In this article we will look at the costs involved in moving and how you as the seller could look to make significant savings on estate agent fees for selling.
So you are looking to move house. You’ve chosen your dream home. You’ve started thinking about colour schemes. I hope you’ve taken out your calculator and seen if you can afford to make the move. Often the practicalities and costs of selling your home can start to overwhelm the dream. The most common complaint you will hear from anyone who has moved house is the expense. Many feel that compared to legal fees or removal costs, estate agents fees for selling are exorbitant.
So how much are estate agent fees for selling and is there a cheaper alternative? See how much we can save you with our estate agent fees calculator
Times have changed in the housing market and the internet has increased your options for the buying and selling of houses. Gone are the days when you had to hit the pavements, looking into the windows of estate agents or wait for the weekly newspaper. Most house buyers and sellers choose to use the internet to instantly compare prices, gain an idea about the value of property in their area and choose their new home.
When selling your house through a high street estate agent the first decision you have to make is whether or not you choose to use one or more agents. The sole agency agreement is the cheapest and most common option they offer. On average they will charge around 1% or 2% in commission from the sale price. If you require a quick house sale then you may opt for a multiple estate agency agreement. The typical cost of such an agreement is between 2% and 4% of the sale price which is paid to the agent who achieves the sale. Estate agents will in most cases offer either the percentage agreement as demonstrated above or a fixed fee.
Oh and don’t forget that VAT at 20% of the commission is then added onto that fee.
For example, a £500,000 property at 2% commission is £10,000. You need to then add another 20% (£2000), which means you actually pay £12,000 in total commission.
Fixed fees will vary from agent to agent, they may be open for negotiation, but can work out more expensive.
Read the small print so you know what you are getting for your money. Sometimes sellers are charged extra for advertising costs, photographic services and the For Sale sign.
Make sure the estate agent is a registered member of a trade organisation. If they are then they have to follow a strict code of conduct. This will offer the seller a means of legal redress if you feel that the sale process has been mishandled. Once you sign a contract with an estate agent you are legally bound to that agreement. If either party is found to be acting outside of the terms and conditions laid down by the contract, then they could face court action.
Can you make a saving at the click of a mouse?
The online estate agent, surf4aproperty.com can provide all the services of a high street estate agent at a fraction of the cost. They can market your property across the length and breadth of the country on the nation’s most popular property sites including rightmove, zoopla, prime location and Findaproperty. Their property consultants will guide you through to completion.
With estate agent fees for selling starting from £395 + vat so now you can afford to look and move. See how much we can save you with our estate agent fees calculator
