The Costs of Selling a Home in Scotland: What to Budget For
Selling your property can yield a great return on your investment and, in the right market, can see you walking away with far more than you originally paid for your home. There can also be additional expenses you’ll need to consider to guarantee you’re adequately prepared.
In the latest blog by Beveridge, Philp & Ross, we’ll discuss the costs involved in selling your home in Scotland – covering everything from Home Reports to solicitors’ fees, marketing costs, moving expenses and more, to arm you with the knowledge you need to have a stress-free sale. Let’s get into it.
The Home Report
A Home Report is a mandatory property assessment conducted by a qualified surveyor and paid for by you, the seller. Its role is to equip potential buyers with the facts they need to make an informed decision on buying a property and was brought into effect by the Scottish Government in 2008.
Any property marketed for sale in Scotland is legally required to have a Home Report. There are a few exceptions to this rule (for example, when a property is sold to a private individual without going to market), but for the majority of sellers, a Home Report is an essential part of the process.
Inside the Home Report, you’ll find information on everything from your property’s condition to its estimated value, energy efficiency rating, accessibility and more. The Home Report is split into three distinct parts:
- The Single Survey – assesses the property’s condition and market value
- The Property Questionnaire – provides buyers with key information about the property (such as council tax band, parking, renovations, etc.) and is completed by the seller
- The Energy Performance Report – reports on the property’s energy efficiency
To prevent any unnecessary stress, we recommend prioritising your Home Report as soon as you decide to put your home on the market.
Our team of professional solicitors at Beveridge, Philp & Ross can assist you in obtaining your property’s Home Report. The amount you’ll pay typically differs depending on the size and value of your home – that’s why our team always provides clients with an estimated quote beforehand. Get in touch today to find out more.
The Energy Performance Certificate
The Energy Performance Certificate(EPC) is usually provided in the Home Report and is mandatory for all properties. Your home’s EPC rating is displayed on any property marketing adverts, meaning you’ll have to pay for this separately if yours doesn’t require a Home Report to sell. If you don’t provide an EPC, the local council may fine you £500.
If you’re not required to produce a Home Report, you must obtain an EPC from an agency accredited to the Scottish Building Standards, which is part of the Scottish government. At the time of writing, an EPC typically costs between £35 – £120.
Solicitor & Estate Agency Fees
If you’re looking to sell your home, Beveridge, Philp & Ross can help take the stress out of the sale. Our team of solicitors are also qualified estate agents, meaning you’ll have one skilled team on your side throughout the whole process. Our role as estate agents, simply put, is to take responsibility for selling your home and to obtain the best price we can for you.
Conveyancing is an equally important part of the selling process, overseeing the legal transfer of ownership from the seller to the buyer. You’ll need to budget for both when selling your home – thankfully, we do both.
Beveridge Philp & Ross are happy to give you a quote for estate agency and/or conveyancing fees and this will typically include:
- Any advertising costs (this can include professional photographs, ‘For Sale’ boards, brochures and other marketing materials)
- A detailed breakdown of the costs included in the quote
- What charges are involved, if any, should the sale fall through
Last, but certainly not least, you’ll need to make room in your budget for your moving costs. This might seem obvious, but many people selling their place of residence and moving into a new property can be surprised by the costs involved with shifting their furniture from A to B.
If you’re hiring a moving company, it’s worth spending some time online to find the best one for you. Have a look at reviews or, better yet, ask your friends and family – word-of-mouth recommendations are often the best way to find services that you can trust. Like many of those mentioned above, the costs will vary from company to company, so get a few quotes from the businesses that catch your eye and find out exactly what’s included in the price – will they supply the packing materials? What can you expect the moving crew to do on the day? Is insurance part of the quote so you know your belongings are safe? Be sure to get an itemised quote if you can and read the fine print thoroughly before you sign any contract.
Selling Your Home? Trust the Expert Solicitors at Beveridge, Philp & Ross for a Stress-Free Sale
With over 50 years of experience selling property throughout Edinburgh and the Lothians, our professional team of qualified solicitors is on hand to guide you through the process from start to finish, so you can rest easy knowing your home’s in great hands. Want to get started? Find out how much your home’s worth with our free valuation.
Get in touch today through our contact form, call us on 0131 554 6244 or email: firstname.lastname@example.org.