How much does it cost to sell a property?

Are you thinking of selling a property?

When you decide to sell a property, there are various factors to consider. Firstly, you will want to know how much your property is worth. Knowing this crucial piece of information will guide you when making change to your home to prepare it for sale; you don’t want to waste money on renovation where it won’t make a difference to the property’s value. With regards to renovating your property ready for sale, the best thing to do is neutralize the decor and de-clutter. A tidy, freshly painted property will make all the difference to potential buyers. Another important thing to consider is instructing an estate agent. You will want a competitive sales package and an honest and straight-forward agent who will be transparent with you throughout the selling process. Here at Space Estate Agents our sales package stands at a more than affordable £699+VAT. You also want to know how the estate agent will advertise your property; think about how you want people to view your home and choose an estate agent based from this. Here at Space we advertise properties on online portals as well as on social media to ensure that your property is out in the open for potential buyers to see. You also must check that your paperwork is up to date; failure to obtain an Energy Performance Certificate (EPC) for example can result in a fine.

 What are the costs of selling a property?

Selling a property can be a lengthy, and sometimes quite expensive process. It is important to remember that there are basic costs to selling a property such as estate agent fees, conveyancing fees, ordering an EPC, and the cost of removing your items from the property. Luckily, at Space Estate Agents we keep our prices as low as possible for our clients; we offer a competitive sales package of only £699+VAT.  There are also extra costs that are easy to forget about. As a result, people often underestimate the true cost of selling a property. For example, preparing your home for sale can cost anywhere between a few hundred to thousands of pounds, depending on what needs doing. Your property might need a lick of paint or it might require serious work doing it. Re-assess your property and take into consideration what work needs doing to it prior to it going on sale. You want your property to appear as attractive as possible to potential buyers, so its important to invest money in re-decorating if needs be.

Impact of COVID-19 on selling a property

Despite the implications of COVID-19, the property market is active, and people are still wanting to purchase property which is good news for sellers. The government have relaxed the regulations around Stamp Duty, meaning that between 1st July and 30th September, no stamp duty has to be paid on the first £250,000 of any primary residential property (this is up to £300,000 for first-time buyers). Whilst the government recommends virtual house viewings, in-person visits can still take place, although social distancing measures must be adhered to (sanitise hands, wear a mask, avoid touching surfaces). The property market is unpredictable in a non-pandemic landscape, and now it is even harder to predict if house prices are rising or decreasing. That being said, the extension of the stamp duty holiday means that properties are likely to be in demand at least until the end of the stamp duty holiday deadline.