How To Sell Your Home – A Step By Step Guide
Working to learn how to sell your home? You’re not alone. Many people in the UK are thinking about listing their homes right now. As you try to learn how to sell your home, though, you’re going to come across conflicting advice. After all, selling your home can be a confusing process (especially if you’re trying to buy another house at the same time). The choices you make as you work to sell your own home could mean thousands of additional pounds of costs, but learning more about the process itself could be the key to making thousands of additional pounds. What do you need to know before you get started? This guide to selling your home was designed to help give you the tips for selling the home you need most and to walk you through the process.
It Begins with the Decision to Sell
Actually listing your home will have to start when you decide you’re ready to make the move forward and sell your home. There are many reasons you may be ready to sell. If you’re relocating for work or you hope to be near a new school for your children, it may be time to put your home on the market. If you simply need more space, though, it may be worth it to compare the cost of building an extension to the costs of buying a selling a home before you make such a drastic move. Be sure you’re ready to sell before you actually begin the process because it can get quite costly and frustrating. Planning each step can help you avoid a long, slow process.
Know What Your Home Is Worth
Once you make the decision to sell your home, one of the most important tips for selling a home you need is to price it right. You’ll want to get some idea of the overall value. This will not only help you when you actually list the home, but if you have a remaining balance on your mortgage, this will help you understand whether your home is worth enough to pay off the mortgage itself.
Keep in mind that finding the early valuation on your home will only result in an approximate number. It’s tough to know exactly how much your home will sell for until you actually list it on the market.
Speak With Your Mortgage Broker
The next step in this guide to selling your home applies whether you have a current mortgage on the property or not. If you do have a mortgage, you’ll need to talk to your lender to see if you will be responsible for early repayment charges. If you intend to buy another home, you’ll want to ask about porting your mortgage to that new property, too. If you don’t have a current mortgage on the property, but you intend to get one for a new property you want to buy, this is a great time to get prequalified for that loan so you know how much you can borrow. In fact, this is one of the best tips for selling your home, as it puts you in the driver’s seat immediately in terms of financing.
Understand the Costs Involved
Keep in mind that selling your home does actually cost you something, and knowing how much you’ll have to spend to sell your home is absolutely key before you decide to list it. One of the biggest costs most people encounter is the estate agent’s commission fee. That can vary between .75% and 3% of the selling price to which you and the buyer agree as well as VAT. You will also need to pay the conveyance fees for selling, which usually run between £850 and £1,500, but that can vary depending on how much your overall property is worth. If you don’t currently have an Energy Performance Certificate on your home, you will be required to get one of those, too, and they can cost between £60 and £120. Your estate agent can get you this certification, but it tends to be more expensive from them, so it’s usually best to use your own Performance Assessor to obtain the certification. Removal costs are the other big part of deciding to sell your own home. Removal costs vary by how big your home is and how far away you’re moving, so be sure to get some quotes from a nearby removal company so you know exactly what you’ll be required to spend.
Selecting an Estate Agent
The next step in this guide to selling your home is to actually choose an estate agent. While you can certainly sell your home on your own, using an estate agent can help speed the process up a bit. The best bet is to ask around. Family members and friends may have had recent experience with estate agents whom they trust. You may want to make a shortlist of agents in your area, then do a bit of research or interview those on your list. Make sure your favourite candidate has plenty of experience selling homes like yours and that all of their current property listings include great marketing like beautiful photos and well-written descriptions. You’ll also want to learn more about their viewing policies and their standard terms. The right agent can often be a good source of other best tips for selling your home, too, so look for a knowledgeable professional.
Get An EPC
Before you can sell your own home, you must have applied for an Energy Performance Certificate, or an EPC, if your home doesn’t already have one. If, however, your home was bought and sold in the last ten years, you likely already have one of these on file. You will need to provide this to potential buyers, so book an Energy Assessor to handle this process sooner rather than later.
Choose Your Selling Price
The next step in this guide to selling your home is select the selling price of your home. You’ve already decided what it’s worth, but this can be one of the hardest steps for many people, so do your research about the local market around you, and figure out what homes are going for. You may want to have your estate agent handle a valuation, too. Keep in mind that buyers will likely negotiate the price down a bit, so you’ll want to add something to your overall price so you have some negotiation room.
Prepping Your Home
Once you’ve chosen your team and you’ve decided on the price point at which to list your house, the next step is one of the most obvious tips for selling your home. It’s to make the necessary changes and repairs to help it sell faster. The single best thing you can do initially is to handle a deep clean or to hire someone to do that for you. You want your house as clean as possible. Choosing to work with a professional means getting into the nooks and crannies you might sometimes miss. Buyers want a home that looks “new” even if it’s a fairly old property, and working with a professional cleaning team is a great way to get those results.
Beyond cleaning, though, you may need to do some decluttering as well to help you sell your home. In fact, decluttering is always one of the top tips for selling your home. To make this happen, take a hard look around your home. How much stuff do you actually need? How much do you want to take with you to your new home? Clearing out some of the excesses may help you when you move because you’ll have fewer things to pack. It will also likely make your property more spacious, so buyers can see how big the rooms actually are. Donate the extra to a local charity shop. If you have items that aren’t cluttered but seem to take up far too much space in a given room, you may want to consider renting a self-storage unit until after you move.
From there, beginning to making small repairs will help you sell your home. Simple things like a coat of paint to cover scuff marks and new light bulbs can go a long way toward increasing the purchase price of your home. You’ll want to have any leaky faucets repaired, and you may want to replace any fixtures that are outdated. Pay attention to the lighting in each room, too. The more light you can let in (through new fixtures or cleaner windows), the more potential a buyer might find in your home. Some of the best tips for selling your home list more light as absolutely essential to helping buyers make the choice to purchase your home.
Finally, pay attention to kerb appeal to help you sell your home. Potential buyers want to love the home the moment they pull up to the kerb, so make sure you’ve done what you can to make the outside of your home look attractive. Power wash your driveway and front path, and be sure you mow your lawn. You may want to add a few perennial plants, too, to help add to the overall appeal of the space. Gardens are huge selling points for homeowners. Just don’t make it look too complicated to maintain.
Choose a Conveyancing Solicitor
Your home is ready for an offer, and you’re ready to sell your own home. The next step in the process, then, is to select a conveyancing solicitor to help. You’ll want to use the same network of people who helped you select your estate agent to choose this profession. Keep in mind that the cheapest isn’t always the best. After all, it’s your solicitor who will help make the process move quickly and smoothly toward your closing date, so do some research to make sure you’re connecting with the perfect team member.
Show Your Home
Most articles that list tips for selling your home will likely list this one as pretty key. The next step in the process is to actually begin showing your home to potential buyers. Often your estate agent will handle this process for you, but you’ll want to keep it in great shape throughout the selling process so it’s always ready to be shown to new buyers. This means keeping the kids’ toys picked up, sweeping regularly, and ensuring your home looks (and smells) great throughout the process.
Accepting an Offer
Once you get an offer on your home, you’re ready to begin the conveyancing process, which can be a fairly long one. To help speed things up, most advisors on the top tips for selling your home will tell you to do your part to fill out any questionnaires or paperwork as they arrive, and do what you can to keep all parties in the loop about what’s happening.
Creating a Contract
Once you complete the initial paperwork, your solicitor will be ready to create a draft contract for your home. You’ll have several things to decide on at this stage of the game. You’ll want to decide how quickly you can move out after the formal exchange of contracts, what you’ll leave behind (like various fixtures and fittings), and any discounts you might have to offer if the survey uncovers problems.
The Exchange of Contracts
Once both you and your potential buyer are happy with the contracts, you’re ready to exchange them with the help of your solicitors, and after this point, you are both committed to the sale. Pulling out after this stage means the potential for a lawsuit. Keep in mind that you are still responsible for the condition of the house after the contracts have been exchanged, so ensure that your insurance policy is still in effect and that nothing is damaged during removal.
After the contracts have been exchanged, there’s usually just about a week until the day of completion, and on that day, you need to be moved out of your home. Move out as soon after the exchange of contracts as you like, then on the day of completion, all that will be left is the exchanging of keys.
On the day of completion, there are just a few steps left in the process of selling your home. You accept the payment and exchange keys. Money is transferred to your account, and your solicitor transfers the ownership of the property to the Land Registry. There are bills to be paid at this point. You’ll need to repay the mortgage if you have one. You’ll then need to settle with the conveyancing solicitor and your estate agent. All remaining money will be transferred to your account.
Are There Ways to Sell Your Own Home Faster?
Not sure about the long timeline? Estate agents and conveyancing solicitors don’t actually have to slow things down for you. Many articles that give tips for selling your home fast will tell you that there are two things that can help speed up a sale. The first is to sell your property in as-is condition. When you list a house this way, you’re letting someone know that you’re not willing to make any changes or carry out improvements or repairs to the property. You must disclose any issues that could affect a buyer’s decision to make the purchase, but you don’t have to make any changes to the sale price as a result. This can speed up the sale of your home because it takes away the lengthy inspection process that can really slow down conveyancing.
Selling your home to a cash investor can also be a faster route to home sales according to most advisors on the top tips for selling your home. Cash investors often buy the property as-is, and they typically buy for below market value. That helps them turn a profit as they renovate to sell at a later date. This process is so much faster because they typically don’t need an extended inspection time, there’s no property chain to follow, and they don’t have to work through a mortgage lender, which means you can eliminate that step entirely. While many sellers don’t want to accept anything too much below market value, if you’re in a hurry, these buyers can typically close a sale in a matter of two weeks.
Selling Your Home Just Means Gaining the Information You Need
No matter how you decide to sell your home, working to get the information you need on the entire process can help to unveil things and make it a bit smoother from the time you make the choice to the time you finally hand over your keys to the new buyers! Learning how to sell your home can be difficult, but using this quick guide is possible. Utilise the advice in this guide to selling your home, and move forward with the sale of your home!