Your situation can often be a big influence on the decisions you end up making…
- Have you found your dream home and do not want to lose it
- Are you starting a new job
- Expecting a baby and need more room
- Need to be nearer the family
- Cannot afford the mortgage
- Downsizing or going abroad
- Or just fancy a change
Whatever your situation there are several areas you need to carefully consider if you are going to get the highest price for your home. So let’s look at each area in detail.
Choosing the best method of sale for your home
There are so many different methods of sale, private treaty, offers in excess, blind tender and options, to name just a few. It can be confusing to work out which is the right one for you to achieve the best price for your property.
I am sure if you have already had an agent round to value your home they would have discussed these various options with you.
Clients are often surprised when we outline all the possibilities with them.
They assume all they need to do is just get 2 or 3 valuations from different agents and then put their home on the market at a price they are happy with, plus a bit more!!
However, depending on the market and the type of buyers available, the method of sale can make a huge difference to the price you achieve. So getting this bit right is essential.
Making sure your property is properly presented
I am sure you have heard the term “Kerb appeal” used to describe the assumptions prospective buyers make based on how your property looks from the road.
Sometimes an untidy front garden and approach or lack of paint on the windows will deter a purchaser from even going inside. They often assume the inside is as uncared for as the front.
You need to take a step back and be objective. Are there any jobs that need to be done? Is there anything that will put purchasers off?
Have you decorated most of the house but still have one or two rooms still to do?
If you want a buyer to pay the best price, your property needs to be consistent. If you are selling your home and you know it needs works carried out, that’s fine, providing you have allowed for it in the price.
However, if you are trying to appeal to the purchaser who just wants to move in and put their furniture down, the one who will pay more, then making sure there is nothing that will put them off is essential. Otherwise they may end up buying your neighbours home, the one who has taken the time to do it.
Any good agent will give you an honest assessment of your property and advise you exactly what, if anything, you should do to enhance its value for sale.
Adding value before the property goes on the market
Is there anything you can do before the property goes on the market that will add value to your home?
For example, obtaining planning permission for an extra room in the roof, an extension or off-street parking may be a good idea. Is it better to have a separate utility room rather than a larger kitchen?
Some improvements like adding an extra bedroom can instantly add more value than the building cost, whilst others can take years to get a return on investment.
So think carefully before deciding to do any improvements, will they enhance the asking price of your property or will they cost more than the increased value on the sale? If they are going to cost more is it still worth doing to make your home more appealing to a wider range of purchasers?
What price should i ask to get the maximum value?
How can you find out what your property is accurately worth?
What price should it be on the market for, to get that maximum price?
I am sure at some point you will have one, if not more, estate agents round to value your property. They might give you a wide range of prices and suggestions on how to approach the sale which can be very confusing. To help, you can do some research yourself, by going online and finding out what properties, similar to yours are on the market and for what price. However it is important, that what, you are comparing is like for like, same type, size, condition and room dimensions, if not your comparisons will not be accurate.
If you are not able to compare against very similar properties to your own, then take into account the differences between your home and the properties you are comparing it against. Take these differences into account when pricing your property relative to others.
Remember the price someone puts on their home, can be, as much about the position of the person selling, as to the condition of their property. Also there is a natural tendency for people to over-estimate the value of their own home and unfortunately, unscrupulous agents will agree with them to win the contract, only to let them down in later months when they cannot sell it at an inflated price.
What other properties are doing in terms of price?
While your home is being marketed you also need to find out what the other properties are doing in terms of price, going under offer, exchanging and completing. What has been taken off the market and what is new to it. This information will have a bearing on where your property lies in comparison to the rest of the market.
You also need to be aware of more general market trends and what is likely to be happening to house prices over the coming months. Such as, what effect would world events, interest rates and political decisions have on the market?
Even if the market is rising you can still lose out by under-selling your own home and ending up over paying for your next one. Up to date market information is essential if you are going to maximise the price you achieve.
A good estate agent should appoint a senior member of staff as your personal account manager to oversee your sale from beginning to end and give you that information and feedback.