When it comes to selling property, most of us can expect to make a tidy profit in the currently strong property market. However there is a price to pay before you reap your rewards...
1. Home Information Pack
All sellers are required to produce a Home Information Pack (HIP) for prospective buyers costing several hundred pounds. Buy a HIP online.
Tip - your estate agent or conveyancer may cover the cost of your HIP as an incentive to use them.
2. Estate agent fees
When you use an estate agent to sell your property, they take a commission based on a percentage of the final selling price, usually between one and two per cent.
Tip - if you're looking to cut costs and are prepared to put the extra legwork in, selling your home privately could be an alternative option for you. This cuts out estate agent fees altogether.
3. Conveyancing
Conveyancing covers the legal side of selling and buying a property. Your solicitor will handle all the paperwork and administration.
Tip - if you're also buying a property, you may be able to negotiate cheaper fees that cover both the buying and selling process.
4. Storage
Not all property transactions can be perfectly timed, in which case you may need storage. As a rough guide, a hundred square metres equates to 200 boxes of goods.
Tip - consult staff on how much space you'll need to ensure you don't hire too much, or too little, room for your goods.
5. Removals
Once you've sold, it's time to make way for your home's new occupants. A removals firm will pack and transport your goods and manage the whole moving process.
Tip - cover your goods while they're in transit with moving insurance. If your removal company don't offer this then you will need to take out your own policy. Alternatively, ask your home insurance company if you're covered by your existing contents policy.
6. Buying your new property
Read our guide to the real cost of buying property.
Useful links
Some costs
- Home Information Pack: £350 - 600
- Estate agent fees: £1770.99
- Conveyancing: £389
- Storage: £36 for 100 square metres (one week)
- Removals: £300-400 (local); £600-700 (50 mile relocation)
These are average costs based on selling a property worth £177,099, which is the average price of a house in the UK according to the Land Registry (February 2007 figures).
Useful links
- Estate agents - Find local estate agents in YO25
- Storage - Find local storage for your goods
- Removals - Find removal companies in YO25
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YO25
This is a profile for the central postcode in YO25 which is YO25 5XR. Neighbourhood profiles vary significantly from postcode to postcode.
Often, many of the people who live in this sort of postcode will be working families with mortgages. These are known as type 28 in the ACORN classification and 2.39% of the UK's population live in this type.
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