Are you currently residing in the Greater Manchester area? Are you selling your home in Bolton but you feel that you don’t have the know-how? Do you lack the proper social connections that would enable you to sell your house?
Here are six great tips that can help you sell your house in the open market.
1. Build your resolve
You might be planning to leave the town and live elsewhere in the United Kingdom, or maybe you have an idle home property that is too large and expensive for you to maintain.
It could be that you want to raise capital for a new business. Perhaps you want to obtain funds to travel around the world and settle abroad.
Whatever your reason for selling your property may be, you must have the resolve and a clear motivation. It should not be borne out of mere impulse.
To eliminate any doubt, you must do the following:
- List all the specific reasons why you need to sell your home
- Consult your family and friends about the decision
- List all the pros and cons of selling your house
- Carefully consider if you have any emotional attachments to your home
2. Find an estate agent
It is crucial that you find the right buyer who will agree on the price that you want. However, you may not have the proper knowledge and experience in determining the correct valuation for your home.
If you do not know how to put a price on your home or you don’t have expertise in selling properties, the best step to take is to consult an established estate agent. You may hire the services of these professionals and inquire about the right market valuation for your home.
Selling your house in the open market is different from selling it to a sure buyer whom you personally know. If you do not have a sure buyer, the open market offers opportunities for a better valuation for your home.
Nonetheless, selling your home this way is not easy. It may take several months or even years if you don’t have the necessary know-how and connections.
A professional estate agent can help you with the following:
- Assessing the fair market value of your home
- Preparing for home staging
- Marketing and advertising
- Inviting potential buyers for open house
- Negotiating with potential buyers
- Drafting of the deed of sale
3. Clean and repair your house
Before putting a final price on your house, your agent may recommend that you clean and repair your house so it can become more presentable. Your house will have a better chance of being sold at higher value if it is aesthetically attractive to potential buyers.
- Remove all the clutter and personal items like clothes in the closets
- Remove the wallpapers and repaint both the interior and exterior
- Trim your lawn and remove all withered plants from the garden
- If you have the money, renovate the kitchen and toilet
- Make sure that the plumbing and HVAC systems are not defective
- Replace all the old lightings and check the electrical system
4. Decide on the selling price
After factoring in the costs of repairs, adjusting for inflation, and researching average home values in your area, you should consult your agent to finalize the selling price. It should be reasonable based on the average fair market value.
Other considerations for the selling price include the following:
- Fire insurance
- Property tax
- Processing fees
- Agent commission
- Capital gains tax
5. Know your tax exemptions
In the United Kingdom, as an example, there is something called private residence relief. you will be exempted from paying capital gains tax if the following are applicable:
- You only have one home and you lived in it for the duration of owning it
- You have not let any part of your home except for a single lodger
- You have not used your home or part of it for purely business purposes
- Your property is less than 5,000 square meters, including the floor areas
- You have not purchased the house for investment purposes or to earn profits
6. Authorize your agent
After making all the necessary preparations and considering various factors, you must now authorize your estate agent. Provide the power of attorney to your agent to represent you and sell your house on your behalf.
Remember to be cautious when signing any contract. Read it thoroughly and have it examined and notarized. Your agent will do all the necessary legwork to ensure that your home is sold at the price that you specified. It’s hassle-free.
Sally Jones is a Director and Co-Founder of The Purple Property Shop, an award-winning estate agent serving Bolton, Bury and the surrounding areas of North West England. The Purple Property Shop was founded in 2010 and quickly grew to become one of Bolton’s leading estate agents, specialising in residential property sales, property lettings and management.