Are you selling your house? If you are, know that there are expenses that come with this endeavour. You need to be aware of the costs you may incur when selling your home so that you can budget accordingly.
Based on a report, expenses for selling a house in Ireland may be anywhere between 1.2 to 4% of the property’s value. What exactly is included in these fees? Typically, the main services you need to spend on when selling a house are estate agent, legal and BER certificate fees.
Estate Agent Fees
Despite the presence of property portals which make the FSBO (For Sale By Owner) setup easier, many house vendors still enlist the services of professional estate agents. This is not surprising considering the numerous advantages of having an experienced realtor spearheading the sale of a property. On top of finding buyers immediately and getting good deals, estate agents ensure that the entire process is hassle-free for the seller from start to finish. So, if you are selling your house, don’t think twice about getting a realtor to help you.
Many established estate agents have fees amounting to a certain percentage of the property’s sale price. Meanwhile, there are also those who charge a fixed or flat fee. There are numerous factors which can affect an estate agent’s fee aside from the property’s value. Some of the things which can influence it are the scope of work, selling period, property location, etc.
For example, on top of their fee, others charge additional payments for advertising materials. Meanwhile, there are those who have relatively low rates but their service is limited to marketing your property.
According to reports, the average estate agent fees fall between 1.3 to 2.5%. However, it is not impossible to find trusted real estate companies which charge less than the average. For example, MTS Property only charges 1% of the agreed sale price and this already includes marketing or advertising costs. Moreover, the company observes a ‘No Sale, No Fee’ scheme. Hence, if your property does not get sold, you do not have to worry about paying your agent.
You need a solicitor to handle the legal aspects of this endeavour. Aside from safeguarding your legal rights, your solicitor takes care of all essential documents for this transaction such as the Contract of Sale. He can also handle the inspection of your property lines.
Just like estate agents, solicitors may charge a fixed fee or a percentage of the home’s value. The legal fees associated with selling a house may reach up to €1,500. This already includes the conveyancing fee, VAT and bank fees, among others.
If you are having a tough time finding a solicitor, you can ask your real estate agent for a referral. Also, make sure that you hire a solicitor early on. Do not wait until the need arises before you get one. should there be problems with the documents, it’s advantageous to have solicitor who can immediately check and fix the issue. This can save you a lot of time and prevent delays in the sale of your property.
BER Certificate Fee
You cannot sell a house in Ireland without an energy efficiency rating. So, this is an unavoidable expense. BER certificate cost ranges from €100 to €200. Factors that affect the price include the size of the property and its condition (if it’s new or old).
Currently, there are several companies offering building energy efficiency assessment. It is important that you shop around first to ensure that you get the best price. More importantly, make sure that you choose an assessor who’s SEAI-registered.
Aside from the estate agent, legal and BER certificate fees, other stuff you may need to spend on are renovation, staging and removal services. Of the three, renovation expenses may be the costliest. However, bear in mind that when selling your house, you do not need to completely overhaul your place and spend big on renovation. You can be strategic about the changes you’ll be doing to make your house look fresh without breaking the bank.
Learn more about how much you should spend when selling your house. Talk to our experienced real estate agents! Call us at 014959020 today!