If you’ve decided that now is the time to put your property up for sale and move on to a new home then congratulations! But selling a property is different to buying your first home and there are a number of other complications that come with selling. It is important that you make sure you have considered all of these factors before you put your house on the market. That’s why we have put together a guide with the best tips for first time sellers in the UK, so you can be aware of everything you need to do.
What Fees You Should Consider
This isn’t the first step to take in selling your property but it is something you should consider before you enter the process. It is important to make sure you have considered all of the costs you might have to pay before selling your property to ensure you can afford it. We have put together a list of some fees you will have to consider when selling your home;
Estate Agency Fees - on average 1.5% of the sell price on your property, although some online only agents may charge lower fixed rate fees.
EPC Costs - you will need to provide an energy performance certificate when selling, which can cost up to £120
Conveyancing Fees - you will have had to pay these fees when buying but they will likely be larger for both selling and buying, on average £1500
Removal Costs - it's likely you will have accumulated more belongings and may need to hire a removal company at a cost anywhere from £230 - £1500 or more.
It is also important to remember that you will now have to pay stamp duty when buying a new property. You pay nothing on the first £250,000 but the rate is set at 5% after this up until £925,000. So on a £500,000 home you will pay £12,500 in stamp duty.
Choosing Your Estate Agent
The next step of the process is choosing the estate agent that is going to be right for you. With the large fees usually involved in using high street estate agents, online alternatives like Purple Bricks can often be very tempting with cheaper rates. However, it is important to consider what service you are getting and what you are paying for, as high street estate agents are usually a lot more active in trying to sell your property and will also handle things like viewings for you. In general, although you pay more you may also receive a higher fee with the estate agent so make sure you don’t choose based solely on cost. Also make sure you get several evaluations before deciding on the right estate agent.
Making Your Property Stand Out
You should also make sure that your property stands out from the rest of the market and that you have priced competitively compared to other houses in the local area. Pricing is hugely important and you should quiz your estate agents on the valuation and how much they think you can realistically achieve. If you use a local agent it is likely they will have sold similar properties. Make sure your home is presentable for pictures and there are no obvious concerns that you can spot in the pictures that are being uploaded on your listing. The outside of the property is hugely important too, as if it is not clean and presentable, people can often not even bother viewing the property.
Consider All Viewing But Qualify Viewers
Properties get a huge amount of viewings in modern times and people like to go and view lots of properties to get an idea on how much they can get for their budget. You shouldn’t turn people away but make sure your estate agent is qualifying people before viewings and ask if they have a portfolio of viewers that might be interested. If you are paying for an estate agent this is where they can come in handy, as they should be able to use their expertise to qualify viewers that are in a position to buy and have expressed interest in properties similar to yours.
These are the top tips for first time sellers in the UK and some of the main things that are different to buying a property. Hopefully this can help make the process smoother and less stressful. If you have items you want to place in storage while in the process so that your home looks more presentable, then make sure you get a quote from Make Space.