damage and make detailed notes on the condition of the house. Some issues may require extensive repairs before putting the house on the market, meaning a ‘before’ and ‘after’ survey will be needed. The costs of a survey can range from £500 to over £1000, but are a worthy investment, especially if you plan to flip the property.

Legal fees are an extra costs to cover as well, but absolutely necessary in order to create and validate the contracts. In some areas there is stiff competition between property solicitors, allowing you to find a good price, although the lower quotes tend to mask extra hidden fees. Online conveyancing is rising, however, and the Home Owners’ Alliance advise that these are generally efficient and able to access your case 24/7, for you to track your progress and review your case so far.


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