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Selling a home is not always easy with many putting off a move for several years because they don’t know where to start. Expert Phil Spencer often shares his expertise when it comes to anything property and with many wanting to sell their homes after spending a lot of time in them this year, the process can be extremely long. Taking to his website Move iQ, the presenter has shared how to speed up the process.
When it comes to selling a property, there are lots of things to consider before you start the process.
Is now the time?
Phil Spencer said: “First things first, you need to decide if now’s the time to sell. There are a number of factors that should influence your decision, including: house market fluctuations – are people buying now? Have house prices seen a significant drop? Consider whether now is the best time to sell your house.
“In most cases, people are looking to buy and sell, so look at the current state of the housing market. Can you afford to buy also? Are you looking to downsize your home or not? Can you afford to sell? Is it worth renting before you buy another property?
“Knowing when it’s time to sell depends on a number of circumstances, including your personal circumstances and what you want from your home.”
Get finances in order
Phil explains that once you’ve decided that you’re ready to sell your property, it’s important to think about money.
There are lots of costs involved in selling a house and perhaps more money is involved than people may first think.
Work out the cost of buying
Phil said: “From survey fees to stamp duty costs, there are many associated costs with buying a house. When selling at the same time, can you afford to cover these?”
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Fortunately for the next five months there is a stamp duty holiday for homebuyers in England and Northern Ireland.
This means that buyers of homes valued at up to £500,000 will no longer pay any stamp duty on the purchase.
Choose a good estate agent
The property expert explained: “If you decide on the estate agent option, don’t simply go with the first one you come across. Look into the company, what they offer and how much they charge.
“Wondering how to find one? Asking friends or family for their recommendations is often a good place to start. Also, look at the ‘for sale’ signs in the area, who’s advertising?
“The key is to ask plenty of questions before making your mind up. The more you know, the better.”
Work out how you’re selling
There are many ways you can advertise your property including privately and through an agent.
There are advantages and disadvantages to both but if you want to speed up the process, a local estate agent may be the best option.
Phil explained: “A local estate agent will have good knowledge of the area which you can tap into. Meanwhile, online estate agents are often cheaper, but also have their drawbacks. Some sellers choose to go with a hybrid estate agent.
“Make sure you do your research to give yourself the best chance of making the right decision.”
Get multiple valuations
This is important in ensuring that you will get the amount of money that the property is truly worth.
Phil said: “When deciding on an asking price, it’s advisable to get multiple valuations first. This can give you a better indication of how much to set it for.
“Remember to keep a few factors in mind, such as the asking prices for similar properties in the area. Also consider that most buyers will try to haggle on the price, usually around 5-10 percent. However, ensure the number doesn’t put potential buyers off.”
Prepare your home
When you are ready to put your home on the market, it is essential that it is looking its best to entice homebuyers to come and look at it.
Decluttering and cleaning are the first steps in ensuring it is in top condition.
The presenter explained: “Investing in a fresh coat of paint or some new furniture can go a long way, so bear that in mind. Spending a little now can help you gain financially later down the line!
“In short: Make sure your house is presented in the best possible way.”
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