If you’re looking into buying and selling property, then this is what you need to know.
When it comes to buying and selling property, there’s a lot of things to consider. Deciding when to sell is the biggest decision you’ll make and finding a house you like seems near impossible at times. But, when it’s all finalised there couldn’t be a better feeling. But, how does it all work? What are the right steps to take when buying and selling property? This guide aims to take you through the process of buying and selling in a brief step by step guide. We’ll look into when is the right time to sell, valuing your home and looking for a property that’s right for you. From the right property selling prices, to how to sell your home fast, this guide will give you all the information you need to make the right call and get the best value for your money.
Your Guide to Selling
- To buy or sell?
One of the oldest questions estate agents hear is ‘should I buy or sell first?’. It’s something that comes up with every agency, time and time again. And the right answer is… there is no right answer. Sure, there’s a more advisable option, but there’s not right or wrong way to do it. The advantages of selling first is that you free up the capital of your house, so you’re not stuck in a buying chain. When you find your dream house but need to wait for your house to sell before you make an offer – by the time you’ve sold, the house could be off the market. So, most decent estate agents would advise you the sell your property before you look into buying. Sure, have a look around, but don’t set your heart on anything. Selling your home first will give you a better idea of a budget when it comes to buying property, you’ll know what you can afford to spend – when including all the fees and costs that come with moving too.
- Selling your house
When you decide on selling, now comes picking your estate agent to sell with. You’ll need to know how they value your home before finding out the price you’ll get for it. At this stage, of home valuation, it’s important to get 2nd and 3rd opinions on your property. Some dodgy estate agents have been known to give you a higher price for your home, to rope you in to using their services. Then, after months of not selling, you’ll find you may have to reduce the asking price, in order to sell your home. At this point, you’ll be so frustrated that you haven’t sold yet, you’ll agree to lower it.
Finding the right estate agent is imperative for your houses smooth sale. You need one that knows the area, has the expertise, and is motivated. If you ever meet an estate agent that isn’t keen, it’s a definite red flag. You want your agent to be on the ball when it comes to selling, the keener they are, the better. Try and go for well established agencies too, they’ll have knowledge of not only the area, but years of experience in the housing market too – two invaluable qualities for someone helping to sell your house.
When it comes to selling, there is a right time – the same goes for buying too. It’s all about the timing of when you choose to sell and buy. Loads of things factor in to the right time, which include the economy, the housing market and even seasonal timing. Putting the house on the market in summer, for example, makes a property more likely to sell. The state of the economy factors into selling and buying too. If there is a high rate of unemployment, then a house is less likely to sell. Moving is all about timing in the end. If you want to ensure you get the best price selling your property, then factor in different aspects like timing, economy and season etc.
- Finding your buyer
Once you’ve listed with the right estate agent, at the right time, now it comes to finding your buyer. So, it’s time to get your house ready for viewing. That means making it look the best it can be. The art of Homestaging, can assist you in getting your home sold a little more quickly than usual. It’s a way of ‘dressing up’ your home for potential buyers. The trick is to get your home to appeal to everyone and help a viewer picture themselves living in your home. The key is to ensure minimal clutter in the home, and make sure the décor is sophisticated too. The truth of Homestaging is that your selling a house, not your home, so you want to make it appeal to everyone. Take the example pictured above, the décor is minimal and stylish. There’s not too much clutter, but there is enough décor around to make the home look lived in. Finding a balance between a show room and a cluttered home is the key. And make sure your home is clean too. Clean, but lived in. Again, it’s all about finding a balance. Any outstanding work that needs to be done, should be done, such as paint work, wood work finishes (no chips or cracks) complete any little things around your home that might impact a viewer’s impression of your house. Remember, pictures of your house are going to be on display for everyone to see, so it’s important to make sure it looks good, clean and photographs well. Find an estate agent with good pictures on their website, it means that they have good camera equipment to make your home look its best.
- Looking for your new home
Now, after listing your home and finding your buyer, comes looking for your dream house. Selling your home first means you’ll have an idea of what sort of budget you’ll have, and what you’re going to be able to spend on your new home. When it comes to looking, you’ll need to decide a few things before you dive in. Location factors into the cost of house prices; up north is normally cheaper for buying and the London area is more expensive etc. so, this immediately effects how far your money will go when it comes to buying. You may be sacrificing size for location, so it’s important to prioritise what you value more. Area impacts house prices too. If you’re in a catchment area for a good local school, it drives up the price for houses in that area. The same goes for commuter towns too, if you’re closer to public transport links (buses and trains), then dependent on where the house is located, it could increase a home’s value too. When you’ve found your dream home, at the right price, make sure you look around properly. Remember, Homestaging works both ways. Make sure that you can picture yourself living in the home that you’re looking around. When you’ve found your dream home, then it’s time to put in your offer…
- Putting down an Offer
After you’ve found your dream house, putting the offer in comes next. If you’re looking to save a bit of money, you could see if the asking price on a house could be lowered. The thing about asking prices is their reflective of the home’s value, but also of what the owner thinks they’re worth. There’s always room to negotiate a house price. If a seller is desperate to sell, then they may be more likely to lower their asking price in order to speed up the whole selling process. Although rare, getting a lower price on a house is great, but putting in a low offer could see it being rejected. Obviously, putting in a considerably lower offer means that you’re not going to be accepted, but just the right amount could see you saving a little cash. Liaise with the estate agent handling the property about putting an offer down. When your offer has been accepted, it’s time to put down a deposit on your desired property. This is usually between £500 – £1000, depending on what the house costs. This is to ensure that both parties agree to exchange contracts and finalise the sale of the property. If the sale falls through, you’ll usually be refunded your deposit. When it’s all gone through, it’s time to sign the paperwork and get the proper checks carried out on the property.
- Legal Stuff
At this stage, it’s time for contract exchange, solicitor and surveyor involvement. You’ll need a solicitor or conveyancer to finalise the sale of the property and the transfer of the contracts too. A lot of the legal work will include checks on the property, to make sure its up to standard for selling, as well as a survey on the property by the mortgage company. The survey by the mortgage company is to ensure that the property is worth their investment. This survey will also inform you of any issues that the property faces – any serious work that should be undertaken, damages etc. After all the checks have been completed, it is the final stage of contact exchange. At this point, it’s pretty much guaranteed that you’ll have own the property. Once everything checks out, and there’s no major work to be carried out on the property, the contracts can be exchanged and completed – and you’ll own your new property. After you’ve paid your solicitor, surveyor and estate agent, it’s time to move in to your new home.
This is a condensed guide to buying and selling, but the basics are included. It’s all about the timing and selling your property first. It allows you to get a good sense of your budget, as well as exempt your from being caught in a buying chain. When you find your new home, put the right offer down and get all the legal stuff out the way. Selling and buying property becomes easy with the right estate agent assisting you throughout. Always use an expert – not those online estate agents. The locals have years of experience and knowledge about the area, so find the right agency for you.