Sell your home #1
Selling your home is at best a complicated process and at worst, a real nightmare. Negotiating estate agents, hidden costs, legal jargon and indecisive buyers can test the sanity of the most motivated mover.
Our five-step guide to plain sail selling might help you along the way. Click the links below for more detail.
1. Check the calendar
If your move isn’t urgent, time the process to maximise your selling power. If you’re relocating or need a quick sale, you may be subject to seasonal changes in the market.
- Winter - With fewer buyers in November and December, you may have to compromise your asking price if you are keen for your sale to complete before Christmas. The New Year also gets off to a sluggish start.
- Spring - Putting your house on the market in late February can attract Spring buyers, particularly those with children who are keen to get their children into schools for the following September. Buyers tend to be most active in May and June.
- Summer - The market slows down again as buyers swap their property brochures for holiday brochures. The warmer weather in July and August is also bad news for sellers.
- Autumn - House hunting is back on the agenda in September as buyers are keen to secure their new homes before the dark nights set in. Before the run-up to Christmas overtakes us all, properties are back in demand.
2. Know the costs
Don’t get stung by hidden expenses.
- If you’re selling as well as buying, there will be extra solicitors’ fees involved to complete the two transactions.
- The main cost of selling is estate agent fees, usually set between one or two per cent of the value of your home. It’s vital to shop around to see what different estate agents can provide – and remember, the cheapest deal may not be the best one.
- If this isn’t your only home, you may also be liable to pay capital gains tax on the sale of the property.
- Don’t forget that you’ll need to move out, so costs could include hiring a removal van, a removal company and insuring your goods.
3. Choose your approach
Estate agents
You can use one or more estate agent, but choose those signed up to the Ombudsman for Estate Agents’ code of conduct. Look out for the following terms in the small print to ensure you’re not being tied into a dodgy deal:
- Ready, willing and able purchaser – Avoid this term, which gives an estate agent the right to be paid for finding you a buyer, even if you pull out of the sale.
- Sole selling – Only one estate agent has the right to sell your property. You’ll have to pay this agent too even if you or another agent finds the buyer
- Sole agency – Only one estate agent has the right to sell your property for a set period, but you won’t have to pay them if you find a buyer yourself
- Multi agency – More than one estate agent has the right to sell your property. You only pay the agent who makes the sale
Sell your own home
Cutting out the middleman by advertising on the Internet saves on estate agent fees and puts you in control of attracting buyers online. But there might be more legwork involved to ensure a sale goes smoothly. Look out for our next article on selling your own home.
4. Market your home
Valuing your home at the right price is a must. Get valuations from at least three different agents, and don’t just go with the agent with the highest bid – there’s no point pricing yourself out of the market.
Investing in a property valuation report can also help you decide a fair value to sell at. Do your research and find out the selling price of other properties in your area.
When it comes to viewings, we’ve all heard the clichéd tips that could clinch a sale - baking bread or brewing fresh coffee – but if your property is clean and inviting, and looks well kept, viewers will make up their own mind.
5. Close the deal
- Negotiation – haggling can be time-consuming, but negotiation is the key to achieving the outcome you’ve been working for. Look out for timewasters; try to find out if the buyer has made offers on other properties, and set out a time limit for negotiations if you’re looking for a quick exchange.
- Playing fair – if you are considering pulling out of an offer for a better one or gazumping a buyer, make your intentions clear to avoid ill feeling.
- Exchanging – you need to appoint a solicitor or conveyancer to do the legal work when exchanging contracts. Remember, once you’ve signed on the dotted line, there’s no going back as it’s legally binding.
