According to the Welsh government, Wales is currently facing an annual shortfall of over 14,000 new homes.
The country might need to build an equivalent of these homes for the next 15 years to meet this underlying need. If you’re looking to sell a house in Wales soon, then this is the best time.
The perfect timing to sell a house is during instances of unmet demand. Wales has a vibrant home building industry. However, the sector faces limited supply due to a gradual surge in population.
Are you wondering, “How much does it cost to sell a house in wales?” This article clarifies everything you need to know when selling a house.
What Is the Average Cost of a House In Wales?
You might need to have at least £233,000 for you to acquire a house in the United Kingdom.
The average cost is lower than the current average cost in Wales, which stands at £187,008. However, this price may vary depending on other underlying expenses and charges.
Repairs
If you’re planning to sell your home soon, you might need to consider home repairs as one of the primary determinants of your home’s actual value. Buyers focus on the curb appeal. As such, you need to spruce up the house before putting it up for sale.
When you consider the repair costs, both exterior and interior home in Wales may be worth more than the estimated average cost to sell a house. Such repairs include painting, leaky faucets, and rundown roofs. Your home may also require decluttering or major bathroom revamp to put it back in shape.
On average, you might need around 5% of the total sale price to cover such repair costs. This may be about 8,977 pounds to get the house in tip-top condition. Before you settle for the actual value when selling your home, it would help to consider the underlying repair costs.
Repairs pose the most significant headache for homeowners looking to sell their homes. Depending on the extent of damage, the actual cost of your home might exceed the 5% estimation.
Realtor’s Commission
Selling a home is a long and tedious process. You might not be able to enlist the property and prepare for showing it to every potential buyer. This is the reason most sellers opt for the services of a realtor.
On average, realtors demand between 5 and 6 % of the total price of your home. The charge covers the commission to the real estate agent. For most realtors, agent commission is around 6% the sale price. The agent commission may cost this much depending on their years of experience or history of success.
You can always negotiate the total commission that such agents or realtors ask for when selling your home. You may consider a for-sale-by-owner option if you are keen on avoiding these additional costs. Either way, the total price of your home depends on the stated agent commission when selling.
Inspection
Inspection costs often have a direct impact on the total value of your property. Before selling your home, there’s a scheduled pre-sale home inspection. This inspection is critical, given that it reveals any underlying structural or mechanical problems within the home.
Inspection serves two vital roles. The first is the assurance to the buyer that the home they intend to buy has a clean bill of health. Secondly, the pre-sale inspection procedure vindicates the seller in case of any future liability related to the home.
The problem is that such pre-sale inspection costs may be over the roof. The actual cost of hiring a home inspector may vary depending on the size of the house. For instance, a three-bedroomed home in Wales may require anything between 200 and 400 sterling Pounds.
The cost of home inspection often ranges between 1 and 2 % of the total value of the property. Inspectors assess the plumbing, wiring, walls, ceilings, and floor before deciding on the standard of the home. You may need to consider the total expense accruing to home inspectors before marking up your home.
Home Staging and Closing Costs
Selling your home is an intricate process. You might need to consider other underlying costs, such as home staging before settling on the actual market value. Home staging helps your property sell faster than through most other traditional approaches.
You might need to consider an additional 200 sterling pounds if you hope to stage your home. Other standard costs include the closing expenses. Most sellers end up footing the closing costs bill, especially when the property is listed in the buyer’s markets.
The closing and the staging costs might eat up more than 2% of the set home value.
Do You Have an Alternative?
A close assessment of all these costs shows that you might need to factor in as much as 15% of your home’s value as the total selling costs. These expenses only cause the set price to increase, a situation that may limit the ability to sell fast.
You can evade all these stresses by simply selling your house to a direct buyer for cash. This involves selling the property as-is without the need to consider all these expenses.
At Mark King Property, we buy any house in South Wales and ease your pressure by completing the process in less than four days. You no longer have to deal with realtors and shady home inspectors. You also don’t need to worry about repair and staging costs when selling.
How Much Does It Cost to Sell a House? You’ve the Answer Now
Most homeowners dread the tedious process of selling their homes. The many brokers, inspectors, and agents involved can complicate matters for a seller. This is on top of numerous additional expenses when selling.
You no longer have to entertain all these expenses. Could you be wondering, “How much does it cost to sell a house in South Wales?” You can now sell your home for cash at a reasonable price and kick the selling costs out of your set sale price.
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