There’s a lot of advice out there when it comes to buying a home for the first time. But what about selling a home for the first time? It can seem like a daunting obstacle course for many people and support may not be as easy to find. The biggest challenge is often knowing in what order to do everything. Fortunately, the whole selling process doesn’t have to be scary and can actually be simplified into 7 basic steps. In this guide, we’ll take a look at each of those steps.
1. Value Your Home
The first stage is to get your property valued. This helps you to work out a rough figure of what you can make by selling your home so that you can a) determine whether it is enough to pay off the remaining mortgage and moving costs, and b) make sure that you have enough to move into a new property.
The value of a property can change over time without you making any improvements to your home – most homes in good locations will naturally appreciate over the years. That said, you can also increase your home’s price tag by making necessary repairs and adding new features if you desire.
To accurately value your home, consider inviting one or more agents to come around your home. This is sometimes known as an appraisal.
2. Find The Right Agent
Next, you need to find an agent to help you sell your home. You can sell your home privately without the help of agents, however most people find it much easier to get a helping hand.
The agency you hire could be the agent that valued your home, or you could try to find a different agent. There could be many different types of local agency to choose from including elite options like MGP Property and perhaps specialist agents that work with certain types of property like fixer uppers or period properties.
Make sure to ask about commission fees so that you know how much of the sale will go to your agent. Check there are also no other hidden fees.
3. Stage Your Home
Staging is the process of getting your home ready for photographs and viewings so that it looks as attractive as possible. You’ll want to thoroughly declutter and deep clean your home for maximum impact. There may also be small repairs and modifications you can make such as replacing broken fence panels or sealing up a crack in a wall. This could even increase the value of your home.
Some agents may be able to help you with staging. This could include helping provide access to prop furniture and helping to take photos. You could also consider putting some personal possessions temporarily into storage like photos and souvenirs – ‘depersonalizing’ a home can make it easier for viewers to visualize themselves in the property.
Got a property in poor condition and want to sell it ‘as is’. Some agents may allow you to do this. You could also consider home buying companies that will take your property in any condition.
4. Advertise It On The Market
Once your property is all staged, it’s time to start advertising it. If you’re working with agents, they will do the majority of this for you – including taking photographs, creating listings on property directory sites and organizing viewings. Some agencies even create social media pages for homes, take aerial drone photos or upload video walkthroughs. If you’re selling privately, be prepared to do all of this yourself.
Try to be flexible when it comes to allowing potential buyers to view your home. If you are unable to be in the property when a viewing is taking place, you can always leave the agent a key. When it comes to taking photos, consider turning on lights and planning your angles.
5. Secure A Buyer
After several viewings, you should hopefully start to receive some offers. It is up to you to then evaluate these offers and choose a buyer.
Agents can help handle negotiations with buyers for you. If you are doing it yourself, try to stick firm with the asking price and consider how reliable you think a buyer is – if two buyers are making the same offer, consider who is least likely to pull out so that you don’t miss an opportunity.
Once you have accepted an offer verbally and in writing, you can then start moving on to the legal paperwork stage. The sale is not legally binding at this stage – a buyer can pull out and you can change your mind about selling to them too.
6. Handle The Paperwork
The next phase involves the exchange of legal contracts. This will need to be carried out by a solicitor as this paperwork can be quite complex. The sale is not legally binding until the deed has been fully transferred and the payment has been made. Your solicitor will usually help facilitate the payment working with the buyer’s mortgage lender.
Before undertaking this process, a buyer may want to carry out a full home inspection. This is to make sure there are no undisclosed problems with the property – you will need to agree to this inspection. You also need to make sure that you have all necessary paperwork in place such as an energy performance certificate for the home.
7. Move Out
Once you have received payment, you must hand over the keys. Set a moving date and start packing up all your belongings. You will also need to hire a moving company if you have a lot of items to move. You can start packing and set a preliminary moving date while the paperwork is still being sorted.
You shouldn’t rush the moving phase, but do consider how it may cause delays in the chain if you take too long to move out. Ideally, you want both you and your buyer to reach completion on the same day, so that they pay you the money and you can then pay the seller of the home you are moving into, allowing you to move out and enabling them to move in straight after.
Thanks for stopping by!
Magda
xoxo