Whatever your reason for selling your home, it can be an exciting time and the chance for a fresh start.
However, it can be stressful, too. Our step-by-step guide will walk you through the basics. From organising your finances, to choosing the right solicitor, let’s get you prepared:
- Work out your budget
- Give your home some TLC
- Get your property valued
- Set an asking price
- Decide how to sell
- Get your home brochure-ready
- Get the paperwork sorted
- Prepare for viewings
- Hire a solicitor or conveyancer
- Home not selling?
- Bidding wars
- Accepting and negotiating an offer
- Negotiate the draft contract
- Exchanging and completing the sale
1. Work out your budget
Before you start to look for your next dream home, it’s good to get a realistic picture of your finances. The criteria for being approved for a mortgage can change often, and you may be entitled to more or less than you’d expect.
Talk to a few banks about what they’re willing to lend and consider what you’re prepared to borrow. You could also consider a mortgage advisor to give you extra peace of mind, especially if you have a more complex situation. Getting clear on what your future plans are and what your budget is now will save extra stress later on down the line. You don’t want to fall in love with the perfect home, only to find that it’s way out of your budget.
2. Give your home some TLC
It might not matter to you if the walls need a paint refresh, but it may be important to some potential buyers. It’s easier to imagine living somewhere that’s decorated to a high standard.
Help your house put its best foot forward with a quick spruce up. This doesn’t need to be expensive: fresh paint in the hallway, new cushions for the living room, and maybe a hanging basket or two.
3. Get your property valued
Recent sales in your local area can give you a good idea of what your house is worth, but bear in mind even identical homes can differ in price. Converted garages, south-facing gardens, and proximity to a noisy railway line could account for a sizable price difference. Speak to a few estate agents to get a clear view of what your property is worth.
4. Set an asking price
If you’ve got a minimum sale price in mind, advertise a little higher, knowing a buyer may want to haggle down.
5. Decide how to sell
Going through an established estate agent is the surest way to avoid risk (and paperwork), but it isn’t the only way to sell your home.
You might want to privately sell to the neighbour who has asked if you’re selling. Maybe there's a family member who has asked for first dibs. Whichever way you’re selling your house, make sure you get a decent solicitor on board, and compare the agreed price with an estate agent’s valuation.
If you want a quick sale, an auction might be your best bet.
6. Get your home brochure-ready
If you’re selling through an estate agent, they’ll likely send out a professional photographer to take snaps of your home. But if you're taking photos yourself, there are some things you might want to consider.
The photos are your home’s chance to shine. If possible, check the forecast before any photos are taken - sunny gardens are more attractive than soggy ones. You could also think about locking shampoo bottles, children’s toys and crockery away, to make your home extra tidy for its online debut.
If you're using an estate agency, give the floor plans a check over when you're sent the proofs. You don’t want to advertise a room as being on the wrong floor!
7. Get the paperwork sorted
Nobody likes paperwork, but when it comes to selling, there’s no avoiding it. Get those energy certificates ready, and make sure you have property title deeds and proof of identity to hand. You don’t want lost documents to hold you up if you’re faced with an immediate offer.
8. Prepare for viewings
An estate agent will probably do the tours themselves, but you’ll still want to unpeg the washing line before potential buyers pop round. If you’re the one hosting, be ready with answers about energy costs, friendly neighbours, and what the broadband is like.
The buyer will want to picture themselves in your home, so highlight any features you love: a sunny spot on the patio or a peaceful local walking spot.
9. Hire a solicitor or conveyancer
Solicitors are the key cog in the property-selling wheel. A good one can mean the difference between exchanging in three months, or six.
Ask recently-moved friends or family for recommendations, or speak to your lender, mortgage broker, or estate agent, as they will often have local connections.
10. Home not selling?
Sometimes, despite our best efforts, homes don't sell as fast as we'd like. There may be a lull in the market, or you may need to think about redecorating. If several months have gone by without an offer, consider lowering the asking price or switching your estate agent.
11. Bidding wars
Is your home hot property? Have you got multiple offers? Lucky you – you get your pick of the bunch. However, choosing the right buyer doesn’t mean deciding who’ll get on best with the next-door neighbours.
The safest buyers are usually the ones without a chain. Prioritise first-time buyers, people who have already sold, or anyone prepared to pay in cash. It can be the difference between a fast completion, or no completion at all.
12. Accepting and negotiating an offer
The property market is known for haggling. If your first offer is 5-10% lower than your asking price, don’t panic. The buyer is often expecting you to push back.
Once you’ve reached a figure you’re happy with, take a few days breathing space to think about it. There is no major rush, and it’s a big decision.
13. Negotiate the draft contract
Once you’ve accepted an offer, it’s time for your solicitor to negotiate the draft contract. You should get a good idea of timescales at this point - when you’ll exchange and when you’ll complete. And if you’re still shopping for your own dream home, you’re now in a great position to progress things further.
14. Exchanging and completing the sale
Has your buyer put down their deposit? Are contracts exchanged? With the move now legally-binding, you’re officially free to get excited. Just remember to let your current home insurance provider know about your move.
We hope our guide has taken some of the headache out of selling your house. Now that you’re (mentally) moving the furniture into your new place, it’s time to think about home insurance. From accidental damage to personal possessions cover, AXA offers full, peace-of-mind protection for you, your home, and your family. Why not get a home insurance quote with us today?
