The Cost of Selling a House

Selling your home is an exciting step forward into something new for your life. What you may not realise, though, is that it can also be an incredibly expensive step forward. That process doesn’t actually become easier if you’re trying to buy a new home at the same time as you sell your old home. How do you even decide whether now is the right time to sell, though, and how do you plan for all of the costs involved with selling a house?

Making the Choice to Sell

The first step in the process for many is deciding whether now is a good time to sell your home. If you’re thinking of selling because you have space issues, it’s worth it to check to see if building an extension, converting existing attic space, or even digging out a basement might be a better move for you. Given the high costs of both buying and selling a home, especially when you factor in stamp duty, now may not be the best time to sell, especially if you can solve the problem with a few simple steps. If you’re considering selling because you’re ready to downsize to something a bit easier, make certain you look into whether a smaller house might actually be less expensive. You can certainly look into options that meet all of your needs but ensure you’ll truly be saving money in the process. You may also want to look into the possibility of letting your home instead of selling it. This is a great time to become a landlord, and you may have the ability to create a passive income stream that could keep your finances in check for years to come.

If, after weighing all of the possible factors, you still decide to sell, the next step is to start thinking about the financial concerns that surround selling a home.

Understanding the Finances

There are many different aspects to the cost of selling your home. Six, though, will truly determine your overall costs.

• The Cost of House Valuation
  

  Before you actually put your home on the market, the single best first step is to decide exactly how much your home is worth. It’s easily one of the toughest decisions you’ll make when you’re selling your home, and there are lots of resources that can help you make your choice.

  The Cost of House Valuation
• Estate Agent Fees
  

  For most people who decide to sell their homes in the UK, an estate agent is one of the first stops along the way, and for good reason. Estate agents are one of the fastest connections to selling your home because they know how to get homes listed quickly and get them sold.

  Estate Agent Fees
• Solicitors Fees
  

  While many people save this step until after they already have an offer on their home, the simple reality is that this is a team member that you’ll want to select to help you sell your home sooner rather than later.

  Solicitors Fees
• Conveyancing Fees
  

  Much of the cost of those solicitors’ fees come from the conveyancing costs themselves, and almost all of them are necessary to sell your home. The legal fees you see on the bill are just what the solicitors charge to do their work.

  Conveyancing Fees
• Removal Company Costs
  

  You can actually move out of your home whenever you like in the process, even on the day of completion, but if you’re like most people, that’s going to involve the cost of a removal company.

  Removal Company Costs
• The Cost of Porting a Mortgage
  

  If you’re about to purchase another home, you may wonder whether porting your mortgage is the right choice, as it can often help you avoid some of the fees and hassles of applying for a brand-new loan, and it may mean that you don’t lose out on the favourable interest rates you got with the original deal.

  The Cost of Porting a Mortgage