Cheapest Way to Sell a House

Moving home can be expensive.

There are ways to reduce your costs.

But you first need to consider factors specific to your property and situation.

The traditional way of selling your home

The traditional way to sell your home is to appoint an estate agent and sell it on the open market.

In the UK, the average cost of selling your home is between 1.5 – 3.5% of its selling price.

Estate agents fees make up a big part of this cost. They usually carry out several tasks, including:

Valuations
Pricing
Marketing
Viewings
Negotiations.

Their cost is a commission of between 1-3% of the sale price. So, for example, for a £200,000 home, you could pay between £2,000 – £6,000.

Besides estate agent fees, there are other costs to selling to consider, like:

These can add up to several thousand to your total cost.

However, the final bill come down to things such as the type, location and condition of your house.

Other ways to sell your house

There are alternatives to selling your home with estate agents.

When it comes to cost, these options come with their own benefits and drawbacks. These

1.Selling online

Selling a house online begins with identifying a suitable online estate agency.

These agents typically then arrange a valuation or do desktop research to create one. Their fees are lower than other estate agents, because they don’t have the same overheads.

However, their processes might not be as efficient. And their network might be less extensive.

So what you save in fees you might lose in the time it takes to find a buyer.

2. Auction houses

Property auction houses are organisations that hold events for property sales. At these events, potential buyers compete in bidding on properties against one another.

Many auction houses charge lower listing and commission fees than estate agents. They also provide relatively quick sales.

However, buyers lose control over the selling price. And a sale is not guaranteed – buyers might not place any bids.

3. Cash buyers

Cash buyers are usually companies that buy houses directly from sellers.

In other words, unlike the above options, they aren’t middlemen.

They don’t charge fees like estate agents do, because they don’t need to carry out the same services.

You will receive a cash offer, often below the typical market value. So, while you may lose out on some profit, it also avoids all the hassle and costs of a traditional sale.

Costs of running a home

The average home takes about 6 months to sell. This should be factored into your sale.

After all, there are costs of running a home. These include taxes, bills, and general upkept costs. Altogether, they can add up to about £20,000 a year.

Ways to reduce the cost of selling your house

Sidestep conveyancing fees

Conveyancers charge £600-£800 when you are selling a house. The cost can vary according to your property and location.

Many property experts do not recommend that you take on conveyancing yourself. But it may be worth considering if you have previous experience in this area.

You could also choose only to consult a conveyancer when you encounter trouble. This means paying an hour or two for their expertise.

That way, you can steer in the right direction on the essential issues. You can also avoid paying hundreds for tasks that you can do yourself.

Don’t make unnecessary changes or fixes

It is tempting to spend sums improving your property before sale. Lavish kitchens, swish bathrooms and landscaped gardens can boost value and attract buyers.

But significant home improvements often fail to recoup their total cost in increased sale prices.

Cosmetic redecoration and room makeovers can wait if money is tight.

You don’t need to replace old kitchens or bathrooms if they are sound. Most buyers expect to renovate, anyway.

But resist the temptation of expensive, luxurious renovations before selling. The reality is often that you won’t recover the total costs.

Do removals yourself

Hiring a removal company costs approximately £1,500 for a typical 3 – 4 bedroom house move.

But you can save money by doing it yourself or with the help of friends and family.

Sell your house with furniture

Buyers have different preferences when it comes to buying homes furnished or unfurnished. Most prefer the latter. But occasionally some prefer the former.

This is convenient if you are downsizing or wanted to replace your furniture anyway. And it can be used in negotiations to reduce the final selling price.