The hidden costs of selling your house through an estate agent

So you are looking at downsizing, maybe relocating to another city, moving in with your partner or moving away from a partner. Whatever the reason the house needs to be sold. So you open the newspaper and phone three local estate agents. You have to leave a message for one as it was lunchtime but arrange for one agent to pop round for a valuation. They turn up in a flash car and a sharp suit promising the world all for ‘no sale no fee’. You agree to give it a go and put the house on the market for £99,950.

Fast forward 18 months and you have finally exchanged and completion is around the corner. You missed out on the dream house 12 months ago and another 5 months ago. You could have done with the cash sooner but none the less you have exchanged and completion will happen… but for £76,500. Lack of activity at the start meant your agent suggested slashing the price by £10,000. After you had a chain collapse you then dropped it again to £79,950 with an open day shortly after. You finally get an interested party and after some haggling you finally agree on £76,500.

You’ve already had to pay £100 for an Energy Performance Certificate at the start of the process. £500 for extra advertising in the paper and on Rightmove. Your solicitors bill is fast approaching £1,500. The in house mortgage broker has charged £400 for your new property. You’ve been paying £410 per month mortgage for the past 18 months (£7,380). The completion statement has come through from the solicitors and after you’ve paid your 2% estate agents commission (£1,530) its barely enough to cover your mortgage.

How do you even put a cost to the stress of the past 18 months.

It’s no wonder more people are turning to professional property buyers in order to skip the hassle and get their property sold immediately. With all their fees paid and a completion in 4-6 weeks it is a very quick and straight forward alternative to selling on the open market.