The dawn of a new year can inspire dreams of a new home. Here are some tips to provide first-time sellers with the confidence to take the next step up the ladder
When it comes to selling your home, planning and preparation are key according to estate agents. This is particularly important if you are a first-time seller.
Indeed, when you bought your current home you were no doubt overwhelmed with the jargon, the complexity, the stress of the mortgage process and the huge commitment you were about to make.
But with a sale and a purchase to juggle, it’s natural to feel equally – if not even more – bamboozled by your next step up the ladder.
According to Mark Hayward, chief executive of NAEA Propertymark, the professional body which represents estate agents, there’s likely to be lots of information to take in so doing research and familiarising yourself with the selling process will hold you in good stead.
He suggests beginning by taking a look at the How to Sell a Home guide from the Government, which offers plenty of useful information for anyone who is new to selling.
Hayward added: “Remember for property transactions, the most important thing is to ensure that the process is totally transparent, the wording used is clear, the information is upfront, and you understand you have a choice over the financial and legal services and other referred services you wish to use.”
NAEA offered some of its own tips, however, to give you an idea of what to expect and to help you start planning.
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Get your home sale ready
Buyers make a decision whether to buy a property within five minutes of entering, says Hayward. This means it’s vital you get your home looking its best before both photos and viewings.
Keeping it clean and tidy of clutter is a must but you will also boost your home’s appeal by mowing the lawn, de-weeding the garden, cleaning the windows and dealing with any repairs which are glaringly obvious.
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Instruct an estate agent
NAEA’s advice is to firstly, make a shortlist of possible agents and speak to others about their first-hand experience, so start by asking family, friends and neighbours for their recommendations.
While comparing facts, such as how quickly properties sell, how close they come to achieving the asking price and how successful they are, are important, you’ll also want someone who is experienced, enthusiastic and helpful, and a good estate agent will be punctual, friendly and able to offer expert advice.
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Set your sale price
It’s important your home is valued correctly as this is the very first thing your buyer will see.
NAEA said you should work with your estate agent and use their knowledge of the local market to give you peace of mind that you’re putting your house on the market at the right price.
Setting your asking price too high can scupper a house sale and make for a lengthy process. In fact, the experts say it is more likely that a well-priced home will lead to a bidding war than an overpriced home selling for more than it is worth.
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Get an energy performance certificate
You will need to arrange an energy performance certificate (EPC) to be drawn up. This informs the buyer of how energy efficient the property is and offers an idea of potential energy costs.
Your estate agent will organise this and arrange for the energy assessor to carry out an energy performance assessment, produce the EPC and enclose the payment for the EPC or an undertaking to pay for it.
If you decide to organise the EPC yourself, your estate agent will need to receive the EPC, or evidence that it has been commissioned.
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Choose a solicitor
A solicitor or a conveyancer will help with the legal transfer of the property and keep the buying and selling process on track and on time.
It’s important you pick the right solicitor for you and recommendations from friends or family are a great starting point.
Obtain a couple of quotes first and ask for a full break down so that you can make a direct comparison. Make sure you check whether the total cost will be a fixed or if it could vary according to the workload.
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Waiting for an offer
Hayward explained the selling process can be a waiting game. “While you may have initial interest, offers can fall through so it’s wise to try not to get too excited when you receive an offer,” he warned.
The process could be long and until you exchange, you cannot guarantee if the sale is going to go ahead.
The advice is that when you get an offer on your home, take your time, discuss it thoroughly and make sure it’s right for you.
Choose buyers who seem organised and avoid timewasters at all costs. These can be difficult to spot, but tell-tale signs include not having everything ready to go, such as a mortgage in principle.
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Negotiate the contract
Once you have received an offer, you’ll need to work with your solicitor to decide all the finer details – from what fixtures and fittings will be included in the sale to the length of time between exchange and completion.
The average property transaction takes around 14 to 16 weeks, from start to finish, according to NAEA and this is provided there are no major setbacks.
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Exchange and completion
Exchange of contracts is when your buyer pays a deposit and the sale becomes legally binding. You’ll need to move all your belongings out promptly and drop your key at the estate agent’s, ready for them to give to your buyer.
If you’re buying another property, it’s easiest if you can complete your purchase on the same day as you complete your sale – that way you can move all your belongings from A to B without needing to put them in storage.
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