Hewitt Adams present you with a list of FAQs and tips for those selling a property, whether for the first or thirty-first time.
So, you’re about to dust off your shoes and step up another rung on the property ladder? Selling a property can be a very daunting experience, especially if you’re moving to a new area or it’s your first house sale. But that’s what we’re here for! And this blog post is designed to answer all your burning questions and give you some little nuggets of advice along the way.
Frequently asked questions when selling a property
First things first, let’s clear up some of the questions you might be asking. Considering a house sale is pretty routine for us, we tend to hear a lot of the same questions from clients – and that’s to be expected. It can be a confusing time! So, we thought we’d clear up some of those FAQs once and for all.
How much does selling a property cost?
This is a popular query for prospective movers; it’s the second result on Google when you type in ‘how much does it cost…’! We find it really helps to break down each part of the process to find out individual costs – that way – you can see where your money actually needs to go. For example, remortgaging can cost between £1,500 and £3,000. On average, estate agent fees are around 1.3% of your home’s selling price. Hiring a solicitor will also, obviously, cost you a lump sum. We’re talking around £500 – £1,500 for conveyancing fees, but this can vary between different transactions. Don’t forget the EPC which can cost around £75 unless your existing one is less than a decade old. Then, the final hurdle, there’s removals. Unless you’ve got a family member with a big van and loads of spare time, you’ll have to hire professional help. Depending on the size of your property, expect to pay between £400 and £1,200. Adding up all these figures, for a £200,000 property, gets you to an average of £6500. But don’t take this figure as the hard facts. We always recommend viewing your property as an individual case and calculating the cost properly.
How do I know the value of my house?
Of course, there’s no real substitute for a trusted, reliable estate agent valuing your house. But to get a bit of a feel for a potential figure before this happens, we recommend checking out Zoopla and Rightmove to see how much similar properties in your area have recently sold for. You should also take into consideration the condition of your property, any renovations you’ve made and its individual features. For example, are you the corner plot on your road? Have you recently renovated the kitchen? This may work in your favour in terms of a higher valuation.
How much Stamp Duty do I have to pay?
For selling a property, Stamp Duty does not have to be paid. It is only a relevant cost when buying a house. But chances are, if you’re selling, you’re also buying. So, you should expect to pay a Stamp Duty fee for the buying transaction. However, the recent change to Stamp Duty tax means you’ll only pay on houses over £125,000. And if you’re a first-time buyer, you won’t pay anything up to £300,000.
How long will the sale take?
Simply, we never know for sure. We usually say 8-10 weeks is the minimum period if things go smoothly and there’s no chain. However, if you’re part of a chain, anything could happen! If your buyer pulls out or comes across any issues with their property, the whole sale could come to a halt. This is why it’s important to choose an estate agent and solicitor with a good reputation so you know you’ll be kept in the loop during the entire process. Generally speaking, we’re looking at a few months on a good run and anything up to a year if issues crop up.
Top tips for selling your house
So, now you know all the boring (but important) details of selling a property. Now, it’s time for some advice. We’ve got plenty up our sleeve, considering we do this for a living. Essentially, we rounded up our greatest nuggets of advice for anyone selling a home; you never know when these tips could come in handy.
- Ask friends and family for recommendations on a solicitor, or alternatively get in touch with your estate agent for trusted, local firms
- Present your property in its best possible light, making sure it’s clean and tidy to really boost its chance of selling
- Consider leaving some bulkier items for the buyers to reduce your moving stress, if they show interest – this is also a great way to get some extra cash
- Don’t be afraid to ask questions along the way; this is a massive change and you’ll regret not asking about your concerns later down the line
- Research local storage options in case you need to move out quickly and don’t have anywhere to keep your furniture
- Create an inventory of your items on moving day so that you know what to expect on the other side
- Declutter as soon as you’ve decided to sell: it’ll make your life easier come moving day and your house will look so much better on photographs!
For further help and advice on selling a property, don’t hesitate to get in touch with us here at Hewitt Adams today! We’d be happy to hear from you and help you sell your home or find a new one.