05 Sell

Steps to Take When Selling Your Home

  • How to make things easy when selling
  • Cutting down the chance of things going wrong

Are you selling your home and buying somewhere else but worried about the whole process not going smoothly?

You are certainly not alone.  Moving home is one of the most stressful things most of us face.

However, moving need not be a problem if you follow these 9 key steps:

1. Check out what your property might be worth

2. Find out the amount needed to pay off your mortgage

3. Do your sums

4. Prepare your property for sale

5. Arrange any borrowing you will need 

6. Start looking for your new home

7. Select the selling agent

8. Appoint your conveyancer

9. Prepare to move

1. Check out what your property might be worth

How much your property might be worth is probably the first thing to know when you are selling your home.

Its value will allow you to know how much you have “to play with”, to do what you plan to do after the sale – typically buy a replacement home.

Prior to getting a formal price appraisal from an estate agent, you should form a view of the likely sale price by going online and looking at websites such as Rightmove, Zoopla, Mouseprice  and StreetCheck. 

You should then get at least two appraisals from estate agents. You can compare their prices to those you get from your online checks and use both sets of figures to work out the best asking price when you decide to appoint an estate agent formally.

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2. Find out the amount needed to pay off your mortgage

Contact your lender (or lenders if more than one) to find out the exact amount due on any outstanding mortgage.

You can ask for a formal “redemption statement” which you can later pass on to the conveyancer acting on your sale.

3. Do your sums

By deducting the amount needed to redeem your mortgage/s from your anticipated sale price, you will be able to work out the approximate net proceeds of your sale.

This will help you to work out what price range you can afford for your replacement home – once you take into account how much you can borrow.   

5 smart steps to sell your home fast (simple practical steps to speed up selling)
Selling fast for a good price (how to get the best price when you need to sell fast)
How to speed up your sale (effective things you can do to find a buyer fast)
40 ways to add value to a home (a must use action list for savvy homeowners)

4. Prepare your property for sale

Before formally instructing an estate agent to sell your home, consider whether you want to sell your property as it is – or whether you want to carry out works beforehand with a  view to increasing the valuation and likely sale price.

The decision you take will be determined by factors such as whether you:

  • Want to extract the very highest price
  • Need to sell quickly
  • Have the money required to carry out building, refurbishment or decorative works.

From a financial point of view, it makes sense to ensure that your property is in the best condition to maximise the sale price.    

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5. Arrange any borrowing you will need

If you are going to need to borrow to buy your new home, contact brokers or lenders to find out how much you can borrow, on what terms and whether the amount will be enough for you to buy in your chosen price bracket.

6. Start looking for your new home

Once you have an indication of the price you are likely to get for your home and have worked out how much is likely to be left in your hands after paying off any mortgage, you can start looking for your new home in earnest.

If you opt to buy a new-build home that is not yet fully finished and ready for occupation, you run the risk of possible delays which could in the end lose you your purchaser.   

Short A-Z when selling your home (the basic steps when selling)
Different ways to sell a property (how you can reduce the cost of selling)
Moving out checklist (things to check when moving out of a property)
Moving in checklist (things to check when moving into a property)

7. Select the selling agent

At the same time as you start looking for your new home, formally instruct the estate agent to sell your existing home.

Some sellers like to find a buyer before they start looking for a property to buy, and there is a lot of sense to that. However it is probably best to do both at the same time.

If you only start your search after you have found a buyer, you could end up with your purchase lagging behind your sale, losing your buyer in the worst case scenario.

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8. Appoint your conveyancer

As soon as you find a buyer, and a price is agreed, appoint the conveyancer who is going to do the legal work on your sale and purchase.

If you want the sale to occur as quickly as possible, instruct the conveyancer before your sale is agreed, allowing the legal process to start early.

9. Prepare to move

As the legal steps in your sale and purchase are going through, there are a number of practical things you should do in readiness for your move, including:

  • Making removal arrangements
  • Stopping direct debits
  • Informing all relevant organisations and bodies of your move, including schools, banks, building societies, credit card companies,  GP, tax office, council tax office, tv licensing office and electoral registration office
  • Informing family and friends of your new address
  • Changing utility providers.

Conclusion

When you are selling a property, there is not much you can do about unexpected events – such as your buyer pulling out through no fault of your own.

However, you can minimise the risk of things going wrong by carefully following the steps indicated in this blog – and you may also save yourself a bit of money in terms of wasted mortgage and legal costs.

Enjoyed this blog? Please share it with friends by clicking on the LinkedIn, Twitter, Facebook or Instagram icon on this page. 

Have you sold your home and, if so, how did the process go? Do you have any tips or advice for readers based on your own experience?  Please leave your observations or comments below.

You may also find the following blogs useful:

Think like a property millionaire (the fundamentals of a millionaire mindset)
No money property investing (brief overview of no cost property investing)
Instant property entrepreneur (how to become a property entrepreneur today)

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Dalton Barrett
Rebel Property Coach

Please follow me on Twitter @Dalton1London
You can find me on FacebookInstagram and on YouTube
Please link up with me at LinkedIn

My website is: www.rebelpropertycoach.com

 

 


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