Before we get started on the first steps you need to take to sell your home, have you considered whether you actually need to move home? We’ve listed the most common reasons for wanting to move below, along with some things to think about for each:
“I need more space…”
Have you considered extending, converting your attic or using the space beneath your home for a basement? This might seem like a big investment, but it could actually save you money in the long term. Moving is expensive, but adding value to your home can often pay for itself.
“I want to make an offer on my dream home…”
It’s easy to get carried away when looking for your next home, especially with online portals like Rightmove at your fingertips 24/7, not to mention open house visits becoming an increasingly popular pastime!
Make sure you aren’t being swept along by a passing phase, because moving can often be a stressful time.
“I’m moving for work…”
Have you thought about renting out your current home? Especially if it’s a temporary move (i.e. a secondment), this could be a great option for you. If you’re planning on leaving the area permanently, renting your house to tenants could still be a good alternative.
For more information to help you decide whether you should sell your home, be sure to check out this guide.
If you’re still set on moving after considering these things, then great; moving home is a life changing moment and an exciting start to a new chapter! The next step is turning your thoughts to your finances.
Figure out your finances
Getting organised and planning the steps you need to take financially is the best way to avoid getting held up when moving home.
The main focus here is sorting out mortgages, both current and future. Once you’ve decided to sell your home, it’s important to inform your mortgage lender. Finding out how big your outstanding mortgage is and about any potential penalties for early redemption are the next steps. Obviously you need to consider what size mortgage your new home requires, so chat to a mortgage lender about how much they would be willing to offer you or if there are any options for transferring your existing mortgage.
Other than that, you need to get a rough idea of how much your house is worth. Checking out house prices of other similar properties in the area is a good – if rather rough – way to get an estimate. Or you could make the most of estate agents who offer free valuations with no obligation.
At the early stages, don’t worry about getting exact figures; you’ll only get these accurate amounts later down the line once things start to get finalised.
Who will sell your property?
There are three main ways you can get your home on to the market: privately selling it yourself; using a traditional estate agent; or opting for an online estate agent.
If you want to take on the challenge of selling your home privately, then see our guide on how to achieve a successful sale yourself here.
You may want to choose a high street agent if that’s what you’re most familiar with; read about estate agency fees here.
Deciding on an online estate agent is becoming a more popular choice and it has been predicted that by 2020 over 50% of property sales will be made online. Take a look at how to sell your home online here.
Get your paperwork in order
Fortune favours the organised. Or something to that effect…
In short, you want to make sure that you’re gathering up any and all information related to your home. This includes mortgage paperwork, handbooks for any white goods, any correspondence regarding boundary disputes, paperwork from the council about flooding risks… anything you can think of really! It will all come in handy during the conveyancing process.
This information also helps your estate agent write the best listing possible, and in particular they’ll be looking for:
- Information about your hot water heater and any instruction manuals for heating.
- Appliance documents and manuals.
- Dates of any improvements made to the home; eg. kitchen remodeling, bathroom remodeling, new windows or carpets, etc.
- Plumbing and electrical work dates and jobs.
- Certificates of compliance and permits for fences, sheds, extensions, etc.
- Outstanding mortgage balance and pay-off balance.
- Home survey.
- Information about your roof and any warranty paperwork.
- Notes on paint colour.
And just a final word on renting…
Renting can be a great option during a transitional period, as it reduces the time constraints of securing your perfect new home. It can also mean you don’t need to compromise on price or quality due to pressures such as already finding a buyer for your current property. Be wary that rent costs can add up though.
It’s also worth remember that by renting you’ll also be breaking out of the housing chain, meaning that you’ll be a more attractive buyer.
