Should you sell?
24th January 2018 posted in Sellers
Everybody's situation is unique but some of the most common reasons for selling a property are because you need somewhere bigger... or smaller... or in a different location.
Putting your home on the market is a big commitment. It costs time and money for everybody in the chain if a seller pulls out, so it can save a lot of heartache for you and others if you do your homework early on to ensure moving is right for you.
There are two key questions to ask yourself before you put your house up for sale:
Is the type of property you desire available?
Take a look at the property market in your chosen location to ensure there are houses available for you to buy, especially if you have particular requirements such as a bungalow or four-bedroomed character cottage. Better still, pop into your local Hunters office to discuss your needs and wants list with our expert agents. We don’t just help you sell, we are keen to make sure you find the right next home too.
If you don’t take this simple step, you could find yourself with a buyer and nowhere to go. Moving into rented accommodation for a while will buy you some time and if the property of your dreams rarely comes to the market, renting in the meantime may be a good solution.
Can you afford to move?
Once you know there are properties available which tick all the boxes, it’s even more important to find out if your budget will stretch. The costs of moving, including surveys, legal fees and stamp duty, can add up to thousands of pounds. Here’s a quick guide to what you can expect to have to pay:
Estate agent fees: Most agents charge between 1% and 2% of the value of your home, plus VAT. At Hunters we operate a no sale, no fee policy so if for any reason your property does not complete, we won’t charge our fee. Simple.
Legal fees: Expect to pay upwards of £400 plus VAT, depending on the value of your property.
Finance fees: There may be a penalty for paying off your mortgage early; this could range from £300 up to several thousand pounds. If you are taking out a new mortgage, there will be fees for this as well.
Energy Performance Certificate: This costs from around £60 and you need one before you can sell your property, but if you have sold or rented your property in the last 10 years, you may still have a valid certificate which we can check for you, free of charge.
Removals: If you are moving to another property, you are likely to have removal costs. Depending on the size of your home and the distance you are moving, this could range from £300 plus VAT to over £2,000.
Stamp duty: If you are buying another property, stamp duty is payable on all homes over £125,000 and incur an additional 3% on all properties over £40,000 if it’s classed as a second property.
Survey: If you’re buying another home, you’ll need a survey, which can cost anything from £250 plus VAT up to over £1,000, depending on the level of survey and size of property.
You may discover that now isn’t the right time to move but, if it’s more space you need, consider taking a good look at your existing home to see if you can rearrange your living accommodation or build an extension which allows you to stay put – and don’t forget if you need advice on what value could be added, we can help you with that, too.
Or you may wish to spend a few more years saving up for your dream home. Rest assured that, whenever you are ready, we at Hunters will be here to help you find that perfect property and make your moving dreams come true.