Selling your house is a complex endeavour, and it can feel even more daunting when you are simultaneously trying to purchase another. Not only is it stressful, and often frustrating, there is a significant amount of money in play. You need to make sure that your sale positions you for success in whatever you aim to do next, but you also want to weigh the cost of time. How long can you afford to draw out the process, and what will this cost you when all things are considered?
Let’s take a look at how to sell a house the conventional way – versus how to sell a house with GoodMove.
How to Sell a House
The first step in selling a house is determining if you should, in fact, sell. Do you need more space? Less space? Do you need a location closer to work, school or family? Do the costs associated with selling and buying a new house make financial sense? From there:
- Get your finances in order. First, determine how much your current house is worth. Do you have a mortgage to pay off? If you pay it off early, will there be an early repayment charge? Will you be able to port your mortgage (i.e. keep the same lender with the new property)? It is important to have solid plans in terms of what comes next: will you be buying again, for example, or will you be renting?
- Choose an estate agent. While you can sell a house without an estate agent, we recommend against doing so. There are some fees to factor in, but you will be able to leverage their expertise of the market and their in-depth knowledge and extensive networks. Be selective; it is important to research prospective agents to determine who will work the most effectively, and the fastest, for you.
- Apply for an Energy Performance Certificate. You must do this before you put your home on the market. An EPC ranks your property in terms of energy efficiency, and you must supply this to potential buyers.
- Determine a price. This is one of the most challenging aspects of selling a home. It is essential to conduct research on comparable properties and to understand what’s going on in your local market. This is where an experienced estate agent certainly pays their fees!
- Prepare your home. It takes an average of 10 viewings before an offer comes in. It is important to impress prospective buyers from the outset. Tidy up, clear clutter, improve curb appeal, wash the windows, put on a fresh coat of paint and give it a good, deep clean.
- Engage a conveyancing solicitor. This professional takes care of the legal work of a sale. There are many such aspects, and it is imperative that they be handled accurately and efficiently. The solicitor will also advise you as to the relevant forms, questionnaires, and documents that you must provide to buyers.
- Accept an offer. Be prepared for some negotiation and know where your “No” is. How low is too low? You can change your mind later, but this can paint you in quite a negative light and further delay completion.
- Develop a draft contract. This will include information such as the duration between exchange of contracts and completion, which items (e.g. fixtures, fittings) will be included in the sale, and any reductions in price should surveys reveal problems.
- Exchange contracts. As this happens, you are now legally committed to selling. If you do change your mind, you must return the buyer’s deposit, and they may take legal action against you.
- Line up a removals company earlier in the process to ensure you are ready.
- Complete the transaction. Your property will change ownerships and you will accept payment. The buyer gets the keys and deeds.
- Pay the remainder of your mortgage, if applicable.
- Pay the fees of your estate agent and conveyancing solicitor.
As you can see, there is a laundry list of steps.
How to Sell a House with GoodMove
- Enter your postcode on our easy-to-use website
- Receive an initial offer within 24 hours
- Await the results of our valuations and survey for a final offer
- Move on with your life… all within 10 days
If you need to move and complete a sale on an accelerated timeline, make it a GoodMove. Contact our team to learn more.