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4 hidden costs when selling your home

4 hidden costs when selling your home

Author: Pranil Maharaj
Date: 2017-03-24

Selling a house is a big decision, and one that could have hidden costs.

Sellers should be aware of all the costs involved, even the unlikely ones, before deciding to sell so as not to be unpleasantly surprised.

Speak to a reputableestate agentand ask them about the costs specifically. That way you'll be aware of any surprises before they come along.

An estate agent should be able to put your mind at ease by highlighting the costs from the start to ensure an easy and pleasant sales experience.

1. Agent's commission and VAT: An estate agent charges commission on the sale of any property, and it is usually expressed as a percentage of the purchase price. Note, however, that this percentage excludes VAT. This total is the seller's responsibility to pay.

2. Compliance certificates: Compliance certificates are a legal requirement in order for a transfer to be registered. It is a seller's responsibility to provide and cover the costs of electrical, plumbing, gas and, in some cases, beetle and electric fence certificates of compliance.

3. Occupational rent: In the case of the seller not being able to vacate the property on the agreed-upon date after the transfer, they will have to pay occupational rent to the new owners.

4. Moving costs: And finally, there are moving costs and the insurance needed to cover your belongings in transit.