There are several factors to take into account while selling your house, particularly if you’re also buying a new home. Planning is essential for the house sale process because your choices could wind up costing or saving you money. We’ll walk you through each step of the home selling process, from planning to closing.

 

1. Decide whether to sell your home.

 

Moving is thrilling, but it can also be expensive and stressful. Be as certain as you can be that you truly want to move before making such a significant decision.

 

If you want to experience living somewhere new, you might want to rent a place there first to get a feel for it. And if you need additional room, it might be worth weighing the costs of moving with those of improving your current house by constructing an addition, finishing the attic, or converting the garage.

 

Instead of selling your house, you might want to think about renting it out instead. A rental property could be a good source of income for you if it is an inexpensive option. You’ll probably need to switch your mortgage to a buy-to-let mortgage if you choose to take this course of action. Your lender can give you advice if you get in touch with them. You should also take into account additional expenses, such as the cost of renovations to bring your rental property up to code and landlord insurance.

 

2. Calculate the expenses of selling your home.

 

Making a financial assessment is one of the most crucial first stages in selling a home. Money is needed to purchase a home, but selling a piece of real estate can also be costly. To determine if you have enough money to move, you must take the costs of selling your house into account. Aside from moving expenses and home modifications if you wish to tidy up your house before placing it on the market, selling costs may also include estate agency commission (if you employ an estate agent), solicitor’s fees, getting an Energy Performance Certificate (EPC), and estate agent fees.

 

You must also account for the expenditures associated with purchasing a new home, such as stamp duty, legal fees, and home inspections.

 

3. Discover how your mortgage will be affected if you sell your house.

 

You should be aware of the property’s value and your mortgage status before you decide to sell your home. To help you with your calculations, many internet estate brokers provide free home values.

 

Find out if transferring to a different mortgage lender may result in early repayment fees. You may also be able to port your mortgage, or move it to a new house. In the event that porting is not a possibility or you wish to change service providers, you will essentially need to pay off the remaining balance of your mortgage when you sell your property (a process referred to as “redemption of your mortgage”) and then apply for a mortgage for your new residence.

 

Calculate the amount you’ll need to borrow if you wish to move to a more costly residence. To determine the price range for your future house, use our mortgage calculator.

 

You should just be aware that if you don’t make your mortgage payments, your house or other property can be repossessed.

 

4. Making preparations to sell your house

 

Your goal should be a rapid sale at the best price once you’ve made the decision to sell. Increasing your property’s “kerb appeal” is one approach to assist in achieving this. Even little advancements have a significant impact.

 

Our best advice for increasing the appeal of your house to potential purchasers is as follows:

 

• Trim the grass, weed the flowerbeds, wash the windows, and fix any damaged fences, sheds, or gates.

• Put a fresh coat of paint on the entrance door.

• With hanging baskets or potted plants, add a pop of color.

• a property’s frontage with a for sale sign

• Clean up and remove any clutter from the home, garage, and garden.

• Fix the small things, such a leaky faucet, sagging gutters, peeling wallpaper, or contaminated grout.

• Think about repainting your rooms; a new coat of light-colored paint is a wonderful way to add brightness.

• Deep-clean the kitchen and bathroom in your house and give it a complete spring cleaning.

Simply changing handles and knobs on worn-out units will instantly freshen them up if you don’t want to spend the money on a whole kitchen renovation.

If you’ve been using the dining room as a temporary playroom, put the toys away so it appears like a dining room once again.

 

5. Determine the value of your home.

 

Obtain appraisals from a number of different estate agents. They can provide you suggestions, but the choice of an asking price is entirely yours.

 

By looking at the prices of nearby houses that have recently sold, you can conduct your own research. You can obtain this data on the Land Registry website.

 

The valuations and your own investigation into recently sold homes should give you a good sense of how much to ask for. Realistic expectations are crucial. If the price is too high, potential customers may become discouraged. A buyer looking for a deal might buy from you faster if you set your price too low, but you risk undervaluing yourself.

 

6. Select the most effective method for selling your home.

 

You have three options for selling your house: privately, on your own, or online through an estate agent.

 

privately marketed real estate

 

Selling your home without an estate agent could save you thousands in commissions if you’re willing to put in the work. If you’re selling to a friend or the market is strong and you’re confident in a rapid sale, it might be a good option.

 

There are a number of websites for private sellers, but it’s a labor-intensive process, so you’ll need to handle a lot of the work yourself, from marketing your home to setting up house viewings to making sure all the paperwork is in order. You cannot advertise on major real estate websites like Rightmove and Zoopla when you sell privately, which is another drawback.

 

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Utilizing a local estate agent to sell

 

In the UK, this is still the preferred method of selling real estate. A main street estate agent has the advantage of having local expertise and successful experience selling homes in your area. Most of the time, they will provide a complete service, including advertising, accompanied viewings, and energy performance certificate organization.

 

Your budget for selling your house, however, may take a serious hit from the commission paid to an estate agent. Fees can range from 1% to 2% on average for a lone agency (selling your home through just one agent), to as high as 3% if you use more than one estate agency.

 

Many sellers choose to work with neighborhood agents that work on a “no sale, no fee” basis, which ensures that you won’t lose money if the house doesn’t sell. Fees are adjustable, so don’t be shy about attempting to bargain. Just keep in mind that if you work with an estate agent, prospective purchasers must go through them for any offers; they are unable to deal with you directly. Until the exchange of contracts, the estate agent is required by law to pass on any other offers if you accept one.