When you move to a different area or country, you may be confronted with a difficult decision. Should you sell your home or keep it when you leave? Both options are valid, and making the wrong choice can significantly affect how your new life turns out.
Some people are hesitant to sell due to the perceived hassle and complexity involved. Fortunately, by working with us as cash buyers, you can be sure of a fast and easy sale before you go.
In this guide, we’ll look at the pros and cons of selling and keeping. We’ll also cover the costs associated with relocation and answer some of the most common questions about selling your home before you move.
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How To Sell Your House Quickly when relocating?
There are various reasons you might be relocating at this stage in your life. You could have gotten the job of your dreams elsewhere, you might want to be closer to family, or you simply want a change of scenery.
No matter your reason for emigrating or just moving out of your current city, you’re likely wondering how to sell your home quickly and get the most money for it.
As a homeowner, you have several options when it comes to selling your property. You can list it for sale, auction it, or take the traditional route and use an estate agent. Alternatively, you could use a cash-buying property company such as ours.
We guarantee efficiency and transparency, from the time you contact us to the completion of the sale; it can take as little as 7 days. Additionally, there are no hidden fees and we take care of the valuation and paying the necessary legal fees. This means you don’t have to worry about arranging viewings and such.
However, you may be unsure about whether a cash-buying company is the right option for you right now.
To help you make an informed decision, let’s look at what you need to do and how much it would cost if you choose to go with any of the other options.
Prepare House For Sale
If you want to get the highest sale price and sell quickly, it’s important to make the property as presentable as possible.
- This could include things like keeping the home and garden clean and tidy and decluttering to make the space look bigger. Remember to clean the windows too – it’ll give the property a great first impression and let more light in.
- Structurally and legally, the property should also be in good condition. Any issues like faulty wiring, mould or staining could reduce the sale price, so it’s best to address these first. You could also consider redecorating a bit, like repainting or replacing a tired carpet.
- When it comes to fees for selling your house, the cost will depend on the method you use, where you’re moving to, your mortgage status and capital gains tax. If you go with an estate agent, you’ll need to pay 1-3% of the house’s sale price in commission.
- On the other hand, using an auction to sell the property could cost up to 2-3% of the total price (not including solicitor’s fees). With property-buying companies, there are no fees involved.
- Finally, there are the home removal costs to consider. Decluttering and selling items you don’t need in advance can help lower the cost, but if you’re moving a long way, the cost of moving your belongings could be significant.
Capital Gains Tax
You might be unsure if you need to pay capital gains tax or how much you’ll have to pay. Generally, if your main residence is on land less than 5,000 square meters, you won’t need to worry about capital gains tax.
If you’re not exempt, you’ll need to take it into account when creating your budget.
There’s a tax-free allowance, then any capital gains made after that will be taxed at 18%. We have plenty of experience handling cases involving both exemption and taxation, so we can provide answers to your questions about capital gains.
Should I Keep My Home Or Sell My Home?
As it’s evident from the above information, there are various factors to consider when deciding whether it’s better to keep or sell your home when you relocate.
People who are financially secure or have a plan to rent out their property after moving may find it profitable to hold onto their property.
On the other hand, the majority of people who are emigrating or relocating could benefit greatly from the extra money that comes from selling their home. In some cases, this money is essential to facilitate the relocation process.
Even if you don’t need the money from the sale, it’s important to factor in the associated costs when considering keeping your home. You’ll still need to maintain and pay for its upkeep while it is vacant, and eventually, it will deplete the funds you could have used to improve your life in your new home.
In the majority of cases, selling your home is the most sensible option when you relocate. If you’d like to discuss the details, one of our experts would be delighted to help.
Relocating when you own a house
Relocating to a house can be difficult. In addition to the other tasks associated with moving, figuring out what to do with your property can be a long and overwhelming process.
Taking the time to plan and execute the move properly will make the process go more smoothly.
How to relocate when you own a property?
There are numerous alternatives available if you possess a house and you are moving. The decision to either rent or sell your current property will likely depend on your finances, individual circumstances, and your long-term objectives.
Your financial situation, personal matters, and long-term objectives will influence the choice between renting or selling your home when you are relocating. There are multiple options available to you.
Renting out your house when relocating
Renting your house when you’re relocating can be a great option. If you’re uncertain about your long-term plans, renting can give you the flexibility to move quickly if needed. You also get to keep hold of a significant financial asset.
However, renting out a property does require some administrative work. You need to consider how you’ll manage the property if you’re not close by, especially if you’re going abroad.
You could hire a local agent to manage the rental, but that comes with fees of 12-20%. You’ll also need to set aside money for maintenance.
Mortgage repayments for a buy-to-let mortgage are usually higher than with a residential mortgage. This means that your monthly costs will likely increase. You’ll need to complete an annual tax return and pay tax on any rental income profit.
Selling your house when relocating
If you don’t plan to come back to your current home or don’t want the trouble of renting it out when you move, selling your house quickly is probably the best course of action.
Plus, you’ll get a lump sum from the equity of your property, giving you more flexibility when deciding between buying or renting a place in your new location.
Steps to take when selling a house to relocate
- When relocating, it’s important to be clear with your estate agent about the timeline of selling your house.
- Let them know when you need to sell and only consider offers from buyers who can meet that deadline.
- Avoid any offers from buyers who are in a lengthy property chain. It’s not unheard of for the property market to be unpredictable, so be prepared in case of any obstacles or delays.
- Before listing your property, think about what you’ll do if the sale is delayed or doesn’t go through.
Should you sell your current house before or after you relocate?
It is up to your situation to determine if it is better to sell your existing home before or after you move. There are advantages to both approaches.
Selling before you move
Selling your house before you move will give you financial freedom and nothing will be left undone. However, it can be difficult to get the timing right.
If you sell too soon, you may need to move into a rental property before relocation. If you wait too long, the sale may not be finalized before you go.
The British property market is unpredictable. Even when a sale is agreed upon, it may take months for it to be finalised.
Moreover, around one in three prearranged sales can fall apart before completion. Until contracts are exchanged, an agreement is not certain – usually one week before completion. This makes it very hard to plan around the sale of your property.
Selling after you move
Choosing to sell your property after you move will assure you that you can stay in it until you relocate. However, selling a property from a distance can be complicated, particularly if you’re relocating to another country.
It may not be a feasible option either unless you are being relocated for work with financial aid.
Selling after you move is likely to bring extra costs, anxiety, and duties. This is in addition to the usual paperwork that comes with transferring to a new area.
Other options
If you want to remain living in your current home until you move to a new one, but don’t want the hassle and uncertainty of trying to sell it on the open market, you could consider selling to a cash home-buying company.
These companies can offer a guaranteed sale on the date of your choice, so you can stay in your property for as long as you wish, knowing you have a sale that will be completed on the day you need it to be.
Bear in mind, though, that a genuine cash home buyer will pay less for your property than if you sold it via an estate agent on the open market, so this option may not be for everyone.
However, it does provide a level of ease, convenience and certainty unmatched by any other method of sale.
Should I rent or buy when I relocate?
If you’re uncertain about how much time you intend to stay in your new home or are unfamiliar with the area, it might be wiser to rent at first.
If you know it’s a long-term move, you may want to consider buying right away. This gives you the advantage of only having to move once. Your financial situation will also play a role in whether you should rent or buy.
How to rent a house when relocating
If you are unfamiliar with the area you are relocating to, it is important to explore the different neighbourhoods and find out which ones are more desirable to live in. To do this, it is ideal to visit the place in person and set up meetings with local letting agents.
Getting in contact with the local agents is a great way to stay informed of any properties that come on the market. It is also a good idea to meet with them in person, as this will leave a better impression than contacting them via email or telephone.
The rental market is currently very competitive, so you may need to be flexible regarding the start date of your tenancy. If you want to secure a property, you should be prepared to move quickly when something suitable comes up.
Make sure you have a deposit ready to secure your new home. If you are relocating for work and have already secured your new job, you should not have any trouble obtaining a rental property.
On the other hand, if you are relocating for personal reasons and plan to look for a job after moving, you may need to provide further financial information to show your ability to pay rent without the security of a permanent job.
Buying a house when relocating
If you’re looking to purchase or rent a house before you move, it’s essential to consider the area you want to live in. This is largely dependent on your job’s proximity and, if applicable, the quality of nearby schools for your family.
Reach out to local real estate agents and discuss what you’re looking for: the type of property, your desired location, and your budget. This way, you can be informed of any new properties before they go on the market.
If you need to coordinate the sale of your old home with the purchase of your new one, make sure to explain the situation and timeline to your estate agent.
This should help you avoid properties with a long chain of buyers. If you require a fast sale, focus on properties with highly motivated sellers.
Relocating for work
If you’re changing job locations, you may be able to take advantage of relocation packages or other forms of assistance. Some companies will give you a relocation allowance to help with the expense of moving house.
Others may offer more comprehensive services, such as hiring a relocation company to manage every aspect of the move, particularly if you’re relocating abroad for work.
What is a relocation package
Relocating can be a daunting process, but it doesn’t have to be. A relocation package is a collection of services and assistance that can make the move much smoother.
These typically include help with selling your current home, finding a property in your new location, packing and removal services, temporary accommodation, travel expenses, storage, and advice and assistance abroad. It’s important to consider the financial implications of relocating and make sure it’s a wise and financially sound decision.
If you’re moving for work, be sure to ask your employer if there is any financial assistance available, how long the relocation is likely to last, and what the expected relocation date is.
Tips for relocating for work
If your employer has asked you to relocate for work, these tips can be of help. It’s a good idea to visit the new area as soon as possible. This will help you to familiarize yourself with the surroundings and decide where you want to look.
Going to local pubs can give you a good idea of the area and let you know about any clubs or groups in the vicinity.
It’s important to plan your budget for the move and consider how you will finance it.
- Do you have the means to pay for the upfront expenses involved in relocating?
- How will owning a property in your current location affect this?
- Will you need to free up cash from your existing house before you can afford a deposit for a new residence?
- Can you afford to rent or buy a new home while you wait for your current one to be sold?
- If you have school-age children, think ahead about their school places. Visit the local schools and talk to the headteacher about the possibility of a space for your kid(s).
Sell to us!
Getting a cash offer from Property Saviour is speedy and straightforward. Reach out to us now!
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
