Welcome to the exciting world of selling your home! Whether you’re a first-time seller or have gone through the process before, selling your home is a significant decision that involves a lots of consideration. But fear not, because our guide is help you along your journey.
We understand that selling your home can sometimes feel overwhelming, with countless questions swirling in your mind. How do I price my home? Which estate agent should I choose? What are the best ways to make my home stand out to potential buyers?
Whether you’re looking to upgrade to a larger space, downsize for a simpler lifestyle, or simply exploring your options, our goal is to provide you with a step-by-step approach that will help you navigate the process with confidence and success.
For tips on finding your next home and what mortgage type is right check out our other guides.
Is Selling Right for You
If you’re considering selling your home and buying another it’s crucial to explore your options before deciding. For schemes and incentives and why to buy a new build read our other article. Here are key factors to consider:
- Cost comparison: Examine the financial implications of selling and buying. Consider expenses like estate agent fees, legal fees, and stamp duty. Compare these costs with investing in home improvements to see if it’s more cost-effective to stay and enhance your current property.
- Renting as an alternative: Renting out your home instead of selling can offer advantages like rental income and property ownership. However, consider the responsibilities and challenges of being a landlord, such as tenant management, mortgage types and property maintenance.
- Timing and preparedness: Assess if it’s the right time to sell and if you’re ready for the process. Consider market conditions, interest rates, and economic trends. Evaluate your readiness in terms of paperwork organisation, decluttering, staging, and finding a new place to live.
Figuring Out Your Finances
Before you embark on selling your house, it’s important to have a clear understanding of your financial situation. Here are some key steps to consider.
Determine Your Home’s Value
Getting an estimate of your home’s worth is essential. This will help you calculate how much money will be left after paying off your mortgage. You can start by researching recent sale prices of similar properties in your area or consulting with a professional appraiser.
Review Your Mortgage Details
Take a look at your mortgage paperwork or contact your lender to gather crucial information. Find out if there are any early repayment charges associated with switching your mortgage to another lender. Additionally, explore the possibility of porting your mortgage to a new property, which allows you to transfer your existing mortgage to your new home. We cover more details on mortgage types in our other article.
Consider Remortgaging Options
If you’re planning to move to a more expensive property or if your current mortgage deal is nearing its end, it’s a good time to explore the possibility of remortgaging for a better deal. This can potentially help you secure a more favourable interest rate or terms, saving you money in the long run. Speak with your mortgage advisor or shop around to find the best remortgaging options available to you.
Understand the Timing of Financial Figures
Keep in mind that at the early stages of the selling process, the figures you work with will be approximate. Until you have an agreed completion date and have exchanged contracts with the buyer, you won’t have an exact redemption figure for your mortgage. Therefore, it’s important to have a rough idea of the costs involved in selling your home to help you budget accordingly.
Choose an Estate Agent to Sell Your House
When it comes to selling your house, one of the first decisions you’ll need to make is whether to enlist the services of an estate agent or go the DIY route. Here are some key considerations and tips to help you make an informed choice:
Local Estate Agents
If you decide to work with a local estate agent, take the time to research and choose the right one for your needs. Look for agents with a track record of selling properties quickly and achieving asking prices. Online tools and websites can be immensely helpful in comparing different agents based on their success rates, customer reviews, and local market knowledge.
Agreeing on a Fee
When negotiating with a local estate agent, it’s important to discuss and agree on the fee structure. A common fee range is around 1% plus VAT for a sole agent. However, fees can vary, so you need to understand what services are included in the fee and how it aligns with your budget and expectations.
Exploring Online Estate Agents
Online estate agents have gained popularity as a more cost-effective option for selling a house. Take the time to review different online estate agents and compare the services they offer along with their pricing structure. Online agents often provide packages that cater to various needs, such as listing your property on popular real estate websites, handling inquiries, and providing professional photographs.
Explore Part Exchange Schemes
To avoid the hassle of selling your home on the open market, another option to consider is participating in a part exchange scheme. Esteem Homes, for instance, offers a part exchange scheme where you can sell your current home as part of the process of purchasing a new property from us. This can streamline the selling process and provide a convenient solution if you’re looking to move to one of our developments. It’s worth exploring this option and contacting us for more details.
Consider Selling Your Home Yourself
Selling your home without an estate agent, also known as selling privately or through a “For Sale By Owner” (FSBO) approach, can potentially save you money. However, it requires a considerable amount of time, organisation, and effort. It’s crucial to be well-informed about the legal requirements, marketing strategies, and negotiating skills involved in the process. Online platforms and resources can provide guidance and tools to help you navigate the FSBO route successfully if you’re up for the challenge.
The choice between using an estate agent, selling your home yourself, or exploring part exchange schemes depends on your personal circumstances, time availability, and level of expertise. If you’re unsure, consulting with a reputable estate agent or seeking professional advice can provide valuable insights to assist you in making the best decision for a successful home sale.
Decide How Much to Sell Your Home for
Deciding on the price for your home requires careful consideration and a combination of factors. Here are some steps to help you determine how to price your home effectively:
- Research the local market: Begin by conducting thorough research on the local housing market. Look at recent sales for similar properties in your area to get an idea of the price range. Consider factors such as location, property size, condition, amenities, and any unique features.
- Get professional valuations: Seek valuations from multiple real estate agents or professional valuers. They have expertise in assessing property values and can provide you with a realistic estimate based on current market conditions and local knowledge.
- Use online valuation tools: Take advantage of online valuation tools to get a rough estimate of your home’s value. These tools use algorithms and data analysis to provide instant valuations based on available information.
- Consider unique factors: Assess any unique aspects or improvements of your home that may add value. This could include renovations, upgrades, or desirable features that differentiate your property from others in the market.
- Allow for negotiation: Buyers often expect some room for negotiation, so it’s wise to set your asking price slightly higher than the minimum price you are willing to accept. This gives you some flexibility during negotiations while ensuring you don’t undersell your property.
- Seek professional advice: If you’re uncertain about pricing your home, consult with real estate professionals, such as agents or valuers. They can provide valuable insights and guidance based on their experience and expertise.
Hire a Conveyancing Solicitor
Enlisting the services of a conveyancing solicitor can be a wise decision. With their legal expertise and assistance, they can guide you through the intricacies of the selling process. Here’s why you need one and what they can do for you:
Legal Expertise
Selling a property involves complex legal procedures. A conveyancing solicitor specialises in property law and will ensure that all legal requirements are met. They have the knowledge and experience to navigate through various legal documents and obligations, protecting your interests throughout the transaction.
Document Preparation
Selling a property requires preparing and reviewing a multitude of documents. Your conveyancing solicitor will handle this aspect for you, ensuring that all necessary documents are in order. They will draft and review contracts, making sure that everything is accurate and in compliance with legal regulations.
Title Search and Investigation
A crucial aspect of the conveyancing process is conducting a thorough title search. Your solicitor will investigate the property’s title to verify ownership, check for any restrictions or charges that may affect the sale, and identify potential planning or environmental issues. This ensures that the property is free from any legal complications that could impact the sale.
Contract Management
Negotiating and managing contracts is a vital role of a conveyancing solicitor. They will work on your behalf to negotiate the terms of the sale, including the price, fixtures, and completion dates. Their expertise ensures that your interests are protected and that the contract reflects your agreements with the buyer.
Financial Transactions
The financial aspects of selling a property can be complex. Your conveyancing solicitor will handle the necessary financial transactions, such as facilitating the repayment of any outstanding mortgages, arranging for fund transfers between parties, and ensuring that all fees and taxes are settled correctly.
Smooth Completion
Your solicitor will oversee the final stages of the sale, ensuring a smooth completion. They will coordinate the exchange of funds and legal documents between the buyer’s and seller’s solicitors, ensuring that all contractual obligations are fulfilled. For an even smoother transition part exchange can be a great alternative to selling .
Prepare Your Home for Sale
When it comes to selling your home, the preparation and presentation play a significant role in attracting potential buyers and maximising its value. Consider the following tips and strategies to prepare your home for a successful sale:
- Declutter and depersonalise: Start by decluttering your space and removing any excess items. Create a clean and organised environment that allows buyers to envision themselves living in the home. Pack away personal belongings, family photos, and excessive decorations to create a neutral and inviting atmosphere.
- Enhance curb appeal: The first impression matters, so focus on improving your home’s exterior. Ensure that the front of your property looks appealing and well-maintained. Pay attention to details such as a tidy front garden, manicured lawns, trimmed hedges, and a clean driveway. Consider adding some potted plants or flowers to add colour and charm.
- Make necessary repairs: Attend to any minor repairs or maintenance tasks that may be noticeable to potential buyers. Fix leaky faucets, squeaky doors, cracked tiles, or any other small issues. These small fixes demonstrate that your home has been well-cared for and can help create a positive impression.
- Refresh with paint: Applying a fresh coat of light-coloured paint can work wonders in brightening up your home’s interior. Stick to neutral tones that appeal to a broader range of buyers. A fresh coat of paint can make rooms feel larger, brighter, and more inviting.
- Clean and stage effectively: Clean your home thoroughly, paying attention to every corner, including carpets, windows, and surfaces. Consider professional cleaning services if needed. Stage your home strategically by arranging furniture to create open and inviting spaces. Use tasteful and minimal decor to showcase the potential of each room.
- Highlight key features: Identify the unique selling points of your home and make them stand out. Showcase attractive features such as a fireplace, architectural details, or a spacious backyard. Ensure that these areas are well-maintained and receive proper attention during the staging process.
- Maximise natural light: Open curtains and blinds to allow natural light to flood your home. Bright and well-lit spaces create a sense of warmth and openness that can be appealing to buyers.
- Consider professional staging: If you’re unsure about staging your home effectively, you can hire professional home stagers. These experts have an eye for design and can arrange your furniture, decor, and accessories to showcase your home’s best features and create an inviting ambiance.
Accept an Offer
Congratulations! You’ve received an offer on your property, marking an exciting step forward. Here’s what you need to know about accepting an offer and negotiating the draft contract:
Reviewing Offers
The estate agent is obligated to pass all offers on to you. Take the time to carefully consider the offer. If it falls short of your expectations, you have several options. You can reject it outright, wait for potentially better offers, or instruct the estate agent to negotiate for an improved offer.
Formal Acceptance
Once you are satisfied with an offer, it’s time to formally accept it. Keep in mind that accepting an offer is not legally binding, allowing you the flexibility to change your mind or accept a higher offer later. However, be mindful that retracting an accepted offer can be distressing for the buyer.
Negotiating the Draft Contract
The buyer and you will engage in negotiations to finalise the contract details. These negotiations involve determining the length of time between the exchange and completion, specifying which fixtures and fittings will be included in the sale and agreeing on their respective prices, as well as discussing potential discounts due to issues identified in the survey.
Exchanging Contracts
The exchange of contracts signifies a legal commitment on both sides. As the seller, pulling out without a valid reason can lead to the buyer’s deposit being returned, and you may face legal consequences. Ensure you have appropriate buildings and contents insurance in place until the sale is completed.
Moving Out
You have the flexibility to choose when to move out, even on the day of completion. However, if possible, moving out before completion can reduce stress. Ensure that the property is in the agreed-upon condition, including all fixtures and fittings. It’s worth noting that the buyer and estate agent may visit between your move-out date and completion to ensure everything is in order.
Make sure to read our other blog on how to find the right home.
Emily - Experienced Realtor
Emily is an expert realtor with an exceptional understanding of the real estate market. Her expertise lies in providing personalised guidance throughout the home buying and selling process, ensuring a smooth and successful transaction for all parties involved.