Avoid Top 10 Mistakes UK Property Sellers Make
Following 2008 recession as property prices started to recover, a number of other factors have introduced uncertainty in the property market. These include:
· Government has decided to end the Help to buy scheme for first time buyers
· 3% additional stamp duty has been introduced if you are buying a second home
· Stamp duty brackets have changed meaning that people buying higher valued properties will pay higher stamp duties
· Finance Bill Clause 24 has been introduced resulting in many landlords existing the property market
· Britain has voted out of European Union
· Donald Trump has become President of United States – this brings uncertainty at international level and also affects domestic markets.
What this means if you are looking to sell? Our blog will help you avoid top 10 mistakes UK property sellers make.
With uncertainty in property market, you need to be aware of these pitfalls and how to avoid them to get most money out of your house sale.
Before you decide to put up a for sale sign, have a read of our top 10 mistakes that sellers make. Avoid these mistakes and you could make thousands – or tens of thousands more.
1. Selling your home on your own
Trying to sell your home on your own is a brave move. You need an estate agent to act for you in order to market your property properly, attract the right buyers, and sell it quickly. You need a pro-active estate agent. Ask your friends and family for recommendations of estate agents in your area. Or you could always use Rightmove to find estate agents in your area.
2. Asking too much for your property
If you are asking too much money for your property, it will put off many of buyers. It will make it a lot harder for you to sell your house if your Rightmove advert is bland and an estate agent who simply puts the house on Rightmove and waits for the phone ring. Price your property sensibly. Look at how much similar properties have sold for in your street, or in nearby area then price accordingly. Factor in peak and off-peaks times of property market. For example in 2007 property market was at peak whereas property market had bottomed out at peak of the recession. The peak of recession is arguable the time when there was a run on the bank such as Northern Rock.
3. Do not neglect any essential repairs
You will lose money if you do not carry out essential repairs such as a leaky roof, damp or condensation issues, steamy glass in windows or doors, uneven flooring or periodic property requiring a full modernisation. Often ignoring essential repairs can make your property unmortgageable. Ask for recommendations of trades people from your friends and family.
4. Tidy up your property before photos are taken
Nobody likes to live in a house where the carpet is covered with clothes or a teenager’s bedroom that looks like a rock star’s hotel room. Clutter removes equity in your property so tidy up. Sell things that you no longer require, give them away for free or put them away in storage. You will soon be reaping the rewards by selling a clutter free, clean home with a real sense of spaciousness.
5. Selling a vacant house
Viewing an empty house makes buyers feel empty. Most buyers lack imagination so if you are house is dressed or staged with furniture then each room has a purpose. Chances that if you already furniture that you can use then you should. Or if you are already living in the property, keep it clean on days of viewings.
6. Letting you ego lose you a good deal of more money
Many sellers think they are professional negotiators, and think that they can save thousands of pounds by selling the property and then even negotiate the very best deal. This may be possible for 1% of sellers but many are simply not accustomed to progress a property transaction over the line. Remember this is a business transaction – so put your head into this deal rather than your heart.
7. Make a full set of disclosure from onset
Be upfront and tell your buyers if there’s anything wrong with the house for example if your guttering needs cleaning or chimney stack has not been touched for 20 years. If your property has cracks then this could put off the buyers’ surveyor so being honest really helps. If buyers uncover these issues from a surveyor, the whole deal could be off.
8. Timing the sale
Get your property on market at the right time to sell it. Nobody wants to buy a house 12 weeks before Christmas, during January sales or in July and August when most families are too busy planning their summer holidays. If your property is stuck on market, take it off-market, find out what is wrong with your marketing and then re-market after you have identified and addressed the root cause.
9. Negotiate on your terms of selling your home by making your house a home
Seller could be left with thousands of pounds in estate agent’s bills. Whilst this is perfectly justifiable expense, it can be off-set with buyers’ paying your estate agent fees. For instance, the buyer could pay 1% or 2% on top of purchase price because they love the property, and you have made such a lovely home that they can see themselves living in the house.
10. Using average photos
We would recommend using a professional photographer to take property photographs and really showcase your lovely home. This is because many estate agents are not professional photographers, and with best will in the world, their photos may not do your property justice. Many buyers are visual so if they do not like the look of your property when they are searching, chances are they may not click on the description or be inclined to call your estate agent. So photos really matter. Pay an extra couple of hundred pounds and get professional photographs.
If after trying all our top 10 tips, you still have not sold your property then you may wish to give us a call. We will buy your house fast with our own cash whilst we can’t pay the full market value we definitely will complete within your timeframe, and you can sell property in any condition anywhere in England or Wales.