A Guide to Selling Your Property
Selling your home can be a daunting prospect. You’ve just found your dream home, containing all the features you’ve ever wanted in the area of your choice. You’re ready to make an offer but then realise you haven’t even started the process of selling your existing property which you’ll need to do to facilitate the purchase of the new one.
We’ve all been there and experienced the panic of trying to buy and sell a house at the same time. It need not be stressful if you follow a set of guidelines allowing you to have your existing property ready to sell. Here we’ll run through the steps you should follow to make the process straightforward.
- Understand Your Financial Position
The first thing you should do is notify your mortgage lender that you are interested in selling your property. They will be able to tell you the extent of your outstanding mortgage which you can then use to work out exactly how much you need to sell your property for.
It is a good idea to carry out market research on your area to find out how much similar properties have recently sold for. The last thing you want is to end up in negative equity where the value of your property isn’t enough to fully cover your outstanding mortgage.
- Rent or Buy?
If you haven’t found your new home yet but know you would still like to sell your property, it might be worthwhile renting somewhere for the period of time you will be between homes.
This will add to the overall costs of your move but will make the process far less stressful as you know that you will have somewhere to live once your house has been sold.
If you are feeling adventurous, you can go straight into the purchase of your new home if you can get the timing right.
- Who Is Going to Sell Your Property?
The options available to you these days are extensive. You can either sell your home yourself, through an online estate agent or through a traditional bricks and mortar estate agent.
Each option has its advantages and disadvantages so find out what is right for you. All estate agents will charge a fee for their services but these can differ greatly. In the South-East area, there are estate agents with experience of bungalows for sale in Essex as well as other types of property in the surrounding areas of Suffolk. Using an estate agent with knowledge of your area as well as your property type can be very useful.
- Hire a Solicitor and Field Offers
Once your property has been listed for sale, offers should start coming in thick and fast. Only accept an offer that you are comfortable with and that will give you the freedom to purchase your new property when the time arises. Your solicitor will be able to handle the legal and paperwork side of the transaction.
Once your property has been sold, the hard work is done. You can now look for your new home at your leisure.
A clear and methodical approach makes selling your home easy. Don’t feel as if you need to rush to satisfy any third parties involved as it is important that you get the process right to extract the maximum amount of value from your sale.