Selling a property involves more than just finding a buyer and agreeing on a price. There are several costs to consider, and being aware of these expenses can help you budget effectively and avoid any financial surprises down the line. As trusted property experts in Sussex, we’re here to guide you through the key costs involved in selling your home.
Estate Agent Fees
Estate agent fees typically cover the marketing and selling of your property. These fees are usually a percentage of the final sale price, ranging from 1% to 3.5% + VAT, depending on the agent and the level of service provided. A knowledgeable agent will not only help you sell your home quickly for the best price, but also provide transparent information about fees and other related costs.
Property Conveyancing Costs
Conveyancing is the legal process of transferring property ownership from the seller to the buyer. The fees for this service typically range from £850 to £1,500, including VAT, depending on the complexity of the transaction. Additional costs, known as disbursements, may include searches, Land Registry fees, and bank transfer charges. These can add up, so it’s essential to ask your conveyancer for a full breakdown of costs.
Energy Performance Certificate
An EPC is a legal requirement when selling a property. It provides information about a property’s energy efficiency and environmental impact. The cost for obtaining an EPC can range from £60 to £120. An up-to-date EPC needs to be available before you start marketing your property for sale. This is one of the first things potential buyers will look at, especially in today’s eco-conscious market.
Home Removal Costs
Don’t forget to account for removal costs, which can vary widely depending on the distance of the move and the amount of belongings you have. On average, removal services can range from £500 to £1,500.
Mortgage Redemption Fees
If you’re paying off your mortgage early, you may incur a redemption fee, which can be a percentage of your remaining balance. It’s important to check with your lender about any potential charges.
Preparing Your Property for Sale
Investing in minor repairs or staging can significantly enhance your property’s appeal, potentially increasing the sale price. However, these improvements come at a cost, which you should factor into your budget.
Capital Gains Tax
If the property you’re selling is not your primary residence, you may be liable for Capital Gains Tax. The amount you’ll pay depends on your income and the profit you make from the sale.
Budget to Sell Your Home
Understanding these costs upfront can help you plan effectively and avoid any unexpected financial strains. When buying property in Sussex, it’s best to work with a trusted property expert who can guide you through the process, ensuring all costs are transparent and manageable.
Sell Property in Sussex
At Alexander Philips, we’re committed to providing clear, honest advice and helping you navigate the complexities of property sales in Worthing and across Sussex. Our team of experienced estate agents is here to support you every step of the way.
