What Costs Do You Need To Cover When Selling Your Home?

June 29th 2019
By: Thomas Morris
What Costs Do You Need To Cover When Selling Your Home?

Selling your home can be a challenging matter, and there is a lot to consider. There is a lot of guidance available for homeowners selling their property. However, there isn’t a lot of focus on the costs involved with selling your home.

The costs associated with buying property are well-known, and prospective buyers receive considerable guidance. However, whether you are buying or selling, it is vital you create a budget and know how much you have to pay, and when you have to pay it.

We know that vendors have a lot to consider, and it can be difficult to remain on top of everything when selling your home”, said Thomas Morris Biggleswade Branch Manager Ryan Coyne. “We aim to provide you with comprehensive support that leaves you feeling confident for the sales process.”

In selling your home, the main cost is paying off the mortgage. Hopefully, the money you bring in from selling your home will cover the outstanding mortgage, and leave you with some extra cash. However, this isn’t guaranteed, so it is vital you determine how much you owe on the mortgage, and how this affects your plans.

Check for early payment penalties

Also, some mortgage lenders impose a penalty for early repayment, so check to see if this is the case. It hopefully won’t be present, but if this clause exists, you may find your budget under considerable stress and pressure.

You will also have estate agent fees to consider in selling your home. At Thomas Morris, we aim to provide you with value for money services, that make a difference in selling your home. However, you need to make sure you allocate funds for this cost. You will also have legal fees to pay during the sales process, so make sure you know the costs involved, and allocate funds for this work.

Your home needs to have an Energy Performance Certificate, an EPC, in place when you sell it. If there is already a valid certificate in effect or your property is exempt, you have nothing to worry about. However, if you need to arrange this before the deal concludes, it is a cost you need to account for.

Hiring a removals company can be expensive

An often overlooked cost of the sales process is the cost of moving home. It may be you intend on moving home yourself, perhaps calling in favours from family members and friends to ease the moving process. Moving in this manner saves money, but it can increase tensions between people you love, and it may place some of your belongings at risk.

There is a great deal to be said for calling on professional support, but this carries a cost. It is considered good practice to obtain quotes from at least three removal firms. The cheapest quote may not necessarily offer the best value for money service, so try to find out more about what you get for your money.

Selling your home is stressful, but with the right support, you can make the process easier. Book a valuation at a time that is of suitable to you or alternatively, you can phone our Biggleswade branch, managed by Ryan Coyne by calling us on 01767 310111.