Uncover Hidden Costs When Selling Homes

Selling your home is an exciting journey, often leading to a satisfying lump sum. However, many first-time sellers find themselves surprised by the hidden costs that come with the process. Let’s explore these expenses so you can plan ahead and keep your budget intact.

Conveyancing Fees: Legal work is crucial in transferring property ownership. Solicitors or licensed conveyancers charge either a fixed fee or a percentage of the sale price. It’s wise to shop around for quotes, but always ensure your chosen professional is reputable and experienced.

Energy Performance Certificate (EPC): Before marketing your property, an EPC is a legal requirement. This certificate, costing between £60–£120, evaluates your home’s energy efficiency. Prices vary based on your property and provider.

Mortgage Exit Fees: If you’re settling your mortgage early, be prepared for potential exit fees or early repayment charges. Check your mortgage terms to understand any obligations you might face.

Removal Costs: Moving expenses can quickly add up. Whether you hire professionals or rent a van, consider the costs of packing services or storage. Budgeting for these can prevent last-minute stress.

Property Repairs and Improvements: Minor repairs, cleaning, redecorating, or staging can enhance your home’s appeal and sale price. While these investments are beneficial, they require upfront budgeting.

Capital Gains Tax: If the property isn’t your main residence, you might owe Capital Gains Tax on profits. Seek advice if you’re unsure about your obligations.

By understanding these hidden costs, you can sell your home with confidence. And remember, if you need expert advice, we at Burnett's are always here to help guide you through the process. Happy selling!