Any money you make will be dented by the various costs involved - but there are ways to maximise profits by making savings.
Furnished properties are easier to sell than unfurnished properties. The furniture should show off a particular use for each room. You should make clear to potential buyers which fixtures and fittings are included in the asking price. If you aren’t planning to take the sofa and curtains to your next development, then negotiate a separate price from the asking price with the buyer.
You must have a Home Information Pack (HIP) to sell your property. The HIP is then given to potential buyers so they can have information about the property up front and can make an informed buying decision. Information such as local searches, an evidence of title, a sale statement (summarising terms and conditions), an energy performance certificate and Home Condition Report may be included in a HIP. You can use an estate agent, solicitor, specialist pack provider or compile your own pack.
Find out how to compile your own HIP here. Check with your local estate agents if the cost of the HIP is part of their fee. Find out more about HIPs and HIP providers at here and check out the HIP Code here.
Once you’ve accepted an offer, the legal process begins. Check if your mortgage provider offers a free legal package as part of the service. Otherwise you’ll need to hire a solicitor and expect to pay 1% of the total agreed price, says RICS. You should ensure you have a breakdown of the fees before you give them the go-ahead to do any work on your behalf. Ask if the firm offers a no sale, no charge deal. If you were happy with the solicitor you used to buy the property then that’s great. If not, you will need to find one you can rely on. Ask friends for recommendations. Otherwise contact the Law Society to find firms in your area.
You could consider doing your own conveyancing to save money but you should be fully conversant with the legal processes. Bear in mind if something goes wrong you’ll only have yourself to blame whereas if you use a solicitor and something goes wrong, you’d be able to claim compensation. If you’re interested in the DIY conveyancing route, check out www.mortgagesorter.co.uk and www.theadvisory.co.uk. Our advice? Get it done properly.
Phil & Kirstie On Finding An Area On The Up
House Price Crash: How To Bag A Bargain
Property Types To Beat The Crash
Check out the mortgage calculator, loans, credit cards & savings comparison tools
Tell us about where you live, & see if your area makes the top (or bottom) 20
Compare current rates on loans, savings accounts, credit cards & mortgages with this handy tool.jpg){kind=small}
Our presenter could be popping round to your house for a consultation and a cuppa
.jpg)
Your Comments
Post your comment
Please note: In order to post a comment you need to be registered and logged in to Channel 4:
Sign In Here or Register Here
Comments closed
Comments are closed at the present time
Comments
Thank you for your comment!
Your message will be reviewed and the best ones will be published below.
If you intended to make an official comment to Channel 4 please contact us.