There are various reasons why you might be considering selling your home. Maybe you just need to relocate to take up a particular job, or you require more space to accommodate a growing family.
Whatever the reason in your case, actually selling a property can be a lengthy and convoluted process. Here’s a guide to offloading your home especially efficiently in both expense and time.
Assess your finances
If you have an outstanding mortgage, notify your mortgage lender of your intention to sell, as early redemption penalties may be applicable. HomeOwners Alliance offers a free valuation tool which you can instantly use to roughly calculate your property’s value.
If you intend to buy a new home during the selling process, there’s obviously also the question of how large a mortgage this new property will require. Still, you don’t need to buy straight away…
Decide whether to move into a bought or rented home
Choosing to rent has various advantages in this situation. For example, you will be able to hold out for the home of your dreams rather than settle for buying a below-par one simply because there’s a buyer ready and waiting for your current home.
Leaving the housing chain will also increase your appeal as a buyer, but don’t worry too much if you genuinely need to buy and sell simultaneously; there are still ways to iron out the process.
Decide how the property should be sold
This entails deciding whether you ought to sell the house yourself or task an estate agent with doing so.
If you aren’t too experienced with the choppy waters of the property market, an estate agent can help you to smooth wrinkles out of your selling journey. They can also value your house to ease your decision about what price tag to attach.
Prepare your home to help ease its sale
Don’t underestimate the importance of “staging” your home to increase the chances of selling it both more quickly and at a higher value. Therefore, remember to clear excess clutter and apply some light-coloured paint as well as get rid of bad stains and odours.
Which? suggests considering some home improvements if the property is slightly run down. Expert help is at hand if, for example, you need flat roof repairs for a Newcastle upon Tyne home.
Accept an offer and handle contracts
When you receive a satisfactory offer, you can formally accept it. Though this decision wouldn’t be legally binding, you should resist making it until you are definitely happy with the offer on the table.
You and the buyer can then proceed to negotiate a draft contract before exchanging contracts. At this point, the decision to transfer the property will be a legal commitment.
Take care of “completion”
Once a sale is agreed, you would be left to move out by the day of completion. “Completion” is where the property changes hands, you take payment and you hand over the keys – a process that occurs on a previously agreed date, typically at midday.