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How much to move house????

How much to move house????

Old May 5th 2004, 11:03 pm
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Unhappy How much to move house????

Just fell off my chair in shock. Estate agent has told us it will cost us about £12,000 to move house. This covers stamp duty on next house, searches, solicitors fees, removals, estate agent fees.

The estate agent want 1.8% PLUS vat to sell my house. That's about £3k!!! My property is first-time buyer territory so I'm not rich or a member of the landed gentry for starters!

The next house we buy will be in the 3% stamp duty bracket - that's gonna be about £8k. 3% kicks in at £250k so it's not as if we're buying a mansion!

After picking myself up off the floor, I then thanked my lucky stars that I wasn't buying a house in Melbourne and paying 7% stamp duty
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Old May 5th 2004, 11:58 pm
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"After picking myself up off the floor, I then thanked my lucky stars that I wasn't buying a house in Melbourne and paying 7% stamp duty"

don't rub it in....

we had the agents around the other week.3% and marketing costs just to the agent..

No wonder they give you cinema tickets when you complete.

We also missed out on the extra $5,000 first time buyers grant... some people have all the luck.

Where are you looking at moving to?
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Old May 6th 2004, 12:59 am
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Ha ha ha.......thank your lucky stars that you're not living in the USA!

Realtors (estate agents) fees are 6% over here - and in our town the cheapest property is US$500,000 which will buy you a very modest house. The realtors are very aggressive as they can earn so much money - but they seem to have a cartel and won't go lower than 6%. It's so odd that even in London the commission rates only tend to be 11/2% or 2%.

See here: http://www.adlerbenjamin.com (we live in Short Hills).


Then you have legal fees and moving costs on top. The weird thing is that it's rare for people to try and sell on their own - but in a hot market as it currently is there are often multiple bids on the same property as they are widely marketed on the multiple listing service.
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Old May 6th 2004, 1:39 am
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It's hard to see what the agents do for their money.

Last Friday I asked an agent to book me a weekend viewing on a property. They said they would call me back once they had agreed a time with the owner. I never heard back from them all weekend. I then got a call on Tuesday morning asking how I had got on viewing the property. I said no-one had called me to tell me a viewing had been arranged - the agency told me it was in the computer for 7pm the previous evening.

I then viewed a house with another agency. The vendor was moaning cos the agency were supposed to be doing accompanied viewing but they never sent anyone out from the office. The agency never even did a follow up call with me to see what I thought. If I was paying them all that money I would expect them to find out exactly what people thought of my house.

Maybe these are two isolated incidents but for £3k I would expect a better service.

Rant over!!
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Old May 6th 2004, 3:47 am
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Default Re: How much to move house????

Originally posted by HiddenPaw

The estate agent want 1.8% PLUS vat to sell my house.


After picking myself up off the floor, I then thanked my lucky stars that I wasn't buying a house in Melbourne and paying 7% stamp duty
We have to pay our agent his fee for the sale of our house soon. It's $6000, 2500 pounds!!!!! His fee was around 2.8% !!!!!!! Far more than the UK. He gave us a special as we know him, normally it's between 3/4%!!!

Not looking forward to paying masssive mortgage fees but what the hell hey!!
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Old May 6th 2004, 4:59 am
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Default Re: How much to move house????

Originally posted by janeyray
We have to pay our agent his fee for the sale of our house soon. It's $6000, 2500 pounds!!!!! His fee was around 2.8% !!!!!!! Far more than the UK. He gave us a special as we know him, normally it's between 3/4%!!!

Not looking forward to paying masssive mortgage fees but what the hell hey!!
gawd, these estate agent fees in all places (UK, US, AUs) are terrible - it's just a licence to print money. I'm in the wrong job!!
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Old May 8th 2004, 9:39 pm
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Default Re: How much to move house????

Originally posted by HiddenPaw
Just fell off my chair in shock. Estate agent has told us it will cost us about £12,000 to move house. This covers stamp duty on next house, searches, solicitors fees, removals, estate agent fees.

The estate agent want 1.8% PLUS vat to sell my house. That's about £3k!!! My property is first-time buyer territory so I'm not rich or a member of the landed gentry for starters!

The next house we buy will be in the 3% stamp duty bracket - that's gonna be about £8k. 3% kicks in at £250k so it's not as if we're buying a mansion!

After picking myself up off the floor, I then thanked my lucky stars that I wasn't buying a house in Melbourne and paying 7% stamp duty
Hello Hiddenpaw,

Have you considered selling the house yourself and not going through an agent? If your home is ideal for 1st time buyers then it should be relatively easy to bargain. Estate agents tell us they have people on waiting lists to buy our house if we chose to sell.

It could be worth sticking a sign up outside your house and see what happens, it may well save you a significant % of the price of the stamp duty on your next home.

Donna
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Old May 9th 2004, 4:42 am
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Default Re: How much to move house????

Originally posted by Jirrupin
Hello Hiddenpaw,

Have you considered selling the house yourself and not going through an agent? If your home is ideal for 1st time buyers then it should be relatively easy to bargain. Estate agents tell us they have people on waiting lists to buy our house if we chose to sell.

It could be worth sticking a sign up outside your house and see what happens, it may well save you a significant % of the price of the stamp duty on your next home.

Donna
You need to do more than stick a sign up outside your door (unless you live on a main thoroughfare). I'd suggest (a) making sure you are not overpriced, (b) holding an open house, and (c) advertising it in the local paper with a photo advert (maybe $100). If it saves you several thousands it's worth it. It worked for me.

3 houses have gone up for sale in my neighborhood recently, all through estate agents. All three either sold even before they went in the paper or within one week of being advertised in the paper. Real estate agents in this town definitely do not earn their money (over $6,000 in the case of each of these houses)
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Old May 9th 2004, 6:40 am
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To be quite frank I have never understood why estate agents charge a % commission anyway. As I see it this creates a scenario in which they are likely to over-value your house so that they get a bigger payment. Why it can't be a fixed fee is beyond me - whether a house costs £150K, £250K or £350K they are still doing the same amount of 'work' to sell it, so why should they get more (or less) depending on the value of the house?. It's not like they do a great deal for the money anyway.

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Old May 9th 2004, 7:51 pm
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tHANKS FOR your advice Donna and Dugongs. If time wasn't critical I would try a private sale. However, we're putting an offer in on a house today so I need to get mine on the market asap and I think leaving it to an estate agent is the best thing (plus with the new baby I havent got the time on my hands that I think I would need to go it alone).

Now it's just a case of which agent to pick.....they all charge the same round here so I might try a bit of bartering!

Keith & Val - couldn't agree more. As Donna says, the estate agents have got people queing up to buy houses....they probably won't need to lift a finger and they'll still get a nice cut!!
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