Buying your first house can be a real nightmare.
You spend so long scrimping and saving to get a deposit together and then you’ve got all of the other administrative cost to pay as well. But when you’re moving into a new home, it won’t be like that will it?
You’ve got the old home to sell so you’ll have plenty of money to cover everything. In some cases, you might be right, but there are a lot of hidden costs involved with selling a home that a lot of people aren’t aware of. If you haven’t factored those costs into your plan, you might be in for a nasty shock.
These are the hidden costs of selling a home that you need to know about.
Repairs And Decorating
When you show people around your home, you need to make sure that it’s in perfect condition if you want them to make an offer. That can be a lot more expensive than you realize and people often don’t see how much work needs to be done until they start.
Once all of the repairs are done, you need to think about decorating. When you show a house, you want people to be able to imagine living there. It’s hard for them to do that if it’s still decorated in your particular style. You’re much better off painting any rooms that are decorated in particularly bright colours because the buyer won’t necessarily like that.
It’s also a good idea to move as much of your furniture out as possible so they can see the space better. That’s not an issue if you’re moving before you’ve sold, but if you’re still living in the house, you might have to pay storage costs.
All of that work can quickly add up and if you haven’t factored it into your budget, you might not be able to afford it.
People get tripped up by this one as well because they think that the buyer pays for it all.
It’s true that the buyer pays for all of the surveys and the stamp duty, but you’ll still need to pay conveyancing fees to a solicitor that handles your side of the legal process. You can find a good guide to conveyancing fees from The Advisory so you know roughly what you’re going to have to pay.
If you want a decent conveyancing service, it’s likely to cost you somewhere between £600 and £800 which is a lot of money.
Don’t be fooled by the premium services that cost more either, they’re almost never necessary when selling a house.
When you move, you need to redirect your mail.
You can contact various banks and companies directly and let them know about your new address, but there’s always the chance that you’ll miss something.
The Royal Mail does offer a redirecting service but it’s going to cost you. It’s only £5.60 a month which isn’t a massive expense but it’s one that almost nobody is expecting when they move.
If you’re not careful, you could find yourself in financial difficulty if you don’t account for these extra costs when selling your house.
Disclaimer: This is a collaborative post.