Here is everything you need to know about how to sell your property. From mortgages when you move, how to save money when selling and different ways to sell your property online and on the high street.
Can You Sell Your Property If You’re Still In Your Mortgage Term?
When you are still under your current mortgage term, you must check through all of the fees you will be liable to pay if you move.
As long as the sale price of your property exceeds the amount you still owe on your mortgage, then you can sell up and move. You can take your mortgage to your new home using so long as your mortgage is portable.
Porting your mortgage will, of course, incur costs depending on the level of borrowing required. Decreasing your borrowing is likely to be the more expensive option. If it’s not portable, you may face charges for early repayment. These are mostly between 1% and 5% of your mortgage debt’s remaining balance, making moving rather costly.
So, find out first how long you have left on your current agreement and how much it would cost to leave the agreement. If it is too expensive, it’s worth hanging off and making sure you’re ready to go as soon as the deal ends.
Things You Can Do To Raise Your Property Value & Sell Quicker
The best properties assets don’t display signs of wear and tear. They look well maintained and looked after. It’s always best to get any work that needs doing, done, and the overall image improved and modernised if possible. This will give yourself the best chance of selling your property quickly and for the full price.
1.Clean Up The Property’s Exterior
First impressions count, so tidying up the outside of your property could add value with little cost from yourself. Something as simple as cleaning your windows and mowing the lawn is simple but effective at giving a great first impression and also subconsciously tells your potential buyer that the property is well looked after.
2. Improve Your Property’s Interior
Easy activities like tidying and decluttering – which could even make some cash for you – will make your home more sellable.
- Ensure that any features that initially attracted you to the property are apparent.
- Make it less personal for you to allow visitors to see themselves there.
- Make sure that each room clearly shows its function and hang up mirrors, particularly in small areas such as hallways.
- Add light and space illusion.
Get Your Property Valued
When your property is at it’s best, it’s time to get it valued by a professional.
Researching extensively at this point is imperative because getting it wrong could keep your home on the market for a long time, or it could sell for way below the market price. Get it valued by several estate agents to ensure you are getting the best value on your home.
Check Out Other Properties Online First
Before you bring a property agent through the door, search the sold house prices with online brokers such as Rightmove and Zoopla. Take a look at local house sales over the past twelve months to give you a rough idea.
Compare your property to properties of the same size and spec. Rightmove shows the original property adverts (including photos) at the point of sale. This may also give you a good indication of what sells, for how much and also what other local buyers are looking for in a new home. You can conclude this fairly accurately. Be rational and don’t let your decision lead to overpricing and stubborn pride over the state of your property.
Getting a good picture of recent past sales will help you to have a rough guide price in mind for your property. Checking properties currently on offer allows you to value your house competitively. Remember: very few properties sell for the asking price – ideally yours will go for more, but if it sells for less, don’t be disappointed.
Get The Estate Agents In
Have at least three agents value your home once you’ve done your research (never reveal the values other agents have provided as they could bias their answer). Don’t worry if you don’t want to use an estate agent-you’re not committed to using any of them.
It’s worth asking for various types of estate agents to get the most balanced view:
- A major high street chain estate agent
- A small local agent
- An online agent
Get them to bring documents on the local area, and on the rates offered.
How To Advertise Your Property
There’s no right or wrong way to sell your property; your circumstances will decide the best way.
If you’re short on time or don’t feel confident showing strangers around your home alone, it might be better to use a property agent-even though it comes at a higher price.
If you’re perfectly happy to do most of the work yourself, you can skip the estate agent altogether, do it all yourself and save some serious money.
Despite the growing success of online estate agents over the past few years, high street estate agents are still the most common type of agency used to sell properties. Overall, their offerings are more extensive, including regular energy efficiency certificates and host views.
Find out which agents are the busiest and most experienced nearby, check out local paper if you have one in your city, and go online to see which agents have the most listings. Ask them how many properties they’ve sold over the past three months in your town, and what they charge.
Personal recommendations are often essential and having a high street presence usually ensures prospective customers can see your property advertised in their office window.
How To Sell With Online Estate Agents?
If you can do some of the work yourself, it can often turn out to be a better alternative to selling your property. Most online agents used to charge a one-off upfront fee, but most have now switched to the model of ‘no sale, no fee.’
They charge anywhere between £ 99 and £ 1,695 – which implies that if you sell a property priced at the UK average of £ 226,000, you will make a saving of more than £6,000 over conventional high street agents which is phenomenal!
DIY – Sell Your Property Privately
Although this is probably the most labour-intensive choice, a private sale will save you the most.
One downside of private sales is that you can’t advertise on PrimeLocation, Rightmove or Zoopla, so you need to promote the property yourself unless you already have a private buyer lined up.
DIY Property Marketing Ideas
- The local press
- Advertising boards
- Online marketplaces such as Shpock or Gumtree
- Facebook Marketplace
However you decide to sell your property, it’s always best to get it up to scratch and to find yourself a new place that works will work with your current mortgage situation.