When selling your house, it’s not only the sale price that matters. Various financial considerations play a critical role in the overall financial outcome of your house sale. Understanding these implications can help you better plan your finances and make well-informed decisions. Let’s break down the costs associated with selling your house.

1. Estate agent fees

If you opt for the traditional route of using an estate agent, the fees can range from 1% to 3%+VAT of the sale price, depending on whether you use single or multiple agents.

2. Conveyancing fees

Conveyancing is the legal process involved in buying and selling a house. Solicitor’s fees can vary greatly, depending on the complexity of the sale. On average, you can expect to pay between £850 and £1,500, including VAT at 20%.

3. Energy Performance Certificate (EPC)

Selling your house in the UK requires an EPC. Costs for an EPC vary but typically range between £50 to £120.

4. Removal costs

The cost of a removal company can vary depending on the distance of the move and the amount of stuff you have. Costs can range from a few hundred to over a thousand pounds.

5. Mortgage early repayment charges

If you’re planning to pay off your mortgage with the proceeds from the sale, be sure to check if there are any early repayment charges. These can amount to a significant percentage of the remaining balance.

6. Capital Gains Tax

If you’re selling a property that isn’t your main home, you may need to pay Capital Gains Tax on any profit you make. The tax rate for individuals is 18% or 28% on gains from residential property, depending on your tax band.

7. Home improvements

If you’ve decided to spruce up your property before the sale, remember to also factor in these costs. However, it’s essential to consider whether the potential increase in sale price will offset the cost of improvements.

As you can see, selling a house can come with numerous financial considerations. At Your House Sold, we aim to simplify this process for you. We offer a straightforward, efficient, and hassle-free home-selling solution. With no hidden costs, no estate agent fees, and a guaranteed cash offer, we turn a complex process into a seamless experience.

It’s essential to factor in all the above costs to get a clear picture of the financial implications of selling your house. If you want to sell, why not contact us for a free, no-obligation valuation today? Let us help you make the best financial decision.