There are a number of legislative changes that come into force from August 1st 2007 which affect the home selling process. Rightmove is currently in the process of comprehensively updating our website information to ensure our content is as accurate as possible. Please come back soon to see our brand new Selling Guide.
The preparation phase for selling a home can be as lengthy or as short as you wish. Some people may spend months deciding how and when to sell their home, while others pack up quickly to move to a new job or a new love.
Ways to Sell
There are three basic ways to sell a home:
- Through an Estate Agent
- Privately
- Through an Auction.
Estate Agents
Each method has its pros and cons. By far, the most common method is to commission an estate agent. Why? Because they are professionals who spend their days...
- valuing properties
- attracting prospects
- arranging viewings
- negotiating sales.
They are paid for this service. Most agents charge between 2-3% commission on the sale price of the property. But, they only get paid if they succeed in selling your home.
Private Sales
Selling your home privately may save you the agent's commission, but it won't necessarily save you time or headaches. You'll have to do all the jobs they normally do - valuing your home, finding suitors, holding viewings and negotiating sales. It isn't recommended for the faint of heart.
Auctions
Selling through an auction is a good choice...
- if you have to sell a property very quickly
- if you have a hard-to-sell property that is not attracting prospects through the normal routes.
The auction process is quick, with the exchange of contracts happening before you leave the auction, and completion usually occurring 28 days later. Most of the work happens before the auction begins, when you have to open up your home for viewings by prospective bidders. Auctions are not the cheapest way to go. Usually, the auction house will take 2.5% commission plus expenses.
When to Sell
There are dozens of reasons people sell their homes - a new arrival means you need more space, a new job means you have to move to a new location, children leaving the nest means you can move to smaller home. Not everyone moves to cash in on a hot property market. But everyone hopes that they will get the most from their asset when they do move.
The housing market goes in cycles. Everyday, headlines shout at us that "Housing Prices are Sky-rocketing" or "Housing Prices are Plunging." If your only reason to move is to generate large wads of cash from your home sale, you might wait years to ride that allusive market peak. But those with more practical concerns should seek the advice of their local estate agents about the busy seasons in their area.
Generally, January to March is a busy viewing time, and March to July seems to be the busiest time for closing sales in the property market. But, if you live in a seaside resort area, or the bustling city centre, that rule may not apply. The best advice is to put your home on the market at least 3 to 4 months before you know you'll need to move.
Presentation
First impressions are absolutely critical in the housing market. From the moment the estate agent comes in the door to value to your property, to the moment when the last viewing is over, you have to think about how your property appears to others.
External views - first impression starts on the street. Think about sprucing up the garden, sweeping around the front gate, painting the window frames and doors, or cleaning up the junk mail collecting in front of your mansion block's front door.
Keep it clean and fresh - the place has to be tidy and clean. Remove all your junk, clean floors and table tops until they shine, bring fresh air in and take yesterday's rubbish out.
Décor counts - most people rate a room based on the furniture, curtains, rugs and other pieces in it, even though they aren't getting these pieces with the house. So, if you have old, tatty or garish furniture, you might consider renting furniture while you are selling the house, to make it more appealing to viewers.
Make sure it works - fix the leaky faucets, the humming heaters, and vibrating refrigerator before your viewers and surveyors come into the house.
Costs
Unfortunately, you have to spend something to make something. Below is a list of the costs that you may incur during the selling process:
Preparation Phase
- Decorating
- Repairs
- Furnishing
Selling Fees
- Agent fees (2-3% commission)
- Auction House fees (2.5% commission)
- Advertising fees (if selling privately)
Legal Work
- Conveyancer's fee
- Disbursements