Tips for First Time Home Sellers
If you thought it was daunting and overwhelming buying your property in the first place, you should know that it can be just as or possibly more stressful when it comes to selling it. This is particularly the case if the purchase of a new property is based on you getting a sale on the current property.
While we’re not saying it will necessarily make things easier, we wanted to put together a brief guide with some tips we wish we had known the first time we sold a property.
Budget Properly for All the Costs Related to Selling Your Home
You probably already realise that selling a home can be a very expensive process, but it’s worth reiterating. Your home likely is one of the most significant financial assets you have to your name. The last thing you want, therefore, is to miss out on the final sale price you were hoping for by being stung by costs you didn’t factor into your budget.
When saving or budgeting for selling your home, you should make sure you include the following:
Estate Agent Fees
Most estate agents charge a fee based on a percentage of the final sale price. This normally falls between 1.5 and 3%. This needs to be paid when the property sale has been completed fully.
Conveyancer or Solicitor Fees
The fees of both a conveyancer and a solicitor can vary dramatically depending on the work they do, as well as the property value and if you are also buying while selling. If going down this route, it is best to get at least three quotes from different firms. Importantly, as for a complete breakdown of their costs, so you can directly compare each of your shortlist against one another.
EPC or Energy Performance Certificate
You will need to be sure that you have an up-to-date EPC before you place your property on the housing market. Your estate agent may deal with it for you, but if they don’t, you will have to handle it yourself.
Existing Mortgage Company Fees
If the property you are putting up for sale still has a mortgage on it, you may need to pay some charges if you are going to pay your mortgage earlier than originally agreed. You can prepare yourself by asking for a full breakdown of the costs and fees you will need to pay when your house is sold.
There are several different options open to you when it comes to removal services. You can invest in a simple man and van that will help transport your belongings after you have packed it up all yourself or hire a full door-to-door service that involves the removal company taking care of just about everything. It’s best to look at the best options with regards to your location, budget, and timeframe.
Avoid Choosing the Estate Agent That Offers the Highest Valuation
It’s never an easy task finding a reliable, reputable, and experienced estate agent that will work towards their own interests as well as your own. You may be tempted to choose one based on the high valuation they give your property. It is not uncommon for estate agents to give a generous and inaccurate valuation. Often this is simply down to a lack of experience, but more often it is a ploy to get your business.
Rather than it being okay for the estate agent and bad for you, overvaluing a property is bad for both of you. As most buyers filter their property searches by price, it may be that your property will not even show up in their results if it is set to too high a sale price.
It is better if the estate agent you choose makes a more reasonable valuation. Even one that for the location, size of the property and other factors, is competitively low. In that situation, there is more likely to be a bidding war for the property, which will drive the price up anyway.
Consider Alternatives to the Housing Market and Restate Agents
Of course, you may want to completely bypass estate agents and the housing market. Especially if you need to sell your property quickly. That’s when you may want to consider a property cash buying company like Cash Home.