Buying and selling costs

GMan5000

Hi,

I'm looking to buy a property between £250,000-£300,000 with the view to renovating and selling between £300k-£350k.
For the purpose of this question say I bought at £250k and sold 18mths later at £350k, without taking into account the renovation costs what approximate buying and selling costs am I looking to incur?

Many thanks in advance.

hazyjo

Solicitors fees (buying, selling) (allow £800-2K - remember one in around 3 falls through. It can add up)
Stamp duty (buying - increases at over £250k) (£?)
Estate agent's fee/online EA fee (selling - or however you decide to sell) (£? - usually around 1% of sale price for EA)
Mortgage fees if needed (buying, and selling if cashing in on a deal or terminating mortgage)
Survey (if getting)
Valuation (if getting - will need if mortgaging)


Mine has increased by £100k in 18 months (bought for £274k). BUT you are taking a massive risk if you think you will always make money. I effectively made a loss (due to what was spent on it) on two houses before that cos of recession. At one point, it was worth around £70k more than I paid, then the bottom fell out the market. You may find that when not in recession, it's not what you do to the house that increases its value, but the market itself.


Jx

Foxy-Stoat_3

Buying:

£ 250 for survey
£ 1,250 for legals

Selling:

£ 1,250 for legals
£10,500 for stamp duty
£ 5,250 for Estate Agents fees (1.25% + 20%)
£ 75 for EPC

Not including CGT.