How to sell a house quickly (and get the best price!)
Selling your home is one of life’s greatest challenges. Some people have the luxury of time, while others want or need to sell their home quickly. Depending on the circumstances for selling the house, it can be stressful and overwhelming. Taking the right approach can make a huge difference.
Reasons for selling ASAP
The main reasons why people may need or want to sell their home quickly include:
- Found a desirable house: If you have found a new home, it is essential to move quickly, so you don’t lose out.
- Bad financial situation: You might be in a poor financial situation because you have lost your job. If you are unable to make mortgage payments, then the lending company may start the repossession process. You want to avoid this if you can because you will be liable for court costs and expenses, and a forced sale may not clear your debt. Failure to make mortgage payments may damage your credit rating, making it difficult to borrow in the future.
- Better catchment area: Giving your children the best start in life is vital, and many parents move home to access better schools or shorten their existing school-run.
- New job/relocation: If you are moving because you have a new job or want to live in a different area, then not selling your home or getting stuck in a property chain could cause you to lose out or leave you paying two mortgages.
- Problematic tenants: You may be a buy-to-let landlord who has had enough of the stress and hassle of letting.
- Retirement/downsizing: You may be looking to move somewhere warmer to make the most out of your retirement and enjoy the freedom that freeing up cash will give. Alternatively, once your children have flown the nest, you can release capital and spend it on other interests.
- Inheritance: This can cause a financial strain with the costs of the property’s upkeep. If other family members have inherited the house with you, then selling quickly will put a halt to arguments you may be having.
- Make the most of the season: If Christmas or the summer holidays are upcoming, then you probably want to get into your new home as quickly as possible.
- Divorce: If you are separating, then selling your home will allow you to move on with your life.
Tips for selling your home quickly
Preparation can make all the difference and create the best conditions to sell your home quickly:
- Choose the best time to sell: Spring and autumn are ideal times to sell. Sunshine floods your home with light, and flowers are in bloom. Spring is popular with the end of the school year, while in autumn, buyers are keen to complete before Christmas. School holidays can stall property chains in the summer, and winter is difficult with bad weather.
- Adjust the advertised price: When searching for houses online, users will often set their maximum budget meaning that if your house is listed as offers in excess of, it’s still not in budget. If your house falls directly on a bracket (ends in a multiple of 10,000) Try lowering or raising the advertised price by £1000 or so and change the listing to offers in region of.
- Get planning permission: This is an excellent way of adding value to properties, showing the potential value in property development.
- Nicely decorated: You can paint walls with neutral colours, modernise your decor, and hang large mirrors to increase the illusion of space.
- Clean and declutter: Ensure toys and ornaments are packed away, along with bathroom products. Research has shown that removing family photos gives buyers a blank canvass, allowing them to imagine themselves in the house. You should also tackle any outstanding DIY and declutter your hallway by removing excess coats and jackets.
- Low maintenance garden: Show how easy it is to maintain the grounds by cutting your grass and clearing weeds from between slabs. Ensure your fence is in good repair, and pack away empty plant pots.
- Scent: Ensure your home smells nice or bake bread to create a homely aroma.
- Children and pets: If you have noisy children or pets, consider a babysitter or pet sitter.
Your options & how to get maximum value
You could sell your home to a company that buys houses, however they often offer you a lot lower than the asking price. It could be ideal when moving for a new job, where your income may be higher, or for this in bad financial situations that need to get out of their mortgage.
You could consider letting out your current house instead of selling it, and while that could be another great money earner, it doesn’t free up funds for your next home.
If you are in a position where you can move before you sell your house, a bridging loan is the best solutions. Bridging loans are short-term, secured financing solutions that allows you to purchase a new home while waiting for your property chain to complete. They are also great for avoiding chain break, meaning that you don’t loose the house you want when you loose a buyer.
Friends Capital has access to lenders with the best bridging loan rates on the market today. Contact us to learn more or apply here.