When it comes time to move on, you hope to find the new home of your dreams and achieve a timely and profitable sale for your own place. But if you’ve never done a home sale as part of a chain before, it can be a much more stressful experience than purchasing your first home. Suddenly, timings and pricings have wider knock on effects, and everything becomes just that little bit more critical. So, if you’re aiming to sell this summer, what do you need to know before you begin?
1. Understand The Numbers
Moving into a house can seem exciting, and sometimes it’s tempting to rush straight in and start browsing listings – but that’s the worst way to begin the process. You don’t need the heartache of falling in love with somewhere that you may struggle to afford.
Successful house moves always begin with the numbers. Get a valuation from at least three agents on your own property to work out what it’s likely to sell for, and look up data on recent house sales in your area. Check the paperwork on your mortgage to see if it’s portable or if you might face any early repayment charges.
If it’s near the end of your current deal, and you’re going to need to borrow more capital to move, it’s a great time to renegotiate your mortgage deal or book in with a mortgage broker so they can scan the market for your best option. Make sure you also factor in the costs of moving – taxes, fees for conveyancing, removal costs, deposits and other financing fees also need to be factored in.
2. To Rent Or Not To Rent?
Many sellers in a chain decide to make the process easier by moving to a short term rental while they house hunt. This isn’t for everyone, so weigh up if it’s the right thing for you. If you need a quick sale due to a change of circumstances, you could consider selling to a company – click here to learn more.
Renting can add some expense, but reduce the pressures overall – you can afford to hold out for the price you want rather than accepting a reduced offer, plus you no longer come with a chain which makes you a more attractive buyer to sellers. However, if you’re looking for a fixer-upper for your next home, the idea of spending capital renting for an undetermined period of time might not sound so good.
3. Stage Your Home
Selling homes is an art, and there’s a growing school of thought around home staging for a sale. In fact, you can even hire an external company to come and do it. Or you can do it yourself – move most of your belongings into storage, quickly repaint so everything looks fresh and neutral and set each room up to look it’s best. It’s about creating a blank canvas so that buyers can see themselves in the space.
Tidying up the outside of your home, repainting your front door and adding some plants can also do wonders to enhance the first impression that buyers get, and drive those offers up more to maximize your profit.
