How to Sell Your Home

How to sell your home? When the time comes to sell your home there are so many things you need to think about and it's not just about talking to estate agents. Selling your home can be as stressful as buying a home. The process is slightly different when it comes to selling. Not only do you have to think about how you’re going to sell but where you're moving to, do you have another place/home that you can move into? Do you have everything in place so when the day comes to move out you are able to? How will you sell your home? Today we will explore the things you will need to consider when you’re thinking about selling.

Firstly you will need to ask yourself why are you selling in the first place? Is it because you need more space or less space? Do you want to move to a more quiet area or closer to work? Or do you just want a change of scenery? So what is your reason for moving? This will help you in deciding what type of property you want/will need, the type of area to move into, and how much you are willing to spend. Make sure you know what you want before you think about moving or looking for a place.

It's All About The Dinero

Before you move, make sure you have your money in place. Do you still have an outstanding mortgage on your property? If yes, you will have to talk to your mortgage provider. You may have some fees to pay for early repayment. Are you able to pay for the mortgage plus fees and still have money left over once you have sold your property? Or will you have to put in more money? If it's going to cost you more to move then it would be a good idea to hold out a little longer so you don't end up worse off. You can talk to us about what option you have when in this situation. Think about how much you will need for your next property, do you have enough money left over for a deposit? If you don't have a mortgage then you’re fine, you get all the money minus the fees. Some of the costs to consider are:

Any loans that have been taken out against the property
Land Registry Fees
Legal Fees
EPC (Energy Performance Certificate), these usually last 10 years so if yours is still in date then you may not have to do one, unless you have made some changes such as adding a new room, extensions etc, then you will have to do another one.
Estate Agent Fees
Removal costs

A Well Groomed House…

You will not attract anyone to anything unless it looks good. Small changes make a big difference. A good clear out to show the amount of space the house has is always very appealing as one of the things people look out for is storage, especially if its a large family. Many people can't see past the clutter and dirt and can dismiss a perfectly good property and you could miss out on an early sale. Always remember people are attracted to nice looking, clean objects. If you can spray a nice scent in the rooms then this will also help. So where do you start: Start from the inside and work your way.

Start by removing things that you have not used, needed or even looked at for over two years. Place them in a bag and throw them out. You will be surprised at the amount of things you will find that take up so much space. Do you really need to keep that old bucket with a hole in it that's taking up all that space? Once all is removed, think about whether or not your property needs a fresh coat of paint. Keep the colours neutral, nothing too bold or daring. Everyone has their own taste and could be put off if the colours are too much for them. Once done, start wiping everything down and make it shine.
If you have a back garden lawn and its overgrown, cut it. Clear away any large items that have been left there, bags with rubbish in etc. You don’t need to bring in a landscape gardener, just make it look clean, clear and presentable.
Clean up the front of your house as well. This will create first impressions and ones they will take into the house with them. If you have hedges, cut them back and neaten them up. Do the front walls of the house need a clean or a fresh paint job? A few extra pounds spent here will make a lot of difference to the end sale price.

What’s It Worth?

Now that you have gone through the hassle and headache of fixing the little bugs here and there, clearing out the house and making it look spic and span, have a look at other similar properties on your road/area and see what they have sold for. Get an idea of what your house may be worth before you approach any estate agents. A few websites you can look at are Rightmove, Zoopla and HM land Registry to start with. You should have an idea of what price your house may sell for before approaching agents.

Once you have done your own research now look for reputable agents, at least three who have a good track record and who will work with you to get the best possible price. They should be able to tell how much similar houses have sold for in your locality and advise you on what price you may get for your house. Once you have spoken to at least three agents who have given you a price and from your own personal research make an educated guess on the best price to advertise your property for. The agents do this for free, but you could pay a surveyor to value your property who will be able to give you a better idea of what your property is worth. But also remember the house is only worth what the buyers are willing to pay.

Promote And Advertise Your Property

There are several ways you could promote and advertise your property to get a good price. You could use the high street agents, online agents, free sites such as Gumtree or listproperty4free.com, the house shop or social media and do self promotion. Or if there are any other creative ways you can think of.

If you are going to use a high street agent then you have to think about the commission charges and other fees they may charge you for extra work they do for you. The commission can be anything from 0.5% to 4% depending on your house type and the area you are in. However, you can haggle the commission. A good reason to use an agent is because they will do all the work for you i.e. advertise on their site as well as Rightmove and/or Zoopla and a few other sites, they will do the viewings and answer any calls that may come in regarding the property.

If you use an online agent then you have to ask what it is they will do for you, plus you have to pay them upfront to advertise your property on their site, unlike the high street agent, where you pay them once the property is sold. They will also charge extra if they have to do the viewings. So make sure you know exactly what it is that you will get for the price they are charging you. Also read reviews, but be careful because people usually write a review if they are really upset with a company or really happy, but nothing in between.

Get Your Legal Team Together

In order to get things moving and to conduct all the relevant checks on the property you need to speak to a solicitor. They will also see to it that the property is transferred to the new owner. Arrange for a solicitor to start work as soon as possible as this will ensure there are no delays. If possible it is better to get a referral from someone you know well as you will be aware of the type of service you will get. You don't have to go with the solicitor that your agent suggests as they usually have a financial agreement with them, which means it could be more expensive for you.

There are other alternatives to solicitors that may be cheaper to hire and can provide the same service. They are Chartered Legal Executives, CILEX Practitioners and Licensed Conveyancers who are all fully regulated. Always get a few different quotes and check on the quality of service as well. Never settle for the first offer, always look around before you sign any agreements. Some of the things you should consider are as follows:

Quality: If the solicitor has been referred then you have an idea of how good they will be, but if not then read up on any reviews of their company and look out for the solicitor’s name. Do they have the skills and experience to deal with your case? How quickly can they move? How good are they at dealing with complex cases?

Service: Are their working hours suited to your needs? What are their communication methods and how quickly do they respond? Do you prefer, phone, text/whatsapp, email etc and can they accommodate? How many years experience do they have in dealing with your type of case?

Price: Do they have a no move, no fee service? What are you paying for and how much will you have to pay? Always get a breakdown before accepting anything. But remember don’t go with a solicitor just because they are cheap or dismiss a solicitor because they are more expensive. Sometimes you end up paying a higher price for using a cheaper solicitor.

Talking To Buyers

If you have instructed an agent or if your selling the property yourself you will be talking to potential buyers, as above, don’t dismiss a lower offer as they may be able to move quick and don’t jump at a high offer as they may not be able to move as quick plus they may drop the price towards the end once it comes to signing contracts. There are a few things to consider before you accept an offer from a buyer:

Are you happy with the amount that has been put forward for your property?
How much have other properties sold for on your road/area? Is the offer reasonable?
Will the buyer pay using a mortgage or are they a cash buyer?
If they will be paying using a mortgage, do they have a decision in principle?
Is the buyer part of a chain? If so, how long is the chain?
What time scale can they work towards and does it suit yours?
How long will it take the buyer to move if you accept their offer?
Are they a first time buyer?
How many offers have you had?
What will you leave in the house upon sale? This is something that most people ask.

A Tempting Offer

After going through offers one will come through that you are happy with, now you have to make the other party aware that you wish to move forward with this. If you’re using an agent then you have to formally let them know. Once this is done, the buyer will start their proceedings i.e. instructing a surveyor, solicitor to do their checks on your property etc. Everything is still open at this stage and nothing is concrete. Either side can still pull out as no contracts have been signed. If you are really happy with the offer you could show your commitment by taking your house off the market. You can always ask your agent or solicitor for updates on how the case is moving forward.

It's usually around this stage that people start to negotiate a little more on price, after the surveyor or builder has got back to them with updates on the condition of the property. They will also be asking about what stays with the property and what goes. Sometimes you may want to leave something but the buyer doesn’t want it so you have to make arrangements to remove it, Or the buyer may want something but you don't want to leave it. Once all is agreed and contracts signed, both parties are legally obliged to buy/sell respectively. Neither side is able to pull out at this stage without good reason and must complete the transaction.

Moving Out

Once this is complete you must start looking for removal companies to start moving your furniture and other belongings to either storage or your new home. It will also be a good idea to check the meter readings for your gas and electric to hand in to your provider and pay off any outstanding bills. You must also let all necessary third parties know that you have moved out. These could be your bank, DVLA, the company you’re working for etc. Things will start to move along quite quickly at this stage so it is essential that you have everything in order and know exactly where you will be moving to. Once you have moved out the estate agent may come around and have a look at the condition of your property to make sure the things you agreed to leave are still there and also the property is in the condition agreed to.

Your solicitor will take care of the paperwork and the transferring of money and deeds of ownership. They will also register the transfer of ownership to the land registry. Once all is done you will have paid off any outstanding mortgage and/or other debt you had on the property along with any fees to the mortgage provider. This will be done by your solicitor. Once all has been completed you will get a final bill from your solicitor and your agent (if you used one).

How To Sell Your Home| A complete step by step guide