Planning to sell your house but don’t know where to start? This comprehensive guide will take you through all the crucial steps. From figuring out whether to sell your home to selecting a real estate agent, you’ll learn everything so you can make an informed decision and ensure a smoother home-selling experience.
Should You Sell Your House?
If you’re outgrowing your home, it may be worth considering alternative options before immediately selling. Instead of going through the expensive and cumbersome process of buying a new property, you could explore the possibility of expanding your existing space. Loft conversion or basement renovation are both viable options that can provide additional living areas. In addition, incorporating home drone photography can be a valuable tool to showcase the transformed space, capturing captivating aerial shots and providing a unique perspective to potential buyers or for personal documentation. This could help maximize the appeal and value of your property.
If you’re thinking about downsizing, remember that selling isn’t your only option. Depending on the circumstances, renting out your house could be more beneficial. Make sure to weigh the pros and cons before making a decision.
Getting Your Finances in Order
Before you sell, you need to get a handle on your home’s value. If you’ve got a mortgage, knowing your property’s worth helps you calculate your remaining balance post-sale. Online valuation tools are a handy, free resource for this.
Next, check in with your mortgage lender or dust off that old paperwork to see if there’s an early repayment penalty. Figure out if you could transfer your existing mortgage to your new property—a process known as ‘porting’.
If your mortgage is near its end or you’re looking to buy a pricier home, this might be the perfect time to secure a better mortgage deal. Mortgage brokers can be invaluable here, helping you understand how much you can borrow and which lender offers the most competitive deal.
At this point, all figures are rough estimates. The final mortgage redemption figure is only revealed once the sale is finalized and the contracts are exchanged. Make sure to plan and understand the average time it takes to secure a mortgage. The last thing you want is to deal with costly delays.
Cost Analysis
Spend some time calculating the total cost of selling your home. This includes estate agent fees to legal costs. Getting a complete picture upfront can prevent nasty surprises down the line.
Bear in mind that selling a house involves many steps, each with its complexities and timeframes. A well-considered plan and a clear understanding of the process can make the journey smoother and potentially more profitable.
Should You Rent or Buy?
Selling your current home and choosing to rent before buying another can be a strategic move. This approach can cost more in the short term, but it can take the rush out of buying your next place.
If you’re not in a rush, you won’t have to settle for a lower selling price due to pressure to finalize a purchase. Likewise, you won’t need to rush into buying a home that isn’t exactly what you and your family want, just because there’s a buyer eager for your current place.
Choosing this option means you’re not part of a housing chain, making you a more appealing buyer. So, consider whether you should sell and buy simultaneously, or sell, rent, and then buy.
Selecting an Estate Agent
You’ve got the choice to sell your house completely on your own or enlist the help of a professional estate agent. If you opt for an estate agent, take the time to do your homework to ensure you pick the right one. Your choice of agent can greatly affect your selling experience, so don’t rush this decision. Find an agent who understands your needs, guides you effectively through the selling process, and keeps your best interests in mind.