If you’ve never sold a house before, it may come as a shock to you to find out just how much the costs can add up.
If you’re planning to sell your North East property, here are five surprise costs that you’ll face as a homeowner.
Estate agent fees
If you’re selling through the traditional route, then estate agent fees are highly likely to be the biggest cost you’ll face when selling your property the County Durham, Darlington, Newcastle, Gateshead, Sunderland, Northumberland, Middlesbrough, Hartlepool and Stockton-on-Tees areas.
The amount varies between agents, but you can expect to pay up to 3% of the sale price, which is a pretty significant sum.
You’ll need to hire a conveyancing solicitor to handle the legal side of your property sale. Again, the cost varies between different firms, but it’s likely you’ll be paying upwards of £1,000.
You can find one cheaper than this, but a good conveyancer is worth their weight in gold, so it’s not worth cutting corners or it can come back to haunt you in the long term.
Early repayment charges
If you still have a mortgage on your the North East property, then unless you’re porting it to a new property, you’re likely to have an early repayment charge applied to it when the house sale goes through.
Your mortgage provider will be able to tell you if a charge will apply, and it’s worth checking before putting your property on the market.
Energy performance certificate
At around £100, the EPC is one of the cheaper costs you’ll face when selling your the North East property, however, it’s another cost that needs to be factored in.
Because, whereas you can avoid costs like estate agent fees by selling the property yourself, an EPC is required by law before you can sell a property.
Potentially the biggest cost you’ll face when selling your the North East property is on home improvements.
Even if the costs aren’t coming directly out of your pocket, you can still end up with high expenses in the form of a discount on the asking price.
For example, if your buyer’s survey shows a faulty boiler or electrical issues, they may attempt to renegotiate the asking price, unless you pay to have the repairs carried out yourself.
If you want to avoid the surprise costs of selling your home, We Buy Homes North East can help. We make you a cash offer, with zero fees and zero commission to worry about. And we buy properties in any condition, so there’s no need to worry about making costly home improvements. If you’d like to find out more contact We Buy Homes North East today on 0191 369 2088 for a no-obligation chat.