Many homeowners worry that “throwing money at the problem” is the only way to achieve a quick, successful sale. However, selling your house fast doesn’t necessarily mean an increase in expenses.
In this article, the team members at Property Solvers – experts in quick home sales – explain how to reduce costs when selling property.
What Fees Do You Pay When Selling a House in the UK?
There are a number of common expenses involved in putting a property up for sale. These may include:
- Conveyancer / Conveyancing Solicitor fees (to deal with all the paperwork and transfer of remaining equity to your bank account)
- Estate agent fees
- Costs of getting the house ready
- Removal costs
- Costs involved in moving house (i.e. removal firm fees)
- EPC (Energy Performance Certificate) costs
- Any mortgage-related fees (i.e. exit or early repayment fees)
- Capital Gains Tax (only if it’s an investment property or second home)
- Land registry fees
Some of these costs are unavoidable. However, others may be significantly reduced or avoided altogether depending on the approach you take.
How to Save on Solicitors Fees for Selling a House
Don’t accept the first quote you receive when it comes to conveyancing services. By shopping around, you may be able to find a much cheaper option. There are a range of price comparison tools available online to help you do this.
You can also have a discussion with your chosen legal adviser regarding ways in which you can assist in the process – as this may keep costs down.
If you have retained much of the paperwork from the initial purchase of your property, consider sending the relevant parts of it to your solicitor. This is likely to save them time and therefore money.
Depending on the conveyancing specialist you choose, you may be able to negotiate a fixed price for their services – keeping potential your costs down and rendering them more predictable.
How to Save on Estate Agent Fees When Selling a House
With the average estate agency fee for a house sale sitting at around 1.18%+VAT (according to The Advisory), it’s worth taking steps to save money where you can. Here are a few approaches you might consider:
- Choose a “no sale, no fee” arrangement – otherwise, you may end up significantly out of pocket with nothing to show for it.
- Negotiate. Most agencies have some wiggle room on their fees for sale for property.
- Find out exactly what you’re paying for. Your estate agent shouldn’t be charging you for the production of a floorplan, or for professional photographs of your property, for example.
- Volunteer to undertake particular tasks yourself – such as taking pictures to be displayed on your agent’s website. Just make sure you do a great job!
- Weigh up whether it’s worth taking out a “multi-agency contract”. An agreement of this kind may cost a lot more than using a single agency, but it also has the potential to get your property more coverage.
- Opt for a private sale. Selling your home independently, without an agent, can be very challenging – but it’s almost always far cheaper.
Other Ways to Save Money While Selling Your House
As well as the tactics listed above, there are a number of other ways in which you can keep your costs down when selling.
Manage Your Own Move
Consider shifting your belongings from your old property to your new one yourself. This is best if you already own a large vehicle, but short-term self-drive van hire is also available in most places.
This approach prevents the need to hire a professional removal company; something that can get quite expensive. Managing the removal yourself can be quite time-consuming, but you may find that the savings are absolutely worth it.
Keep Your EPC Certificate
Don’t forget – your Energy Performance Certificate is valid for ten years. This means that you may not need to apply for a new one when you move.
Add Value to Your Home
While this doesn’t count as a “saving” per se, it’s a great way to recoup the costs involved in your sale. You can declutter and carefully clean your home, give it a fresh lick of paint and undertake cheap upgrades indoors and out to see its value shoot up.
Another cheap and easy win is to apply for planning permission and sell it with that permission attached.
Throw Furniture Into the Deal
Do you own furniture of value that won’t fit into or suit your new property? Save yourself the headache and potential expense of disposing of it – and even make a little money – by offering to sell it to the new buyers. You might even decide to give it to them for free, depending on the situation.
Alternatively, you could sell it online on a collection-only basis.
Choose a Quick Homebuying Service
Using a trusted quick homebuying company like Property Solvers can enable you to get a quick sale and achieve great savings. Property Solvers will provide you with a no-obligation cash offer up front, which means you won’t have to wait for a buyer. We can close the sale in as little as seven days, and you may receive up to 80 and 75% of your property’s market value.
What’s more, you won’t have to pay any legal or estate agency fees.
You can also use our estate agency service for a secure no sale, no fee arrangement.
For further information about how to sell your house fast, contact Property Solvers today. We’ll be very happy to provide you with advice and assistance.