Hidden costs of selling a home

Deciding to put your house on the market is a big decision, and whatever the reasons behind that decision, it’s important to know exactly what selling a home entails, as there could be hidden costs you had not budgeted for.

Start your seller’s journey by approaching a reputable estate agent and asking them to highlight the specific costs you will be expected to cover from start to finish.
Here are a few expenses you probably failed to realized would fall on you.

– Agent’s commission on the sale of the property will usually be expressed as a percentage of the purchase price, but remember that the percentage DOES NOT include VAT. That cost will have to be paid for by the person selling the home.

– Maintenance and compliance certificates will be your responsibility. These certificates are a legal requirement and need to be provided in order for the transfer to be registered. Sellers should be in full compliance of the latest municipal by-laws in their area (they change often so make sure you stay on top of any new regulation) and its up to them to cover the costs of electrical, plumbing, gas and, in some cases, beetle and electric fence certificates of compliance.

– Make sure your new home is ready in time, or make alternative accommodation plans in order to move out of your old property on the established date. If you fail to do so than you will incur in the added cost of having to pay occupational rent to the new owners. Also, if you are planning on downsizing or moving to a temporary place while work on your new home is underway, budget for storage, as well as the insurance needed to cover your belongings in transit.

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