There are far more expenses involved in listing a home in the North East than most homeowners realise. Having realistic expectations about actual listing costs allows homeowners to properly prepare financially for the outlay of funds. Regrettably not every cost is apparent and all too often homeowners find themselves in a financial pinch because they didn’t calculate the true cost of listing their home on the market.
Whether listing with a real estate agent or attempting to sell on their own, we’ve gathered all of the information to help you make a sound decision for your financial and personal circumstances. Read on as we explore a breakdown of fees for homeowners listing their homes in the North East.
Of course this is only a rough guide, everyones costs will vary depending on each individual circumstance. The actual costs could be a lot higher if the property you own is in particularly poor condition. This is often the case we see when a property has been inherited.
Repairs
When listing their homes in the North East, making necessary repairs may be the most costly out-of-pocket expense that homeowners must pay before the house sells and it is likely their biggest concern. Now, if your home is brand new or like brand new, this may not be of much concern. However, with older homes, each passing day brings the potential for new and expensive discoveries that could lead to major repairs. Over the winter this can be even worse as bad weather and storms cause damage, which can lead to water and weather ingress, and much more! There is no other way to make an educated decision than to have all of the facts. This is why the professional investors like those at North East House Buyers means you’ll have a complete accounting of how much it will cost to list and sell on the traditional market vs. a direct sale?
Commission
Despite not being anywhere near as bad as it is in some countries, estate agent commissions are still a fairly hefty fees for homeowners listing their homes in the North East. Typically around one to two percent of the value your home sells for will be paid out in commission. As the average home price continues to rise these costs also increase too, for example if your house is worth £200,000 that equates to a commission of £1,000 – £2,000 which will be paid at completion.
Legals
When homeowners are listing their homes in the North East, don’t forget to add in the fees for the legal costs. You’ll have to pay the solicitors at the end of the sale, their fee’s can be anywhere from £500 – £1000. Bare in mind that even if the sale doesn’t complete for whatever reason you will still have to pay them for this!
Prepping
For homeowners listing their homes in the North East, another expense you must account for is preparing the house before listing. A quick update to decor, a fresh coat of paint, and some new flooring will help get the home in show-ready condition but can put a big dent in your wallet.
Marketing
Real estate marketing fees for homeowners listing in the North East will also include professional digital photography and a 360-degree tour for most homes. Providing less than the best digital imagery in your listing can result in a poor response from your potential buyer pool. Tech-savvy buyers scroll by most listings that don’t immediately present well. A problem with your listing can cause your home to linger on the market, meaning you are more likely to realise a lower final sales price.
Holding Costs
Among the costs that aren’t obvious for homeowners listing their homes in the North East is the expense of holding the property month after month. As each month passes, the continued expenses associated with the property begin to deplete the profits, especially if something else should suddenly need to be repaired. These include:
- Council tax
- Utility costs
- Insurance payments
- Maintenance
- Mortgage and/or any other debts
Timing
Another fee for homeowners listing their homes in North East may be the expense of moving into temporary housing until your final destination is ready, which can be pretty expensive. You won’t need to worry about prepping, showings, or repairs if you work with a direct buyer from North East House Buyers, we buy homes as-is for cash, so the closing can be fast if you’re under a time crunch
At North East House Buyers, you can speak with a professional investor with no obligation, these highly trusted and caring experts have the experience to help you solve your problems. Why not sell directly to North East House Buyers and sell your home without paying any out-of-pocket expenses upfront. The professional investors at North East House Buyers work every day to help homeowners, and we never charge homeowners commissions, closing costs or any hidden fees for listing their homes in North East. Call North East House Buyers at 0191 462 0160.