In the UK there has been a shortage of suitable housing stock for some time now leading to increased competition when properties do become available. Unfortunately many people take this increase in competition to mean they can sit back and watch the offers come in when this is blatantly not the case. We have therefore put together four top tips when selling your home to ensure that you get the best price and conclude a sale as quickly as possible.
Listing at the right price
Bizarrely, potential buyers are as likely to be put off if a property is valued on the high side or the low side. The idea that “something looks too good to be true” when priced towards the lower end can set alarm bells ringing even if there is nothing untoward. Therefore to maximise interest in your property we recommend obtaining three separate valuations from local real estate agents to give you an idea of the local property market. Even though there are an array of different property market indexes from the likes of Nationwide and the Halifax these are calculated in a very different manner and can give conflicting indications.
Stick to the local market, look at similar properties and price your property to go without making it too cheap or too expensive. Selling your home seems straight forward in theory but in practice there are many aspects to consider.
Maximise curb appeal
There is an old saying, “you don’t get a second chance to make a first impression”, which is something you need to consider when looking to sell your home. You can have the best decor inside, impressive layout but if the first impression of a potential buyer is a messy garden, cracking paintwork and damage to the outside, would you really stop and take a look inside?
Simple actions such as clearing the guttering, tidying the garden and adding a fresh coat of paint to the outside of your home can make all the difference. While there are more challenges once you get potential buyers inside the property, at least you have a chance of concluding a sale.
Characterise each room
One element, a very important element, when selling your home is to ensure that each room is characterised so that a potential buyer can visualise how it might look in the future. Let us explain, if you have a dining room which may act as a temporary office you need to ensure that all paperwork is removed prior to any appointments. Make the dining room look like a dining room, make a living room look like a living room and ensure that each individual room is tidy.
Many people automatically assume a potential buyer is “looking to do their own thing” when in reality the vast majority of buyers just want to sign on the dotted line, hand over their money with minimal or no change to their new home. Show them what they are buying!
Consider all buyers
It goes without saying that those who offer the highest price for your home will attract the most attention. We live in a world where money talks, but when selling a property there are also other aspects to take into consideration. Is the potential buyer part of a chain which may or may not be completed? Are there any cash buyers offering a similar price for your property?
As bizarre as it sounds it is not always those who offer the highest price who are the “best buyer” and very often those with ready cash available have an advantage. When accepting an offer from someone in a chain you are taking a lot on trust that the corresponding deals will be completed and your buyer released to conclude the purchase. You may need to accept a little less from a cash buyer but at least you know the deal will be concluded quickly and did you ever consider additional finance costs if you were to take out a bridging loan to buy your new home?
When selling your home, consider all offers and then work out which is the best in terms of price, timescale and potential finance costs.