How Much Will I Get After Selling My House?
If you need to sell your house and are considering your options, the most important part of the selling process, aside from securing a buyer, will be how much of the money you will get after the sale is complete. For anyone new to the housing market, you must understand what is involved in selling a house and how that impacts what you make from the sale.
You need to be careful to manage your expectations and understand that the sale price of a property if you take the estate agent route, is not the amount you actually get in the end. Why? We will discuss this in the following article.
Do You Get All of the Money When You Successfully Sell Your Home?
Although it depends on the circumstances, if you choose to work with an estate agent, you don’t get to keep all the money when you sell your home. The process of selling property is very expensive, as there are several different things you need to pay out from the sale price.
This includes the estate agent, your lawyer and conveyancer, as well as mortgage costs.
To calculate how much money you will actually make from selling your home, you need to take the sale price (potential or guaranteed) and subtract what it costs you to actually sell it.
Understanding the Various Costs of Selling a Home
It is important to understand that until you speak to a specific estate agent and/or conveyancing lawyer, you won’t know how much their services will cost as they differ from one firm to another and are often based on commission.
However, we have put together a very rough estimate of the basic costs involved in selling property through a real estate agent, to give you an idea of what you may need to payout.
- EPC or Energy Performance Certificate (an important and compulsory document that shows how energy-efficient your home is) – £35 to £150 + VAT
- Estate Agent fees – 0.3 to 3% of sale price + VAT
- Conveyancing Lawyer fees – £500 to £1,000 (that includes VAT)
And all that’s before you consider other costs like any preparations you need to make to your property so that it is ready to sell and removal costs.
In addition to the above, though, depending on your circumstances and the type of property you are selling, there are other expenses you need to consider, like mortgage exit fees and early mortgage repayment charges, Capital Gains Tax (if you are selling an inherited property or second home)
Obviously, it will depend on the sale price of your property and other variables like estate agent fees and conveyancing fees. As an example, say you sold a property for £225,000, with no mortgage. Based on estimates, here is a breakdown of what it could cost you:
- Energy Performance Certificate – £85
- Estate Agent Fees (1.18%+VAT) – £3,186
- Conveyancing Fees – £650
- Moving costs – £700
- Total – £4,621
How To Get Fast Cash for Your House Without the Additional Charges and Expenses
If it all sounds like too much, we don’t blame you. The costs and inconveniences involved are often the reasons why people are put off from selling their home. However, if you have been searching for a way to make fast cash for your house easily without all the additional fees and charges, you should consider using the services of fast cash home buyers like Cash Home.
When you sell your property for cash to Cash Home because they are buying it outright and it is not being put on the market, there is no need to pay for listing and marketing the property. Cash Home will handle the legal side of things too.
Therefore, rather than paying the legal fees, estate agency fees and sorting out other documentation and paperwork, the only expenses you will need to cover yourself when selling to cash house buyers like Cash Home, is for the removal costs. When you consider how much you are saving in all other aspects of the process, though, you will have more than enough to use to move your belongings out to your new property.