The DIY House Sale

With the cost of moving always a bugbear, most movers wouldn't say no to shaving a few thousand off their outgoings. You may, of course, shop around to get a good price for the conveyancing fees and many solicitors will offer you a fixed price deal.

But the one area where you can exercise your negotiating skills is with estate agents. With a quieter market and softer house prices, many are open to offers and you may be able to negotiate on percentages.

Or you could cut them out altogether and do your own marketing. Online private sales website, Houseweb claims that this could save you up to £4,000. Out of the £10.6 billion spent on moving home last year, not including the house, half went on stamp duty, about £3.2 billion went to estate agents and £1 billion to solicitors, according to research from the Woolwich.

Using estate agents isn't compulsory. In fact it's been estimated that there are now around 200 private sale property websites including a few large operators, such as The Little House Company, Houseweb, Underoneroof and Propertybroker. Together with a vast array of local newspapers, you now have more advertising choice than ever before.

The one thing that can put people off selling their own home is security. You don't have a clue who is going to come round to view your home whereas an estate agent may vet visitors.

What else do estate agents do?

Let me think this might take some time! Advertise your property - well you could do that - and negotiate the price - this can be a tough game to play for the inexperienced but it's something you can learn.

Estate agents do advise you about the value of your home and give suggestions on the cosmetics, which can be useful. However, most people are nosey and know exactly what similar properties in their area sold for and, as for the cosmetics; all you need is an honest friend.

If you are a little nervy about selling on your own, you could go it alone AND opt for an estate agent. Fortunately, the Office of Fair Trading ruled last year that if you manage to sell your place yourself, then you don't have to pay agency fees as well. But be sure to look carefully at the wording of the agent contract. As long as you give the agency sole agent rights, rather than sole selling rights, you're safe as you are not an agent.

Mark Desvaux, managing director of HouseWeb, says that the advantage of using an online sales service is that you only get serious buyers. HouseWeb's fees start at a standard rate of £47 for the advertisement and £129 for its deluxe services, which includes high priority on listings, a professional photograph and flyers. Top of the range is its deluxe virtual tour package. This includes the ad, all the trimmings plus a video of your home for £299.

Mr Desvaux estimates that about 10% of properties are now sold privately in the UK against 50% in Europe. He believes that when the homebuyers' information packs are introduced next year, which will cost sellers about £1,000, DIY selling will increase. He said that sellers will look to recoup the extra cost and estate agency fees are the obvious place where there is room for manoeuvre.

22 June 2005 © Moneyextra.com

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