Selling Your House for the First Time: The Key Considerations in a Challenging Market

Selling Your House for the First Time: The Key Considerations in a Challenging Market

The thought of selling your home can be quite daunting, especially when it’s your first time. The prospect can be even more challenging in the current climate, with an uncertain economic climate having caused prices to fall by 0.4% during April.

This represented a second consecutive monthly decline, and one that reflected an economy besieged by rising inflation and minimal wage growth. The spectre of Brexit also continues to loom large, with negotiations between the UK and the EU set to commence in June.

In addition to this, you will also want to make sure that all of the time, effort and money you’ve spent on your first home has been worth it, as you look to get the most out of your initial investment. That’s why it’s important to remember that you’re not just selling your home, but you’re trying to get the best possible return out of it, too.

Here are some steps that will help you to successfully complete your first sale in the current climate:

Consider the Costs Involved

Firstly, you need to take a look at your finances to make sure this is the right move. There are a number of costs associated with selling a property, so it’s worth bearing these in mind. These include estate agent fees, home reports, putting together an energy performance certificate (EPC), conveyancing fees and removal costs.

Get Your Property Ready

Cast your mind back to when you first bought the property and the number of things you were looking for in a house. This is exactly the same process potential buyers are going to be going through when they view your property, so make sure your home’s at its full potential. You’ll want to make sure buyers can picture themselves living there and that you’re making all the right first impressions.

Put Your House on the Market

The next step will be putting your house on the market, which will involve finding the right estate agent. There are a number of high-street agents you can ask to come and value your property and negotiate fees, but you might also want to try online estate agents, such as Ltd.

Whoever you decide to go with, it’s important you find out how they’ll market your property, and whether they have a list of interested buyers who might want to look round your property straight away.

Agree on an Offer

The most exciting bit about selling your home will be the phone call you receive to say someone wants to put an offer in. In most cases, people will offer around 5 to 10% less than your asking price, so don’t be too shocked if the initial offer is lower than what you’re expecting. Take your time when making a decision about the offers you receive, talking things over to make sure you’re getting exactly what you want from the sale.

You might also want to consider the buyer’s circumstances, such as whether they’re a cash buyer, how quickly they can move and whether their mortgage has been agreed. Someone who’s got a mortgage in place or is a cash buyer will be able to move much quicker, so are favourable over others who still need to sell their home.

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