Are you currently looking to sell your home, or are you looking at getting into property development? Before you list a home for sale, or you think about purchasing a property as an investment, it is important to understand the costs that a lot of people don’t think about when they’re trawling an estate agency website for their next purchase. It’s not as simple as buy & sell, you need to make sure you increase the value of your home and safeguard your sale or purchase.
Whether that’s through some handy work before you sell, or doing your due diligence on the house and area before you buy. You will have to handle a few bills, which may include layering up the walls with a fresh coat of paint, substituting the roof membrane or paying out commissions and solicitor bills. Ask yourself a few questions, whichever side of the sale you’re on...
Is the home in the right condition to buy or sell?
Sounds like a dumb question, but you’d be surprised at how many people get caught out by the amount of money it costs to bring a home up to scratch. If the house isn’t relatively new, there may be a few requirements in terms of repairs and maintenance. Based on the age as well as the condition of your home, there may also be a need to invest in a full home inspection. This is a necessary investment, particularly when it comes to finding problem areas needing immediate attention.
Find the right Estate Agent.
This is based on two main things:
1.How well are they going to sell your home?
Now i’m not suggesting you waste a seller’s or an estate agent’s time, but try booking a few mystery shop viewings with the estate agents you plan to use. See how they perform at the viewings, test their knowledge and see if they follow up. If they don’t perform well when selling someone elses home, are you going to trust them to sell yours?
2. How much is it going to cost?
A fee between 1-2% of the property sale price is usually the window for an estate agent. If your selling a home at £500k the difference between the upper and lower estate agent fee could be as much as £5000. Make sure you find an agent who has a strong online presence and has a solid black book of potential buyers.
There are costs attributed to the selling process too. These range from the initial solicitor fees, the property searches and surveys, and even on to the cost of the solicitor handling the transfer of monies between the bury and seller. All of these aspects will increase your overall costs.
Some agents operate a fixed fee, this is usually when they operate in an area where the houses are of lower value. Make sure this fee is in line with the price of your sale price. For example, if you’re selling a home at £85,000 and the fee is £2000, then they’re taking a commission of more than 2%. If you’re in an area where every agent is operating a fixed fee, don’t be afraid to negotiate, you can drive the conversation if you’re planning on buying/selling more than one property with them, or if you pitch one agent against another for your business.
Factor in costs during the sales process
There are costs attributed to the selling process too. These range from the initial solicitor fees, the property searches and surveys, and even on to the cost of the solicitor handling the transfer of monies between the bury and seller. All of these aspects will increase your overall costs.
Moving out or in can cost you too!
Lastly, remember to consider the expenses associated with moving out of, or into a new property. If you’ve done work on a property you may need to pay to have the house cleared out and any waste materials disposed of. A lot of families do not consider moving expenses, which can be quite expensive if you have to vehicles or home move companies
Clearly, selling a home involves a lot of money and it is best to allow an experienced professional to steer it. When you are all set to initiate the process of selling your home, get in touch with us. We can ensure that you enjoy top dollar when you sell.
At GF residential & Property we’re always looking for properties to purchase. If you’re looking to reduce some of the above-mentioned fee’s when selling your home then we can work directly with a buyer to remove some of the costs. Our current areas of interest are South Wales, Shropshire and the West Midlands. If you would like to speak with us then please drop us a call on 02382444293 or email on info@gf-rp.co.uk
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