How to Save Money Selling Your Home
Using Traditional Agents
A traditional estate agent will be the most expensive option. Commission fees can range from as low as 0.75% to as high as 3.5%. Remember, these fees also include the additional VAT. The biggest savings you can make here are through reduced fees so don’t be afraid to ask for a discount. After all, the worst thing that can happen is they’ll say no. How far they’ll be willing to move will largely depend on the price range of your home and how easy the agent believes it will be to sell. If it’s a desirable property in a much sought after area, you should be on the lower end of the spectrum.
Online only agents are the middle ground option. They offer reduced commission fees, but you won’t get the hands on experience and local expertise that can really make a deal in the moment. Commission fees tend to hover around the 0.5% percent, but there are even online estate agents that are under £300. Most services include advertising on leading property websites, like Rightmove and Zoopla, as well as professionally taken photos, property valuation, and any assistance you might need online or over the phone. This method is becoming increasingly popular amongst UK sellers.
Selling Privately
The final way you could sell your home is, to put it bluntly, simply doing it yourself. This is by far the cheapest option, allowing you to cut out the commission fees altogether, but it means you’ll be limited to where you can advertise it. Zoopla, for instance, will only accept listings from agencies. Some sellers have turned to sites like eBay and Gumtree, but there can still be fees involved here. Social media websites, however, are completely free and have been attracting attention from creative property sellers. Joining local fan groups is a great way to advertise your home and posting a video on YouTube lets people see what the home is like. While the savings might be the largest here, the time commitment it could end up demanding might not be worth it.
Research the current property climate of your local area to determine what method works best for you. If you’re thinking of moving into the market more seriously, take a look at our tips for building a valuable property portfolio.
