Cost of selling a house

Cost of selling a house

Moving home is a complex business, but what is the cost of selling a house? Just a few years ago the idea of selling your house via an online estate agency was unheard-of. However, over the last year there has been a surge in the number of people willing to by-passing the traditional estate agent and save money using a low-cost ‘online’ estate agency. The popularity has perhaps been boosted by popular TV shows such Sarah Beeny’s ‘how to sell your home’. We estimate that there are now over 200 ‘online estate agencies’ across the UK offering a range of prices and service levels.

But, how do you decide which online agency to use? There are lots out there, all offering different packages.

What’s on Offer?

Most offer a flat fee for a package which includes: an advert, professional photos, managed listings, 12-months of marketing, a floor plan, valuation and online and phone assistance. Most importantly, the property will be advertised on all the leading property websites, such as Rightmove, Zoopla and LocalPropertyIndex.

Pricing

There is no set fee across estate agents but most online fees start around the £400 mark and rise to around £1,000 for a more premium level of service. Traditional High street agents typically charge around 1.5% of the price achieved. So, if you are selling your house for £300,000 the agents fees are £4,500. So, when to compared the higher level charges from online agents the savings are clear.

ENQUIRIES FROM POTENTIAL BUYERS 

When potential buyers contact you through the online agency you will need a list of answers to popular questions:

  • How much are you selling the property for?
  • How many bedrooms?
  • How many bathrooms?
  • Have you had any problems with the property (leaks/damp etc)?
  • How long is the outstanding lease (if leasehold)?
  • Where are the nearest schools?
  • Where are the nearest pub/shops etc?
  • Why are you selling the property?
  • Where are you moving to?

VIEWINGS – Simply arrange a convenient time and date for you to show your home to prospective buyers.

SOLICITORS – Contact your solicitor and let them know you would like to get paperwork in order in preparation for a buyer. Your solicitor should send you a ‘fixtures and fittings’ form and a preliminary enquiries form to fill in.

NEGOTIATION – There a few golden rules about negotiating the price for your home.

  • Have a price in you mind that is the lowest that you will accept. Remember that you may not have to pay agents commission.
  • Ask the buyer to make the offer first. Don’t be tempted to reduce the price in advance of their initial offer.
  • When someone makes an offer they may be a little critical of the condition of your home. Don’t take this personally! It is simply their way to reduce the price.
  • Once you have agreed a price with the buyer you will need to agree exchange and completion dates and swap solicitors details. You then need to instruct your own solicitor giving them all the details of the buyer.

CHASE – Ask your solicitor to contact the purchaser’s solicitor and check they have been instructed and that everyone is in agreement as to dates and details of the sale.