It is tough to say goodbye to the house you spent decades living in. It was a place of solitude, endless memories, and sorrows. However, now it is time to let the house go. Unfortunately, selling a house costs more than you expected. Here are a few wiggle rooms:
Unless the appliances have reached their last stage, why replace old appliances? However, you must install the necessary appliances, such as boilers and radiators. The installation will result in a better report from the surveyor.
Do not spend too much on renovating old appliances. The owner can install second-hand or used appliances if they work in perfect condition. Furthermore, new residents will bring the appliance with them, so purchasing a new fridge is unnecessary.
However, do not ignore the safety appliances. The owner must ensure that the carbon monoxide and smoke detectors, fire alarms, and other sensors are working properly.
Even though home staging is an essential component of selling property, it goes overboard quickly if the place looks fake. If you do not know what home staging is, it is a popular trick among realtors who wish to make the property more appealing.
The concept goes beyond swiping counters, cleaning, or removing in-the-way possessions. Home staging involves eliminating old furniture to make space for new items. It results in better presentation. However, too many additions can make the rooms too artificial.
Therefore, find the balance between old and new furniture. Suggestions are:
• Adding new paint to complement the dated furniture.
• Painting the doors into a new colour to entice a homey feeling
• Opt for a neutral colour scheme involving greys and blues.
Selling a house involves long-term and short-term projects. The house owner can easily fix scratches and cracks. However, certain projects require time, effort, and funds. Undoubtedly, a house will depreciate over time from usage, and replacing cabinets and countertops is costly.
You can lower the asking price if the surfaces and counters are beyond repair. It will save you much time from spending hours fixing detailed work that might not yield a return on investment. Similarly, the same logic applies to upgrades too.
For example, you can polish the mantelpiece, windowsills, and sinks rather than installing new fixtures. It is the right amount of effort that makes the house look attractive. The strategy adds value rather than highlights the flaws.
Faulty internal wiring and other huge electrical issues are life-threatening. They harm your loved ones, the owner, and the new residents. Therefore, these issues must be addressed immediately to ensure safety compliance.
However, the owner can overlook the errors if an LED light does not work or a switch is installed incorrectly. No property is perfect, and each house comes with its flaws. Therefore, stuck doorbells, faulty switches, and other benign issues will not adversely impact the surveyor’s inspection.
A buyer will observe the floor’s integrity closely. However, they understand that floor cracks are challenging to mend. The procedure requires laying down a new floor. The same applies to lamination and the wallpapers too. You can leave it to the buyers, who will renovate the floors and walls according to their taste.
If you sell a home in an unliveable condition, it is best to sell it cheaply. The owner must not waste funds fixing the entire house, which is very costly. Therefore, lowering the price will attract bids from different contractors. The buyer can sell it to the highest bidder.
• An energy performance certificate fee is a mandatory item in selling a house. It is attached to the listing before the property is introduced to the market. An EPC certificate will cost £75 + VAT. However, online applications are as inexpensive as £35+ VAT.
• An estate agent will cost the client 0.75-2.5% VAT of the selling price. The majority of these experts work on commission bases. In addition, a UK estate agent will charge 1-1.5% + VAT. Hiring multiple agents is expensive at a 2-3% commission rate plus VAT.
• If you sell a house through an action, its entry fee is 0-£3000 + VAT. A 2-3% + VAT commission is applied if the sale is successful.
• The solicitor is an essential component in selling a house. However, their fee factors into the quality of their services. Solicitors will charge on a percentage basis or a flat fee. Their fees range from £550-£1000, including VAT. The expense increases if the house is mortgaged or has a lease.
• Removal costs factor in the belongings and which of them reach the destination. The accessibility and distance are also studied. Further factors include fuel, repair, insurance, and packaging material. When selling a house in the UK, removal expenses range from £250-£4000 + VAT.
• £0-£170 for cleaning the house. Necessary repairs will cost you £0-£5500. In addition, redecoration, such as paint and window frames, is an additional £100-£2500.
• Mortgage exit Fee of £50-£300.
Source: The Advisory UK | The Cost of Selling a House
Selling a house is a complicated and lengthy procedure. Therefore, you wish to estimate the house-selling timeline for your convenience. Even though the timeline varies from house to house, the details below show the mean time for each stage.
• Listing a new home to offer acceptance requires 10-12 weeks.
• The conveyancing procedure lasts for 12 weeks.
• The exchange of contracts, signatures, and sale completion can happen on the same day. However, it may take an average time of four weeks to complete the step.
Timeline Source: Chancellors | How long does it take to sell a house in the UK?
In conclusion, listing the property and completing the sale takes four to six months. The time factors in numerous factors such as:
• Initiatives by the real estate agent
• Buyers’ willingness to pay
• Seller’s preparedness to sell the property
• Efficient of the solicitors at both ends.
With the cost estimation mentioned above and what not to fix, you will likely save a lot of money when selling your home. For more hidden secrets about property management and renovation, contact TRPE- The Real Property Experts today. Dial +44 2077 232 393 to get in touch with our experts.
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