Selling a property can be exciting, time-consuming, simply a hurdle to get over – or a challenge. In an age when property prices have dropped lower than they have for years, it is important for vendors to take steps to maximize their chances of getting the best purchase price for their house. We’ve all heard the old tips about baking bread, fresh flowers and brewing coffee – but what about the more in-depth steps?
Firstly, be aware of what you’re dealing with. By this we mean – be realistic about the price you can reasonably achieve for your property. Check out what prices other properties in the area have sold for, and get several independent valuations. Do bear in mind that you are likely to be buying at a lower price yourself, and if your buyer asks for a vast reduction then request your own reduction further up the chain.
Be extremely careful to decide on the right asking price for your property. As previously mentioned, get several (four to five) valuations done and do not automatically go for the highest one. If the price advertised is too high, would-be buyers will be deterred, and if it’s too low they will be suspicious. It’s crucial to aim for the middle ground and pitch your price where it is clearly a fair reflection on the actual value of the property.
Avoid long chains if you possibly can. Long chains increase your chances of hitting a problem drastically. It could be anything from the vendor simply changing their mind, to not committing properly and accepting a higher offer, or perhaps another buyer struggling to find the right finance option in the current climate. Whatever the reason, it’s a simple fact that more parties that are involved, the more chances there are of things going wrong. So stick to a short chain if you possibly can, and if you are able to find a cash buyer – that’s perfect!
Another handy tip is to break the sale chain and rent a property instead for a short while. It may not be the most appealing idea, but it breaks the chain and – more importantly – puts you back in the position of a first time buyer. That on its own has attractive qualities.
Make sure you present your home in the best possible light. Start with outside – a tidy garden and well-kept driveway will make all the difference in the world. First impressions stick, so you want to present the best image of your house that you can. Also do everything that you can to help yourself. Consider the reasons why people might want to live in your area (transport links, schools, accessibility to shops) and have any information that you can to hand. Be proactive in keeping in contact with your estate agents; if they haven’t rung you with progress reports, ring them and enquire. If a potential buyer comes round but does not make an offer subsequently, try and find out why. It could be a good point which listening to will make your home more sellable.
And finally, bear in mind what people are looking for. De-clutter your home and garden. Take care that any building work or DIY projects are finished. A high number of people will be put off by household smells, so try and fragrance the air as neutrally as you can. Many buyers are put off by rude or disinterested sellers, so remember to remain calm and happy at all times if you are present during the viewing. And a staggering 54% of people believe that the kitchen is the most important room, so do pay special attention to worktops and tables. A gleaming surface will bring a gleaming smile and just maybe that elusive sale!