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HAVE YOU MADE A NEW YEAR’S RESOLUTION TO SELL YOUR HOME?

Dec 08, 2016

first-home


January is a popular time of year for homeowners to start preparing the process of putting their home on the market. If you are thinking that 2017 is the year for you to sell your home then where do you start, and what are the key things you need to consider?

1. Why are you selling?
There are a host of reasons why you might consider selling your home – from a need to downsize your mortgage because of financial constraints, to the need to upsize and find room for an expanding family. Whatever the reason, selling and buying a new home is a big step and it’s important to make sure you have ruled out alternative options first – such as remortgaging to save money on monthly repayments or remortgaging for additional funds to build an extension

2.The housing market
If you are looking to move home then considerations should include researching the area you are hoping to move to as well as the sort of property you are looking to buy. Take a look at the housing market (online house finding websites can help with current asking prices and previous sold prices) and consider your options – can you afford to buy the house of your dreams? Is your preferred area more expensive than your current area?

3. Book a visit from an estate agent
It’s important to know how much your house should sell for – this way you will have an idea of the equity in your home and how much money you could put towards a new purchase. It’s worth getting more than one estate agent  to provide a guidance price as well as additional guidance on whether there is anything you can to do to your property to add additional value to your asking price.

4. Paint, polish and de-clutter
Some house prices can drastically increase with significant DIY work – new kitchens and bathrooms can add thousands to the value of a home, as can a landscaped garden.  However, if you are looking for smaller-scale projects, then retouching paintwork, de-cluttering and making everything as clean and shiny as possible can only be a good thing. Polishing the windows, weeding the garden and adding a few plant pots on the front step can also make the most of any first impression.

5. Consider all costs 
The cost of selling a home can mount up – in addition to DIY projects there are solicitor fees, estate agent fees and removal costs. If you are buying a new home and taking out an additional mortgage, there will also be mortgage and stamp duty fees payable.  According to Which?, estate agent fees are estimated to cost between 1% - 3.5% of the selling price of your home and solicitor fees come in at anything from £500 to £1500. Stamp duty costs (payable when you purchase a home) are payable on a sliding scale. If you buy a home for £250,000, you will need to pay £2500 in stamp duty.

If you are thinking of selling or remortgaging your home for a new property then have a chat with a member of our team on 0800 378 669.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.