Selling Your First Property; A Beginner’s Guide
Selling a property can be a daunting task and if this is your first time selling, we have some tips that could help through the process.
And don’t forget that it’s not just about selling your property, it’s about getting the best possible return and selling it well.
Get your finances in order
Use this time to work out your finance and to get everything in order. Assessing your incomings and outgoings and how much you need to pay off your existing mortgage will give you a clear view of what finances you are left to play with.
Instruct an agency
Once you know where you are financially, the next step is to decide how you are going to sell your property. We recommend that you use an estate agent that is local to your property that knows the area and that can also provide good reviews or recommendations. Having an agent that you can trust is a great burden lifted.
Decide on the sale value
In order to sell your home effectively, you will need to have a valuation performed to ensure that the price is set correctly. If a property price is too high you may lose out on a potential sale. If it is too low, you will lose out yourself when purchasing your next property.
A valuation will take into consideration many factors including the local area and the state of the property. It is always good to have a valuation done although at the end of the day, the final decision is yours.
Preparing your property
It’s a good idea to get your property looking as best as it can be. With potential buyers looking around the home, many will be more tempted to make an offer if it looks well looked after and welcoming.
A quick splash of paint to brighten any walls and to patch up marks that have been there for years will give the property a fresh feel to any person coming in. Decluttering and getting rid of items that simply take up too much room which you longer need will help in achieving a sense of what space the property has. Also a tidy of the garden and the outside area can give the property a more spacious feel, which is another great step.
Instruct a conveyancing solicitor
A conveyancer will deal with the legal side of the home sale and handle the legal paperwork that is entailed. It’s slightly different than an estate agent as in they do not need to be local to where you live, although sometimes it can be handy if you need to drop paperwork off quickly. However most things can be done via email or telephone. Shop around for a good solicitor that can offer you a good deal but be sure to seek out recommendations and reviews if you are going for one that is further afield.
Wait for an offer
This can be a frustrating time depending on how the housing marketing is going but it’s simply a time to wait until a potential buyer becomes interested in your property. Your estate agent will be busy marketing your home and contacting people from their customer list who have already shown an interest in similar types of properties. And when that offer comes in there may be negotiations that have to take place before you finally accept the offer.
The finer details
Once you have accepted an offer, next will come the details of the actual contract: there may be things that the buyer wishes to ask, along with negotiating which fixtures and fittings you will be leaving behind, deciding on a completion date and so forth. Once everything has been finalised and all legal paperwork has been completed, the house sale will exchange. This means that the final contracts are signed and if either party pulls out from this date, deposits are lost.
The completion date will have already been decided upon by this point; this is when the property ownership officially changes hands. Your solicitor will notify of you when this takes place and you will need to be out of the property from this moment in time as your home will now belong to the new owners.
Once the money has been transferred from your buyer to the solicitor, they can pay off the money owed on your mortgage. This will complete the whole sale process and you are ready to move on to the next step of your journey, whatever that may be.
Moving home can be stressful but we pride ourselves on excellent customer service and walk our buyers and sellers through every step of the process. We get to know you and your individual situations and are there every step of the way whenever you need us. If you’re looking to sell your first property and are seeking that extra special care and dedication, we’d love to chat with you – get in touch!