Thinking about moving and selling your house?
If yes, one thing is sure – your relocation will not be the only question on which you’ll need to ponder. Putting up a property for sale was never as complicated as it is nowadays and anything that slows the transaction can actually be the cause of it to fall through. That’s why you need to remove as many obstacles along the way as you can and to do that, you need to consider the following questions in advance.
How much is your property worth at the moment?
To start things off, you need to get a general idea of your home’s current worth – you need to know what to expect from the current market. When researching, It’s best to refer to as many sources as possible – something a lot of people wrongfully don’t do. You can check the current prices of similar properties over at Zoopla and Rightmove and additionally, get valuations from multiple local agents – the more you manage to get the better picture you’ll be able to form.
How much will it cost you to sell it?
Now that you have an idea of what you’re going to get, it’s time to estimate the expenses which will pile up in the process of selling your house. In general, the list includes:
- Estate agent fees;
- Conveyancing solicitor fee and other paperwork;
- Energy performance certificate;
- Removals services.
Summing those up will give you a rough estimate of your expenses but you can add points – such as key repairs – on the go. Now do the easy math and calculate the margin of selling the house and see if you can boost your home’s worth a tad bit.
How will you sell?
The goal of property owners has always been to sell as faster and for as much money as possible. Unfortunately, there are a number of methods to sell a house which makes the process of deciding even harder. Let’s look at each one’s pros and cons.
- High-street estate agents – the traditional property sales route inevitably goes through an agency. High-street agents charge you a percentage fee ranging between 0.75% and 3.5% of the selling price of your house. However, sometimes commissions aren’t the only fees you’ll have to pay, as every agent has their own terms and conditions and can have various sorts of additional charges for related services. (learn more) Luckily, the age of high-street estate agents with their gigantic fees slowly comes to an end and they get replaced with other, cheaper options.
- Online agents – basically the “new thing” in the industry, online agents are times cheaper than high-street ones, while still marketing your house in the biggest property portals such as Zoopla and Rightmove. The main difference in service costs comes from the way they charge – unlike their high-street colleagues, online agents have fixed charges for the work they do and the packages they offer to their customers.
- Quick property sale companies – this option is perfect for people who want to liquidate their properties as fast as possible. Quick house sale companies such as Accelerate Homes UK, offer to either purchase your house for solid cash or find a buyer in a minimum span of time which is very convenient if you need money. However, as with estate agents, you need to be completely informed about the conditions of your contract and evaluate your situation very carefully to make sure everything suits your needs.
- Market it on your own – selling privately may seem like the cheapest of all options but it involves a lot of hard work because everything lies on your shoulders. Not only that but your marketing options are quite limited since you’re unable to post your listing on Rightmove and Zoopla. It’s the better choice if you already have a buyer or the market conditions are favourable and you expect your property to be sold quickly and at a high rate.
What are some cost-efficient ways to Increase the value of your house?
Now, renovation is optional and every homeowner decides if his property needs refreshing or heavier work instead. However, no matter which route you go, always aim to do improvements which will increase your profit from selling your home. A key point is the ROI of every project you plan on doing – you should avoid everything that sounds nice but doesn’t add to the math.
- Re-paint the property – it’s true what they say, a fresh coat of paint helps a lot with the appearance. This is the most used way of refreshing the looks and rightfully so – it’s relatively easy and cheap way of brightening up the rooms and make them look spacier; Pick a light, neutral colour for the job.
- Make the backyard representable – many homeowners underestimate the selling power of a neat looking garden, especially for the family market. Truth is, a tidy garden can be a huge selling point if you do the right work, trim the shrubs and fix lawn patches to make it look fresh, green and welcoming.
- Boost the curb appeal – investing in new siding pays off much more than a grand house remodel. It has a direct impact on the curb appeal and is something new buyers would love to avoid spending their money for. Siding also has the benefit of being a low maintenance element of the house – an important point for cost-conscious buyers.
- Kitchen and bathroom remodelling – there’s a greater chance for you to recoup your investment in minor kitchen and bathroom remodellings than it is if you invest in the living room, build extras such as sunrooms and dedicated rooms for hobbies or if you add bathtubs in the bathrooms.
But first and foremost, you need to tackle any pressing repairs that the property might need because they are the ones that can break a deal – keeping the existing structure sound should be your number one priority. Most buyers have a certain limit of what they can spend for a new house anyway. If they know they’ll save money on the upkeep of basic systems, it will be more likely for them to buy the house as is and remodel the parts they wish to remodel on a later stage (and as per their designs).
Who will do the prepping work around your house?
All the prepping work you do around the house before selling it will influence your expenses and, in that relation, your profit in the end. You have a couple of options – do the work yourself or hire professionals. As relocating will also be one of the major tasks during this time, you need to evaluate your priorities and decide what is of greater importance to you at the moment – time or money.
Potential work can include:
- Handymen, electricians and plumbers – to fix the leaky pipe in the basement, fill in all the tiny holes in the walls and install better lighting in the bathroom. If you are able to do all the odd jobs yourself, great. But if not, you should opt for a professional tradesman to do all those jobs a lot faster and in a professional manner.
- Builders – depends on whether or not your home needs repairs or you wish to increase its value with a renovating project.
- Removals and rubbish clearance – although not quite related to selling your house, these expenses will still come during that time, which means you’ll need to be prepared for them. Luckily, many UK companies offer package deals for multiple jobs that will come in handy when moving and selling a house.
- Cleaning – a move out cleaning company should be on your list of to-do’s right after you move houses. A professional team of cleaners will be able to polish the house top-to-bottom, refresh all rooms and prepare the home for new owners. The main difference between you putting the effort and paying the pros comes from the fact that they use detailed checklists which cover every detail of a house – something you may not be able to do with your limited time.
- Staging – you can always put a plant or two and add a wreath on the front door but professional stager will be able to emphasize on the positive qualities of your space and get the maximum from each room. Believe it or not, the placement of certain furniture is of great importance. Does the dressing table gets natural sunlight or does the sofa take all the space in the living room? A home stager will know how to tackle these and many other questions, and find the best possible solutions to present your home in a good light. Sometimes literally.
- Photography – good property photography is a must for every selling property and its listings – beautiful pictures make greater impression and can impact the number of enquiries you get from each listing. This means you’ll have a higher chance of selling your house faster, which is key. Along with quality photos, floor plans will give your potential buyers greater understanding about the property and will cut down the number of general enquiries about the house layout, number of rooms and more. Needless to say, the price for professional photography should also be added to the list of expenses.
What will be the selling price?
Once you’ve done all the reasonable things to make the house more appealing to potential buyers, it’s time to decide on a final price to sell the house. Now that you have the nitty-gritty details of putting your house on the market, you’ve pinpointed all expenses and outlined them in the budget, you can decide on a desirable (but reasonable) margin and launch your marketing campaign. You can get a professional property valuation but the end decision lies upon your shoulders only.