Selling my home and buying another. Advice please?
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I am approaching retirement and own my current house outright. I would like to get it ready ( decoration and general updates ) to sell it in the next 2 years and buy another, perhaps smaller and cheaper, more manageable property. If I sold say at £200,000 and bought at say £180,000, what projected costs and disbursements should I budget for in the whole process? It is 28 years since I moved, so simply out of touch with these things. And one final point, are estate agents fees negotiable, say on a sole agency basis? Thanks in advance ...
Answers (3)
I think the average price for buying and selling a home now is around £9000. You have to factor in your estate agency fees (unsure if you would be able to negotiate on these) which usually amount to between 1.5 and 2%. There will be stamp duty, mortgage arrangement and legal fees to pay as well as removal costs to factor in. Not a cheap business!
If I was you I would do all your decotating and hold on to your home things not looking good now or in the near future for selling good luck thought with whatever you decide to do
Yes, I agree with Smartcar. Unless you particularly want to move to a different place I would hold on for a while. Prices are at best stable and are still falling in many areas. We are going to rent out our current house when we move into our new one and sell when the prices come up a bit.
If you spending at the level you say your stamp duty will be 1%.
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You can certainly negotiate on agents fees. We have done so every time we have moved. Some agents will ask in return for a sole agency for a period, which is fair enough I think. It is an incentive for them to work harder during that time.
That's the kind of answer I was looking for, depressing though it is! It is a simple equation in this life that big money deals involve big money expenses. Thank god it's only a quid to become a millionaire on the National Lottery!