How Much Does It Cost to Sell My Home Privately?
Estimated reading time 6 minutes
Are you thinking that now’s the perfect time to sell your home? Would you like to sell it privately? If so, then there are some things you’ll need to know about the financial aspects of using this method. For those who don’t have experience with property sales, this can be a very challenging process.
Before making such an important decision, learn more about what it takes to sell your home privately. Also, ask yourself these questions to determine if you’re truly ready to use this method to sell your property:
- Do you have the time necessary to sell your home privately? Remember, you’ll need to show the home, work on the contract, and more. All of this takes time and effort.
- Do you have the ability and confidence to negotiate with potential buyers?
- Do you know enough about the process to manage a successful sale?
- Do you have the knowledge to conduct research on the home prices in your area?
Keep in mind, too, that selling your home privately isn’t free. If you’d like to know about selling your home by yourself, without using the services of an estate agent, then read on how much this process can cost and other options that may be better for you.
How Much Does It Cost to Sell My Home with an Estate Agent?
Traditional estate agents make money (called a commission) when they sell your home. Their fee covers their services in selling your property, their knowledge and expertise, and helping you with the paperwork, and more. A traditional estate agent may charge around 0.75% to a 3% commission for their services.
Here’s an example: if your home is sold for £250,000, this means you’d pay the estate agent between £1,875 and £7,500 as a commission. For most people, the £1,875 commission is easier to deal with. However, paying the higher commission can be difficult for some.
And remember that you may have to pay VAT on top of the agent’s commission percentage. Agents may also include legal fees, which may be charged separately. They may also charge for things like EPC certificates.
How Much Will an Online Estate Agent Charge to Sell My Home?
When it comes to online estate agents, they usually charge you a flat fee to sell your property. The fee can vary widely anywhere from £99 to £1,500. The flat fee is set out in the contract and cannot be changed. Each agency will have its own contract and fees, so it’s a good idea to do some comparison shopping to find the best rate.
One thing to consider is that some online agents may require you to pay their fee upfront. While the overall costs will be lower, it can still be a challenge to come up with the cash to pay these fees before the sale.
At Bettermove we do things a little differently. Instead, we agree a figure at the beginning that you would be happy to walk away with. We encourage this figure to be positioned realistically to ensure a sale in 30 days or less. Once we find a buyer, any amount above the agreed sum is our profit margin. We even pay your legal fees from the excess sum, meaning that you have no expenses at all.
How Much Will It Cost to Sell my Home Privately?
Now that we’ve taken a look at what estate agents charge, let’s review what it can cost to sell your home privately. Here are some fees you may be required to pay when selling your house on your own:
- Legal fees
- EPC certificate
- Floor plan designs
- Content writing
You will definitely have to pay both for the EPC certificate and the legal fees. Solicitors may charge between £850 and £1,500. Then the EPC certificate may run between £60 and £120. Then you may need to pay for marketing fees (such as content writing, photography, and a listing fee), which can run about £1,000 or more.
And remember, you’ll also be paying for other things when you sell your home.
What Other Costs Will I Have to Pay to Sell My Home Privately?
Along with the fees outlined above, you may also have to pay for other things. This is what many homeowners forget when trying to save money by not using an estate agent.
You may have to pay these costs when selling your home:
- Mortgage exit fee (MEAF): these can run between £50 and £300
- Early mortgage repayment charge (if you have negative equity, for instance): can run between 1% to 5%
- Capital Gains Tax (CGT):
- Preparing your home for sale: depends on the work needed, so this can be quite expensive in some cases
- Removal fees: vary depending on how much you plan to move
When it’s all said and done, you may pay as much as £4,000 or more to sell your home privately. That’s a pretty hefty expense.
Comparing the Cost of Selling Your Home in Different Ways
We’ve put together a table to show you a side-by-side comparison of how much it could cost to sell your home using different methods, including selling privately.
|Traditional Estate Agent
|Online/Hybrid Estate Agent
|Estate agent fees
|0.75% to 3% of the selling price
|£495-£1,695 (straight fee)
|£500 to £1,800
|£500 to £1,800
|£50 to £120
|£50 to £120
Keep in mind that these are not all the fees you may face when selling your home privately. It could be more or less, depending on your situation. But this table provides an overview of the difference between using a traditional estate agent, an online estate agent, or doing it yourself.
Is It Possible to Sell My Home for Free?
Using an online estate agent, who doesn’t charge fees, also takes the hassle out of selling your home. You won’t have to deal with showings and other inconveniences when selling your property. Sell your home or sell flat fast easily with Bettermove, we offer two ways to secure the sale you want, both that won't cost you a penny. Find out more with out step by step guide to selling your house.