Show me the money Jerry.
SHOW. ME. THE. MONEY.
Downsizing, upsizing or switching neighbourhoods, whatever the reason you’re making the move, here are the extras you need to look out for.
Like a modern day Jerry Maguire, we treat each client as if it’s our only one.
Agency Fees
Bar the deposit and cost of your next home, the biggest cost incurred tends to be the agent’s fees. A traditional estate agent can charge between 1 and 2.5% commission. With the average 3 bed semi in Dublin costing upward of €400K, that’s anything between €4,920 and €12,300 (as vat at 23% is added). And these are just the fees you’re told about. Say, what? Added extras can include bills for professional photography, online ads, brochures, for sale boards and other advertising, many of which are required upfront. Thankfully we charge one fair fixed fee (€2,500 for our full service).
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Conveyancing
Your solicitor plays a very important role in the selling of your house; from handling contracts, to liaising with the Land Registry and offering legal advice throughout. From the outset, agree a fee with your conveyancer and check whether you’re being billed hourly, as a percentage of the price or a fixed fee. Just as you would with your car insurance, shop around for quotes and mention these quotes for leverage. If you’re being charged on an hourly basis, make sure the conveyancer is working at an agreeable pace and processing the paperwork in a realistic timeframe.
Try to avoid a solicitor looking to charge a percentage of the sale, as this will increase the end price. You can expect to pay around €1,600 for the average property. Other costs may include VAT at 23% and fees for legal searches, land registry fees, bank and clerk charges – these can easily cost several hundred more.
Moovingo has partnered and agreed discounted rates with several law firms who specialise in conveyancing, talk to us today to find the solicitor that’s right for you.
BER Cert
Sometimes we take things for granted but it’s time we thanked the BER Cert and whispered the words ‘you’re worth it.’ The Building Energy Rating certificate (BER) evaluates the energy efficiency of your house and must be updated every ten years by law. This is an absolute must for all home-owners. This certificate is obtained from an official BER assessor who will charge between €120 and €300, depending on the size of the property. Have this assessment done early on in the process – it’s one of the first things any buyer will ask for. Same goes for when you’re buying your new house.
The Pile High Club
Sometimes we just have to put stuff into storage. It’s a necessarily evil. Chances are you can probably do another cull of things you just don’t need first. Once you’ve de-cluttered, scout about for cheap storage. Rent the smallest space you can get away with. Check for start-up storage facilities, they’ll often have introductory offers. Around 40 medium boxes, or the contents of a garden shed would cost about €75 a month – while 200 boxes, or the contents of a 3-bed house would cost about €165 a month. If you want to save on removals, phone a friend with a van but be prepared to take a full weekend. If you’d rather leave it up to the professionals, Vanquotes.ie is a free service dedicated to finding the best quotes from van operators in your area. Why not share a removal van? Most van operatives report that removals count for only 50% capacity of their van. A friend, colleague or family might be glad to share. Sharing is caring.
Renting
Renting doesn’t have to be a dirty word. It can be a far more favourable option than If moving in with the ‘rents or the in-laws. Keep the cost down by renting outside of the city or perhaps a commuter town. Your commute might take an extra 30-60mins but will prove to be far more cost-effective in the long run.
Staging
Make your home look a million dollars with just €2,000. Maximise kerbside appeal with glistening exteriors. Power-wash, paint, prune, purge and polish – your home should be cleaner than your track record. De-clutter and create the illusion of space with strategically placed mirrors and lighting. Investing in a good steam cleaner (€150) can eliminate the need for contract cleaners. If you’re hiring storage, try to rent the smallest space or hire a space with someone else. Read our exclusive staging guide here.
Local Property Tax (LPT)
Your solicitor will make sure all taxes are handled correctly. Depending on the value of the property, your local property tax is levied at different rates. From the revenue “When selling, buying or transferring a property there are certain duties on both the seller and the buyer. It is important that LPT clearance is in place prior to the closing of the sale or transfer of the property.”
Example, if you are the liable person for the residential property on 1 November 2017, you have to pay LPT for 2018. If you sell your residential property between 1 November 2017 and 31 October 2018, you are liable to pay LPT on the property for 2018.
Visit the Revenue calculator here to calculate your house’s LPT. If you already know about it, you can account for it initially.
You shouldn’t have to pray for a mission of mercy when selling your home. Preparation is key. Talk to us about add-on charges so you can account for it from the start. Selling your home is a huge undertaking. Come what may, do your research and you’ll be ready for the unexpected.
We offer several different packages to suit you and your property. Rather than up-sell, our packages offers an initial free valuation where a dedicated local property agent will help decide what’s right for you.
Drop us a line to see if we’re a good fit – click here to connect.
