Looking to relocate, upsize or downsize?
Taking the leap to sell your home for the first time can be intimidating. It can seem like a mountain to climb, whether it’s due to relocation, upsizing or downsizing. However, with the right preparation, you can navigate this journey smoothly and stress-free.
Here are some invaluable tips to assist first-time sellers in the process.
The art of home presentation
The way your property is presented can often make or break a sale. Potential buyers will inspect every nook and cranny of your home, so ensuring it is at its absolute best is imperative. The photographs of your property serve as the initial introduction to potential buyers.
Therefore, ensure your home is clean, decluttered, well-lit and spacious. After all, a picture speaks a thousand words. Once your home is on the market, maintain this pristine condition, as unexpected viewings can occur at any time.
Declutter
A cluttered house can feel small and uninviting. Consider temporarily renting external storage to store items until you move. However, don’t completely declutter your home – people often buy into a lifestyle, so show them your home life at its best.
Freshen up with paint
Your current decor may not appeal to all buyers. Prioritise selling your house over your attachment to a specific wallpaper design. A fresh coat of paint can tidy up areas and give your home a new lease of life. But remember, don’t go overboard – it’s good for homes to show some personality. A splash of colour on a feature wall can be very effective.
First impressions count
Curb appeal is crucial. Buyers often drive past a property to rate its exterior before they express interest. Tidy up the garden or driveway, clean the windows and give the front door a fresh coat of paint to make a great first impression.
Fix small repairs
Small outstanding repairs that you’ve grown accustomed to can make the house look tired to potential buyers. Walk through every room in your house, note down quick fixes and get them sorted.
Spruce up your garden
In today’s market, outdoor space is highly sought after. Whether it’s a large lawn for kids to play on or a small cottage garden for evening relaxation, ensure it’s well maintained. Simple, cost-effective steps like weeding, cutting the grass and adding decorative touches can significantly enhance your outdoor space and make your house more appealing.
By following these tips, you’ll help potential buyers see the value and potential in your home, increasing your chances of a successful sale.
Understanding your financial obligations
Selling a property involves various costs. Understanding these financial obligations and their associated fees clearly will help prevent unpleasant surprises. When you’re selling a home, there are several important costs to keep in mind.
Here’s what you need to know:
Mortgage exit fees or early repayment charges
If you’re considering settling your mortgage before its term ends, be aware that you may face mortgage exit fees or early repayment charges. These vary depending on your mortgage agreement.
Energy Performance Certificate (EPC)
In England and Wales, sellers must provide potential buyers with an Energy Performance Certificate (EPC). This document provides details about the property’s energy efficiency.
Home Reports in Scotland
Sellers in Scotland are obligated to provide a Home Report to potential buyers. This comprehensive document includes a Property Questionnaire, a Single Survey and an Energy Report.
Conveyancing fees
These fees cover the legal aspects of transferring property ownership. They typically include costs for searches, Land Registry checks and solicitor’s services.
Removal costs
Don’t forget about the costs associated with moving out of your property. These can include hiring a professional moving company, renting a moving van or buying packing materials.
Estate agent fees
Lastly, these fees cover the agent’s services, including marketing your property, arranging viewings and negotiating with buyers.
By being aware of these costs upfront, you can plan your budget effectively and navigate the selling process more smoothly.
Ensuring your finances are in order
Calculate the total cost you are likely to incur from selling your property. This should include estate agent fees, mortgage exit fees, the cost of an Energy Performance Certificate (EPC) in England and Wales or Home Reports in Scotland, conveyancing fees and removal costs. Be sure to compare quotes for these services to avoid unnecessary expenses.
Hunting for your new home
The search for a new home can be thrilling and exhausting. To streamline this process, it’s crucial to identify your needs and wants.
Identifying your preferences
With a clear budget in mind, look for a property that meets your criteria. If proximity to specific schools, workplaces or transport links is important, identify these on a map for quick reference. In most cases, securing an offer on your current property is advisable before setting your heart on a new one. This makes you a more appealing buyer and increases your offer’s likelihood of acceptance.
Offer stage
You’re under no obligation to accept or decline a proposal promptly. It’s completely acceptable to take a day or two to consider it, and you may want to compare the offer with the selling prices of other local properties for reference. Before making any decisions, it’s advisable to understand the buyer’s circumstances via your estate agent.
Buyer’s financial status
Understanding the buyer’s financial status is crucial. Determine whether they must sell their current property before purchasing yours as this could slow down the transaction. Cash buyers are generally preferred because they can expedite the sale. If they require a mortgage, enquire if they have a pre-approved ‘Mortgage in Principle’. This information could prove valuable if you have multiple similar offers.
Just like their financial status, knowing the buyer’s intended timeline for finalising the deal is important. Are they part of a chain sale? The length of the chain could affect the speed of completion. If they’re a cash buyer or first-time buyer, find out how soon they intend to move and their flexibility regarding the moving date.
Consider your own circumstances
Do you need to move quickly to secure your next home? If so, you might prefer an offer from non-chain buyers. If there’s no rush, you might wait for a higher offer. A buyer who is not in a chain has a pre-approved mortgage or is a cash buyer is more appealing than someone who needs to sell their own property first and does not yet have mortgage approval.
Accepting an offer
If you decide to accept an offer, it’s typically ‘subject to contract’, meaning that as long as the survey doesn’t reveal any issues, the buyer is likely to proceed with the purchase. Offers only become official once your agent verifies the buyer’s financial ability to buy. An accepted offer doesn’t legally bind either party until contracts are exchanged, allowing either the buyer or seller to withdraw from the sale before this point.
Ready to discuss your mortgage options?
We’re committed to helping you find the right mortgage that fits your plans. Whether it’s upgrading to a larger space or downsizing to a snug abode, we’re here to guide you. We’re here to facilitate every step of your journey. If you require further information or guidance and want to discuss your mortgage options, please contact our team to discuss more.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
