There are many reasons why you might be considering selling. You’ve completed the life milestone of buying your first property and now it is time to move on. Here are some helpful tips to guide you along the process of selling.
Is this a selling market?
Although house prices have dipped recently, they are still higher than this time last year. The market looks like it is stabilising and as inflation starts to get under control, mortgage rates are coming down too.
Prices for houses may still drop, however, so it is best you start that process sooner if you are committed to selling.
Check when your current mortgage deal ends
Before you even start seriously looking at selling, you should check the terms of your current mortgage deal as there is a chance you may have to pay penalty fees for moving.
If you are on a standard variable rate, you shouldn’t have any penalty fees although it is worth double-checking. If you are still on an introductory rate then your mortgage may be portable. This means that subject to certain conditions laid out by your lender, you may be able to move without any fines.
If you aren’t able to move your mortgage, any fees you have to pay could add up. You will likely pay an early repayment charge which will vary between 1 and 5% of the remainder of your mortgage. This can work out to be very expensive, so it is worth considering before you get too far down the selling route.
Consider the overall cost of selling
Similarly to when you purchased your house, there may be fees that you haven’t accounted for. You will have to account for agency fees, which can vary depending on the price of your house.
One important cost you will have is for conveyancers. Finding a reliable firm of conveyancing solicitors is paramount as they can help take a lot of the stress out of selling, as well as potentially saving you money by finding any potential issues before they arise. Conveyancing solicitor fees can include services such as Land Registry searches, estate agent costs, VAT and solicitors’ fees.
Spruce up your home
Presenting your home in the best light ensures that potential buyers can see exactly how it could look with them living in it. First impressions count, so you may want to spend some time making sure your house has kerb appeal by tidying up the garden and washing the front of the house.
You may also want to declutter the interior, keeping it minimal but lived-in. This helps visitors to imagine their own furniture in the spaces.
Energy performance certificate
It is a legal requirement to have an up-to-date energy performance certificate when selling a house. Each certificate is valid for 10 years, so if yours has expired you will have to source a new one by paying your estate agent to do it or contacting an energy assessor. This typically costs between £40 and £120 depending on the size of your house and its location.
Get your home valued properly
Before calling in the estate agents, start by looking online on sites such as Zoopla and RightMove. By checking recent sold prices in your area you can get an idea of what is a reasonable asking price.
Once you’ve done this, ask a couple of different estate agents to come and value your home. Whilst it is normal for valuations to vary, by getting multiple estimates you can find a middle ground.
