Considering selling your home? Before you begin the process, find out all you need here to know to make things run smoothly.
By Sarah Jagger
4Homes Essentials
Property Search
UK Region Ratings
First of all consider why you are selling. And then ask yourself, do you need to sell at all? In a slow market, why not consider value-boosting improvements or an extension extension to make your home more suitable for you. You could also consider renting it out, then sell it on when the market picks up.
If you decide to go ahead with the sale, it's essential your home looks its best for potential buyers. The National Association of Estate Agents says these are the five classic mistakes sellers make: looking desperate, targeting the wrong buyer, lack of research, poor presentation and overpricing.
Then you need to market your home. For most people in the UK, this means using an estate agent. An agent will advertise your property and introduce potential buyers but charge you one to three per cent of the sale price as commission, plus VAT at 17.5 per cent. Or, if you use more than one agent, you will be charged up to 3 per cent in commission plus VAT for whichever agent introduces the buyer. For instance, on a sale price of £200,000, this would mean estate agent's commission of more than £6,000 before you take into account solicitor's fees and removal charges.
Find a local estate agents at The NAEA.
Get at least three valuations and be prepared to haggle over commission rates. Check that they appear on at least one of the big national sites such as the 4homes property search, Findaproperty and Rightmove.
To get a guide price for your property visit Property Price Advice or try Nationwide’s House Price Calculator . To check out what properties are selling for in your area visit www.nethouseprices.com and www.houseprices.co.uk. To find out what the experts predict will happen to property prices visit www.housepricecrash.co.uk .
The first offer you receive is most unlikely to be the one you accept. It's normal practice to haggle over the asking price, and very few buyers will offer you the asking price unless the housing market is booming. But in a slower market, you and your buyer will have to reach a compromise on the final price.
You may be asked to take your property off the market by your buyer. We'd advise that you only do this if they can prove that they are in an excellent position to move forward- they're cash buyers, for instance, or the sale of their home is assured and progressing well. If not, you'd be well advised to keep showing your home to other prospective buyers while your (hopeful) vendor gets into a better bargaining position.
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