What Should I Think About In Selling My Home?
Getting it right can be daunting when you are not familiar with the process.
Pricing and the Valuation
Pricing is the single most important factor in achieving a successful sale, but accurate pricing requires experience since it depends crucially on a close reading of market conditions and trends.
Beware of the estate agent who gives you a price based on little more than a casual glance round your home!
As a vendor, you will be confused when valuations vary. Naturally, you are hoping to achieve the best possible price and agents are aware of that.
Over valuation may result from an agent trying to impress to get an instruction.
Under valuation comes from inexperience or lack of local market knowledge.
A house may be viewed most during the first four to five weeks it is on the market. Activity may decline noticeably in later weeks unless price reductions have been implemented.
Getting the price right from the start enables you to take full advantage of this initial burst of market interest, giving you the best chance of getting the best price in the shortest possible time.
An agent should be able to support their valuation with evidence of other property sales. Based on the information presented, you should feel comfortable as to whether that advice is sensible or not.
Do not accept information obtained from sites on the internet providing estimates of property values in your area, which can be wildly inaccurate. House sale prices from the Land Registry should be correct but the accommodation or condition may vary considerably from your own.
What Asking Price?
Should you use a fixed asking price (e.g. £200,000) or should it be qualified with “Offers in the Region of” or “Offers in Excess of” a price?
Another option suggested is to quote a price band (e.g. £X,000 to £Y,000). For a number of reasons this is not always popular with vendors and purchasers alike, but there are occasions that its use is appropriate and this type of pricing may be an option.
Title text text text text text
Presenting your home in the best light
According to research, potential buyers will form an opinion about your home in the first 15 seconds, so it’s important to ensure that it’s a favourable one. First impressions really do count! There’s no substitute for regular maintenance, so trying to make up for years of neglect can be very expensive! Avoid anything too big and costly – otherwise you will almost certainly lose money. If your home needs a whole new roof, then your best bet is to adjust the asking price accordingly. However, little things can make a big difference in creating the right impression. For example:
• Your front garden is the first thing people will see – so make sure it’s clean, tidy and clear of rubbish. The back garden should also look neat and well cared-for.
• As for the outside of the house itself, a lick of fresh paint – particularly to the window frames and the front door – costs next to nothing but does more to create that all-important good impression than almost anything else.
• The inside basically needs to be clean, neat and tidy. Ideally paintwork should be free of cracks or stains. Carpets, floor coverings, curtains and soft furnishings should be clean and in good condition, whilst windows should be cleaned inside and out.
• Flowers – pot plants, fresh cut flowers or artificial arrangements can make a big difference.
• Pay special attention to kitchen and bathroom areas to ensure they are sparkling clean and fresh-smelling. Keep surfaces clear of unnecessary clutter.
• In the case of pets, take particular care to clean up their sleeping areas and make sure you eliminate any strong smells.
• Just to be on the safe side, remove all small valuable items from view.
• Presenting your property to its best is important. De-cluttering and de-personalising may be important issues and putting items into store may also be an option.
The typical Sales process is as follows:
Having instructed an agent, it is quite likely that an EPC (Energy Performance Certificate) will be required, so the first thing to do is to order one.
Next, details of the sale are uploaded to the agents website, mailed out to buyers on their register and an advert placed in local newspapers. A ‘For Sale’ board will be erected with your agreement and this, along with other marketing, will hopefully generate viewings.
Viewings, Offers and Completing the Sale
Viewings can be conducted by yourself, or through your appointed estate agent. You can leave your keys with your agent and they will do the rest..
Considering an offer, negotiating an increase and accepting an offer may be a daunting process to conduct alone. Your agent does this every day and it is what they are paid for. On your behalf, they will monitor purchasers as best as they can to establish their financial position and ability to proceed.
The legal process and appointing a solicitor.
This is the important part. Choosing the right solicitor is vital. Good communication and regular updates make all the difference in the process of selling your home.
Title text text text text text
You will be required to complete some initial paperwork by your solicitor, who will then forward relevant documentation to the buyers solicitor. This is called the draft contract package. It contains documents relating to the property such as the deeds, the contract for the sale, copies of some of the paperwork you have completed and copies of any planning and building regulations documents. The buyer’s solicitors will look through this paperwork and raise any questions. It will then be for your solicitor and perhaps yourself to answer these questions. Once the buyers solicitor is happy, they will look to exchange contracts. This is where the transaction becomes legally binding and a completion date is set. At this point you will be required to arrange removal vans, clear the property of any rubbish and cancel any standing orders or direct debits relating to utilities and services at the property.
Here at The Law House we have a conveyancing department which endeavours to provide excellent communication and a personal service to make your transaction as smooth as possible. If you are looking to sell a property, please feel free to talk to us about the process, the timescales involved and the likely costs of your proposed transaction.