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What are the costs of selling a house: advice from estate agents in Gateshead

Selling a house comes with a variety of costs. What exactly these are will depend on a host of factors. In this blog post our estate agents in Gateshead will break down some of the key considerations. 

Preparation costs

For the best chance of selling your house, you might want to look into a few home improvements. If this is the case, you will need to consider the costs of cleaning, repairs, repainting and gardening. 

Thankfully these can be done at a relatively low cost but can make a big difference. Most buyer’s first impressions will come from images on your estate agents website or sites such as Rightmove and Zoopla. 

Energy performance

It is mandatory to get an Energy Performance Certificate (or EPC) before your house goes on the market. You can expect to pay between £35 to £85. 

You can arrange this yourself or through an estate agents in Gateshead. If you’ve made any improvements to your house, such as a boiler replacement, insulation or double glazing, you may find that your EPC rating is improved, bumping up the value of your home. 

Estate agent fees

Then most common type of estate agent fee is called ‘commission’ or ‘pay on completion’. This commission usually falls between 1% and 3% of the property sale. 

As a family run estate agents in Gateshead, Seven Keys offers affordable prices that mean you don’t have to fork out the prices that many high street agencies ask for. For us, making sure you keep as much of the money from the sale of your home as possible.

Conveyancing fees

Conveyancing is one of the most important aspects of selling a house and can also be one of the most expensive. 

Conveyancers handle the legal elements of your house sale, including the sales contract, security checks and financial transfers between buyer and seller. 

Conveyancers are an integral part of the selling process so ensuring you have a trustworthy and professional service is vital. 

Here at Seven Keys we work alongside trusted solicitors with whom we’ve built strong relationships with over the last decade as leading estate agents in Gateshead. 

Fees depend heavily on the type of property, whether you are buying and selling at the same time and the value of your property. Take a look at our quick online form for a competitive quote. 

Mortgage fees

 Most people will sell their home before fullying paying off the mortgage. If this is the case, you can expect to pay a few extra fees. 

Firstly, an exit fee may be applied which can cost up to £300. 

If you are still inside the fixed term of your mortgage, you may have to pay what is called an early repayment charge. Usually this is between 1% and 5% of the value of your loan. 

If you are transferring your mortgage to your new home, you will have to pay a ‘porting’ fee. In this case, you would not need to pay an exit fee of a repayment charge making it a cost effective option in most cases. 

Removals

Finally moving day arrives, and with this comes removal costs. How much this costs can vary by a lot and depends on your approach and how far you are moving. 

Factor in the cost of van hire if necessary. Labour costs of getting a professional in to help and insurance if you are transporting valuable items. 

If you have any questions about buying or selling a property get in touch with our friendly team today. 

Seven Keys is made up of a passionate team of estate agents in Gateshead with over ten years’ experience. You can trust us to provide advice that you can rely on. 

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