This guide is going to help you sell a house. This is a step-by-step guide that is going to help you know what happens in each of these steps.
Deciding if you should sell
If you want to sell your home and buy another because you feel like your family needs more space, then it might be a good idea to consider adding an extension to your home, digging out the basement, or converting the attic. The cost you have to meet when you sell and buy a home can be significantly (especially stamp duty) high and you can save money by choosing to expand your home instead of moving.
Maybe you want to downsize your home. There are cons, pros, and options when it comes to downsizing your home. There are times when it makes more sense to rent your home instead of selling.
Figuring out your finances
Before selling your home, you need to have a rough idea of its worth. This is important if you have a mortgage because you know how much you are going to be left with after paying it off. There are free valuation tools you can use.
Speak to your lender or dig out your mortgage paperwork to see whether you have to pay an early repayment charge when you switch it to another lender. You should find out whether it is possible for you to take it with you to the new property. This process is known as porting.
If your mortgage deal is coming to an end or you are planning on moving to a more expensive property, you have the opportunity to remortgage and get a better deal. Talk to mortgage brokers to find out how much you can borrow and which lender offers the best deal.
If you are in the Bristol area and in need of a property photographer than see ”property photographer Bristol’‘. Figures used at the early stages are approximated. At this stage, you don’t know how much your home is going to sell for and you can only get the precise redemption for the mortgage when you agree on a completion date and exchange contracts. Planning every step to avoid delays. Research and find out how long it takes to get a mortgage.
You should take some time to find out the costs involved with selling so you can know how much it will cost you. This will help you when making a decision.
Deciding whether it is better to rent or buy
If you sell your home and rent another for some time, it is going to add to your total expenses, but it reduces the time pressures that come as you buy a new home.
You won’t be forced to compromise on the sale price, and have to sell it for less, because you don’t have a lot of pressure to complete the purchase.
You also don’t have to rush yourself to buy a house you don’t consider the perfect option for you and your family because there is a buyer ready for your home.
When you sell the property and then rent before you buy another, you break the hosing chain and this makes you an attractive buyer. You should take the time to see if it is a good idea to buy and sell at the same time or rent.
Choosing an estate agent to help with selling
You can choose to sell the house yourself or hire an experienced estate agent. If you want to hire an estate agent, make sure you research so you can choose the right one. Take your time when choosing an agent because they determine your experience during the process.