Selling a house: these costs are your responsibility

There are various expenses involved in selling a house. These expenses are mainly incurred
in order to sell the house more quickly or to increase its value. When buying and selling a
property, the buyer and seller face different costs. In addition to the purchase price, buyers
incur land transfer tax and land registry fees as cost factors./span>

addition to the purchase price, buyers
incur land transfer tax and land registry fees as cost factors. Sellers, on the other hand, are
faced with the costs of energy certification, speculation tax and valuation, among others.
Notary fees are paid by both parties.

What are the costs involved in selling a house?

Speculation tax

If you have lived in the property you wish to sell for your own use, you are not subject to
speculation tax. Speculation tax takes into account the increase in value of your property
over time. Similarly, you do not have to worry about additional costs when selling your home
if you have waited ten years after buying the property to sell it. In this case, you have taken
into account the speculation period and are therefore exempt from paying speculation tax.
The amount of the tax depends on the purchase price of your property.

Energy certificate costs

Another cost factor is the energy certificate that the vendor must obtain. This can cost up to
€500. The energy certificate, which must be presented to the buyer, contains information
about the energy efficiency of the house.

Notary fees

There are also notary fees. Notaire's fees are compulsory and are generally borne largely by
the buyer. In general, notary fees amount to a certain percentage (maximum 2%) of the sale
price. If the owner cannot be present at the sale for health or other reasons, it is necessary
to obtain a notarised power of attorney for him or her.

Any previous debts

Before concluding the sale contract, the notary ensures that the property is transferred to the
new buyer free of debts. Consequently, any old debts on the house must be settled before
the sale. Once the amount of the debts has been determined, the buyer must cancel them
with the banks.

Brokerage fees

Brokerage fees should also be taken into account. Brokerage fees are payable when an
estate agent has been engaged to negotiate a property. Unlike notary fees, which have a
clearly defined breakdown, there is no single order for the sale of property. Brokerage fees
are therefore set individually. However, a new law regulates the division of costs between
the seller and the buyer. Under this law, brokerage fees for the sale of a house are generally
shared equally by both parties.

Advertising costs on property portals

If you decide not to work with an estate agent, you will have to pay for advertising your
property on property portals. The cost of such an advert varies according to the type and
size of the advert.

Land transfer tax

Once the sales contract has been signed, the land transfer tax is due. The tax authorities will
notify the property owner of the exact amount of land transfer tax in a letter. The seller and
the buyer can agree in the contract of sale of the property which party should pay the tax,
but it is usually the buyer who bears it.

Renovation costs when selling a house

Carry out the necessary renovations to sell your home quickly and at a good price. When it
comes to ancillary costs when selling a house, all the figures should be correct.
One of the most important things you can do to sell your home quickly and at its fair value is
to correct the defects in the house, as the cost of selling the house is proportional. As far as
possible, you should check the problem areas in the ceilings, floors and walls, correct any

visible defects and faulty installations and make any necessary alterations. Even if you don't
have this option, you can at least clean up your house and make it more attractive.

Make sure your home qualifies for a mortgage

As the use of a home equity loan to purchase a home has become increasingly popular in
recent years, it is important to assess the eligibility of your home for a home equity loan so
that you can sell it quickly and at a certain value. In principle, we have classified the
characteristics that a home eligible for a loan must have according to the following elements:

• their home must be co-owned or be the subject of a co-ownership deed/span>
• when a house is under construction, it must be at least 80% complete for most banks
• no alterations that do not comply with the type of construction must have been made during
  the construction phase

Conclusion

The costs of selling a house are made up of different cost factors. While some costs can be
clearly attributed to the seller or the buyer, others can be settled by mutual agreement. For
example, renovation costs prior to the sale of the house represent a financial burden for the
seller, and are definitely a major item of expenditure. On the other hand, the buyer pays the
costs associated with the purchase, such as land transfer tax. In principle, there are also
costs that depend on the value of the property.
The experts at ADEN Immobilier are at your disposal to answer any questions you may have
about the costs of selling a house or any other matter.