How To Sell A House

The following guide will help you sell a house. It is a step-by-step guide that will help you know exactly what happens in each step.

Step 1: Decide Whether to Sell

If you are selling your current home and buying another because you feel that your family requires additional space, you should first consider digging out the basement, adding an extension to your home, or even converting your attic.

The costs involved in selling and buying a home can be considerably high, especially stamp duty, and you can save money if you decide to expand your current home as opposed to buying a new house.

Perhaps you would like to downsize your home. Keep in mind that there are pros, cons, and options when it comes to reducing your home. There are certain instances when it makes more sense to rent your home as opposed to selling it.

Step 2: Figuring Out Your Finances

Before selling your home, it’s important to have a rough idea of its worth. It is particularly important if you have a mortgage since you know how much you will be left with once you pay it off. You can use various free valuation tools to do this.

Speak to your lender or check your mortgage paperwork to find out whether you are required to pay an early repayment charge after switching to a different lender. You should find out whether you can take it with you to the new property. This process is referred to as porting.

If your mortgage deal is coming to an end or you plan to move to a more expensive property, you can consider remortgage to potentially obtain a better deal. It would be beneficial to consult with mortgage brokers to determine the amount you can borrow and identify the lender that offers the most favorable terms. Additionally, if you are interested in showcasing the property you plan to purchase or sell, you may also want to explore the option of utilizing a photography drone for capturing high-quality images and videos.

Always remember that the figures used at the early stages are almost always approximated. At this stage, you aren’t even sure how much your home will sell for and can only get the precise redemption for the mortgage after agreeing on a completion date and exchanging contact details.

Plan every step to avoid delays. Research to find out how long it takes to get a mortgage. You should also take time to find out the costs associated with selling to know exactly how much it will cost you. This will help you when it comes to making a decision.

Step 3: Deciding Whether to Rent or Buy

If you sell your current home and rent another for some time, this will add to your total expenses, but it reduces the time pressures associated with buying a new home.

You will not be forced to compromise on the sale price and have to sell it for less since you won’t have a lot of pressure to complete the purchase. You also won’t need to rush to buy a house you don’t consider the best option for you and your family since there’s a ready buyer for your home.

When you sell your current home and then rent before buying another home, you break the housing chain, which essentially makes you an attractive buyer. You should therefore take time to see whether it’s a good idea to buy and sell at the same time or rent.

Step 4: Find an Estate Agent to Help with Selling

You can either sell the house yourself or hire an experienced estate agent. If you decide to work with an estate agent, ensure that you do proper research to choose the right one. It’s always important to take your time when choosing an estate agent since they will determine the kind of experience you have during the process.