When it comes to selling your house, it can be a frustrating, and somewhat expensive process that can take some time. Many people are choosing to sell their homes in a DIY fashion, yet in consideration of how significant this transaction is, it is always best to work with a decent property solicitor to ensure everything is legitimate – even if you want to circumvent agency fees by selling online.
The reason selling your home can be expensive is because there are many external factors and agencies involved, from property solicitors to estate agents, surveyors, and the list continues.
Here are the two main expenses you are likely to incur when selling your home, and some innovative ways to reduce them:
The most significant cost for people selling their homes is found in estate agency fees. The typical commission is somewhere between 1% and 3% which might not sound very high, but when you add in VAT – it’s quite significant.
If we look at the average house price being in the region of £220,000, a 2% estate agency fee would be close to £5,000, which might not sound like much in consideration of the £220,000 but don’t let this contrast deceive you. Just think of what you could buy for £5,000 and ask yourself – is your estate agent, really doing a £5,000 job, by showing people around the property a few times?
There are fixed fee online estate agents that could possibly save you thousands and is the most significant way to reduce the fees you pay out. Some customers are doing this completely independently, and when you think about the nature of things today, and how we have shifted so much in terms of our empowerment to do things – this just makes sense.
Not all that long ago, you would have gone to a travel agent to book your holiday, whereas today, how many people go and sit down in a travel agents shop to book their trip? Not many. We are much more empowered consumers today, and can simply take care of things ourselves… the same is true of selling a house.
The buyer pays for searches, surveys and stamp duty, but you will still need to use the services of a conveyancing solicitor to deal with all the legal issues involved in selling a property; and whilst this article is about saving money, this is not a cost you want to cut corners on – as in the long term, it would be a case of “save a penny spend a pound” if you get yourself in hot water with regard to legal issues.
There is, however, one way you can reduce the costs of a solicitor – particularly if you live in London; which is to simply use a firm that is based outside of the capital, for instance, in Coventry which is just 1 hour away from London yet will likely be more affordable than those in Central London.