Considerations When Selling A Home
If you are selling a home, you have probably also bought it and therefore you have already gained some insight into the world of property dealings. It’s the one asset where you have either invested your lifetime savings or have built up equity reserves over time. Also you may not have equity or savings and just need to clear the mortgage or debt outstanding to move on in your life to either buy/rent another property elsewhere.
CONSIDERATIONS WHEN SELLING A HOME
How Much Time Is Available to Sell Your Home
If you need to sell your home as quickly as possible Auctions or Property Buying Investors are the best options. This guarantees you a completion of the sale within 28 days of an Auction, or 2-8 weeks with a Property Buyer thus giving you an assurance that the other options do not have. In addition to the above, the primary consideration before selling your home will be to determine ‘How Much Time is Available. This will filter the options available to you and save you weeks if not months of valuable time.
Market Trends
The best time to sell your home is when the market is strong and demand high. If there is no pressure for you to sell monitor the property market and time your sale well. The market tends to be stronger in early and late summer than the rest of the year.
Interest Rates
Monitor interest rates: Few people are willing to take out a large mortgage when the Bank of England has just voiced intentions of raising rates by two percent.
Local Competition
If there are numerous properties similar for sale in your area this will increase competition and reduce prices.
Financial
If it is your overriding priority to avoid paying for estate agency fees out of the sale you should sell your home privately. This way you are in absolute control of marketing expenditure and do not have to pay any commission. However, you also need to have no time pressures in which to sell and be a good negotiator.
Convenience
If you simply do not have the time or the will to bother with adverts, viewings and negotiations, while at the same time looking for a new property, taking care of a family and performing your daytime job, the best method for you is doubtless to instruct an Estate Agent. Estate Agents will aim to secure the best possible price and conduct viewings and negotiations on your behalf. Although the most expensive way to sell a home, many people prefers to stand back and leave it to the professionals.
Valuation
Regardless of how you wish to conduct your sale – always perform your independent due diligence on property valuations in your area.it helps you to estimate how much your home is valued and price to set. If you are selling your home, privately it is strongly recommended to obtain an independent valuation from a chartered surveyor.
CONCLUSION
Estate Agents provide a marketing service for your property; they don’t provide underwritten valuations. However, the majority of sellers will obtain three independent opinions from local estate agents, and this can be a good starting point.
