Selling a property isn't as easy, short-processed and quick, as the word sell sounds. There are many steps that are involved in selling a property/house/home and almost all of these steps require incurring some cost in one way or the other. You just cannot get that large lump sum of your home/property, before fully implementing the process of selling and implementing requires you to incur.
So which are the expenses/costs which you generally need to incur being a seller?
Your first obvious cost would be to refurnish your house. This is all if you wish to. Good furnishes houses are known to fetch you good price.
After that you decide to sell your home and with that also the way through which you'll make you home sale.
You've many options at your disposal. You can choose to make a sale though either of the ways:
- Estate agent
- Private sale
You can opt for any channel of selling, but while you do so, do compute the cost of all the channels, very carefully in terms of expenses/costs/fees that they charge.
In case you decide to sell it through an estate agent, you should know that the usually charge a commission and that is usually between 2-3% of your house's selling price. So, more often than not, it is the selling price of your property which actually decides an agent's fees. However, you can talk to your agent and come to a consensus, on a price on which both of you agree. So, a bargain can be done here. However, do not bargain too much for a price that is unrealistic.
In case you decide to sell your property through an auction, the fees they charge is about 2% of the selling price. Now, there are some auction houses whose fee will include the advertising charge, while some of the other may charge you for the fee which is excluding the advertising for the house sale, thereby charging you differently on the advertising cost. So, it is advisable you know what actually constitutes your fee and accordingly select an auction house for selling your house.
In case you go for a private sale, you need not worry about any sort of fees, for you yourself are an agent. Therefore, you only need to incur the marketing costs and that cost also depends on how you market.
However, you should keep in mind the time-frame in which you will need to sell your house. Since, it is much wiser to consider easy and quick ways of selling, for the amount of loss incurred by delaying the sale will be more than the fees charged by the channels. These days, there an option of selling homes through cash buyers- buyers who buys your home at cash, quickly without much hassles, without any cost and legally.
At last, when you decide to sell your home, you need conveyancing. It is for this stage that you'll need a lawyer or a solicitor. Solicitors charge according to the selling price of your house. Usually a bargain with them works out, thereby helping you save some money in the process.
All in all, before, you sell your house, it is worthwhile you consider on all the mentioned factors and accordingly choose a way, a way, with least expenses.