Tips on how to sell your home 11 – 15

It’s a flat market out there so if you are going to sell your home in a reasonable timescale you need to make sure you give yourself the best chance.

Here are the next 5 tips on selling your house

 

11. Access is essential

Homes that don’t get shown don’t get sold. Don’t make it difficult for the agent to make viewings. If you have very restrictive timeframes, or make prospective purchasers book viewings way in advance your property is less likely to sell.

 

12. Showing a Property

You are paying an estate agent to do this, so let them do their job and stay out of the way.

If you are showing the property yourselves.  Don’t unnecessarily point out problems. Do point out positives. Also make sure you allow them time to look around the house on their own.

On a first viewing be friendly but professional and don’t overload viewers with detail.

 

13. Choosing the Best Buyer

The person who offers the most is not always the best choice. Try and find out as much as you can about the buyers financial circumstances.

Cash buyers are best but if they are arranging a mortgage ask to see an “agreement in principle”.

If they have something to sell then their property should be “under offer” before you take your property off the market.

First time buyers with finance arranged can be great news because they have nothing to sell. However, they will be inexperienced so this can delay the process especially if they are trying to go it alone without a broker.

Find out what your buyers agenda is, does this match your own? Do they want to complete as soon as possible or are they fairly relaxed. You may want the latter if you are yet to locate a property.

 

14.  Accepting the offer

Your agent should present every offer to you. Make sure your agent has all the background information about the buyer’s position and their ability to move quickly. Also get all offers in writing.

Usually there is an element of negotiation, so make sure you know the lowest figure that you will accept.

Also know what items you are happy to leave behind. Curtains, furniture and white goods can all be used as bargaining chips.

 

15. Holding it all together

Make sure communication channels are kept open. It is important you speak to your estate agent and solicitor on a weekly basis. If things are dragging on a little, try to find out what is causing the hold up, also ask the estate agent to speak to the buyer to gauge their motivation / level of commitment.

I’m done with House selling tips – I hope they help… next week something different!

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

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Home Buying Tips – Tip 16 – 20

It is the biggest purchase of your life – let’s make sure that you get it right!

 

16. Credit File

Get a copy of your credit file from Experian or Equifax, to make sure that you know if there are any nasty entries.

In the modern climate even a couple of late payments can mean a decline or that you pay a higher rate or that you will need a higher deposit.

If there is any adverse credit at all, you need to speak to a mortgage broker as he may have specialist mortgage products or help you in repairing your credit file.

 

17. Check out the property

When you look around a property, check it thoroughly. Don’t be shy – you are spending 100’s of thousand’s and are entitled to check everything before parting with your hard earned cash.

You don’t need to be a surveyor to do these checks….

  • Check Windows and doors

Cupboards/ Draws to be opened to make sure they work

Check double glazing for signs of condensation as they may need replacing

  • Check for damp

Wet spots & mouldy peeling wallpaper. Look inside cupboards and does it smell musty?

  • Do touch that dial!

If it’s electric, switch it on – Switch on lights, test sockets, fire up that oven and switch on any  electric fires. Also make sure you have enough sockets (in the right places) for your needs

  • Locks

Ensure locks meet insurance requirements. Usually a 5 lever Mortice deadlock’s are required. Check windows for locks and make sure there are sufficient keys.

  •  Ceilings

Cracks, leaks, stains can all show signs of problems

  • Plumbing

Turn taps & showers on. Flush the toilet. Check that cupboards underneath sinks are dry.

  • Fire up that boiler

              Check the boiler works and isn’t making nasty sounds. Make sure all the radiators are getting hot and do not leak.

  • Lift mats and rugs

Are they being used to cover something nasty? If you look below you will know!

  •  Roof

             Check the roof for missing tiles or dodgy guttering

  • Walls

Cracks or mould could indicate something costly

  • What’s in the loft?

              Pop your head into the unknown and bring a torch. Check to see if any wood work is rotten.

 

18.       Consider resale value

If a property has been on the market quite a while – why hasn’t it shifted? Remember at some point you may wish to sell the property. When your secluded “niche” property, miles away from anything hasn’t sold in 3 years – it may not seem like such a bargain. Parking, garden size, transportation links, local schools and amenities should all be considered.

 

19.          So what ‘s it made of then?

Brick and tile are easy. However what if the property has a thatch roof or has concrete walls. Did you know that a property that looks similar but is made of concrete could be hard to obtain a mortgage on, or may be worth tens of thousands of pounds less than one made of brick?

20. Leasehold properties

Look for at least 80 years lease on properties. If it is less than this it may be harder to sell on in future. Leases can be extended but can cost upwards of £10,000 to do so.

 

5 More Home Buying Tips in the next blog………….

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

Home Buying Tips – Tip 1 – 5

It is the biggest purchase of your life – let’s make sure that you get it right!

Here are the first 5 tips to buying a new home

1. Get financial advice – Day one. I was deliberating this one because I am a broker and I did not want to use this thread to “sell my services”. However what is the point in going shopping without any money?!?

A good Broker can tell you how much money you are going to need for a deposit and fees. He can also work with you to find out how much you can afford and how much you can borrow.

If you are not ready yet he can help draw up a plan to get you in a position to purchase, or if everything “fits” – he can get you an Agreement in Principle from the Lender.

2. List all of the costs

Deposit required Varies
Mortgage Arrangement fee – Typically £500 – £1500
Valuation Fee Typically £200 – £300
Legal Fees Typically £800 – £1000
Stamp Duty 1% of the purchase price over £125,000, 3% over£250,000 as so on
Surveys More detailed surveys cost more money typically £400 – £800
Removals Depends on distances involved
House repairs and furnishings You’ve bought the house, now it’s time to fill it up. Don’t leave yourself so broke you have to sit on the floor!

3. Make a list of Needs and Wants

The Needs are what a property must have. For instance, if it has to have a minimum 3 bedrooms what’s the point in seeing one with 2?

The Wants are what you would like the property to have. You want to find a property with as many of these as possible, but if a property didn’t have some of these it wouldn’t necessarily be a deal breaker.

Just remember to be realistic, if you can’t find that 5 bed Town House in Kensington for £250,000 then perhaps you need to lower your sights.

When you are seeing loads of properties this will help you to keep track and short list those ones for a second viewing.

4. Don’t be shy – in the UK we don’t like to haggle but as the saying goes if you don’t ask you don’t get.

So, these are the golden rules….

  • Set a maximum / “walk away” price.
  • It is all too easy to get carried away whilst bidding but make sure you set a maximum price you are prepared to pay for the property.
  • Start low.

Put in a “cheeky offer” say 10% – 15% below asking price, if you have someone who wants to move in a hurry they might say yes!

If they say no –  ask them what they would accept. Then you can always put in another higher offer…. just remember to walk away when you hit your maximum price.

Usually you will meet somewhere in the middle.

  • Maximise your position.

If you are a first time buyer with no property to sell, tell them that it means you can move quickly.

Tell them you have your finance arranged and have an Agreement in Principle with Solicitors all   tee-d up and ready to go.

Tell them you have a highly motivated broker ( I’m sure I know one of those) who can get everything tied up quickly.

5. Arrange a Mortgage in Principle*

I know I touched on this earlier but the reasons for doing this are important:

1) It gives you a much more accurate reflection on how much you can borrow. A lenders calculator or a comparison site will only give a very rough indication.

2) It stops you falling in love with a property you can’t get the finance for.

3) It strengthens your buying position and show’s you are serious.

4) It can put an end to any Estate agent – “you have to sit down with our adviser……” tricks.

5) It allows you to move fast instead of losing out on a property.

6)  We know in advance if there are any issues on the credit file and arrange a plan to sort them.**

*Be careful about obtaining an agreement in principle from multiple lenders as this could stop you getting any finance for a period of time.

**Did you know a single late payment on a credit card will mean some lenders will not lend to a First Time Buyer

 

        5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

Home Buying Tips – Tips 6-10

It is the biggest purchase of your life – let’s make sure that you get it right! 

6. What’s in the Neighbourhood?….

  • Do you like the local shops?
  • Is there graffiti on the walls?
  • What are your priorities? – What do you need in walking distance: Good schools, Pubs, shops,….?
  • Are there parks and open spaces?
  • Pop in to the local police station or ask the local bobby.

One of my clients thought it was wonderful to live down the road from a pub……that was until he found out that the local youths drunken pass time was to run across the roofs of cars on their way home. Unfortunately he had a convertible!!…..

7. The top ten things to ask the sellers:

1. Who lives upstairs/ downstairs, next door?

2. Have there been neighbour disputes?

3. How long has it been on the market and how many viewings / offers have they had?

4. If it is a flat – how long is the lease, how much is the ground rent/ maintenance charge?

5. How long have they lived there and why are they moving?

6.When was it rewired, how old is the boiler and when was it last inspected?

7. Have they found a property? If so how many people are in the chain?

8. Have there been any structural problems?

9. What is included in the sale?

10. What renovations have been done?

8. View at different times of the day/ week

Does a quiet road on a Sunday become a noisy speed track on weekdays?

Is it quiet in the day because the neighbours are at work only to play loud music at deafening volumes until the late hours?

….Do yourself a big favour and arrange a few viewings at different times

9. Take photos with your mobile

This can help you keep track when you are viewing many properties

10.  Check out the neighbours

It’s useful to find out who you will be living next to, also chat to neighbours who may be a little further away as they are more likely to be honest. They are less likely to be friends with the neighbours or anxious to get shot of them.

 

    5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.