by Mark Johnston
Selling a property is one of the biggest and most important transactions anyone will make. People have different reasons for selling, from disposing of an investment property to simply moving home.
Before selling your property your property you should take time to consider why you want to move. Also sit down with a calendar and work out a structure of the period before you move. Clear planning at this stage will help avoid confusion later on.
The next stage is to get the property in to the best condition possible, given constraints of time and money. Small DIY tasks should be first on the list.
When preparing the property to go on to the market a home owner should ask themselves a couple of questions, such as:
– Will the property be put on to the market ‘as is’?
– Will they spend money on making it more presentable?
– What is the budget?
If the home owner intends on getting rid of items they no longer need, it is wise to do so before starting to market the property, as the less clutter they have the more the property will look in a ‘move in state’, which is what potential buyers most look for.
The cost of selling and moving home can take a large bite out of the total new purchase budget, therefore the more accurate a home owner can estimate this figure the better.
Working out how much the property is worth and how much it needs to be marketed for can be achieved in several ways:
– consult local estate agents
– check out average sold house prices in the area
– Search similar properties for sale in the area and see what they are currently being marketed for.
If the home owner intends paying off the mortgage early with the funds from a sale it is worth checking with the lender exactly what debt is left and if there is a redemption fee payable.
This fee can be larger than expected and some home owners may not have been made aware of all the exit fees when they initially signed up for the mortgage.
The next important stage in this process is deciding on who will sell the property. It is possible to sell the property by themselves, however there are significant risks attached and it can be more expensive and definitely more time consuming.
This is due to the home owner then being solely responsible for setting the asking price, marketing the property, arranging viewings and negotiating any offers. It is also worth noting that the major property websites such as right move etc do not accept property advertisements from private sellers.
Therefore most home owners use a professional, as this provides them with expert knowledge and legal protection. Estate agents spend all day, every day selling property and as a result have built up a vast knowledge and expertise in the whole process. They should strive to achieve the best possible price for properties. On top of all this a good estate agent will be able to offer plenty of advice through out the whole process.
Story link - A Guide to Selling Your Property
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