(collaborative post)
Moving house is often cited as one of life’s most stressful experiences, ranking alongside divorce and job loss in terms of the anxiety it can provoke. However, the process of selling your current home and purchasing a new one can be significantly less daunting with careful planning and the right approach.
Start with a clear vision
Take time to consider your motivations for moving and what you’re looking for in your next home. Are you upsizing to accommodate a growing family? Downsizing for retirement? Or perhaps you’re relocating for work or lifestyle reasons?
Understanding your goals will help you make decisions throughout the process and keep you focused when challenges arise. Create a list of must-haves and nice-to-haves for your new home, considering factors such as location, size, amenities, and proximity to schools or work. This will guide your property search and help you communicate your needs effectively to estate agents and potential buyers of your current home.
Assess your financial position
Start by getting an up-to-date valuation of your current property. Many estate agents offer free valuations, which can give you a realistic idea of your home’s worth in the current market. Next, review your mortgage options. If you have an existing mortgage, check for any early repayment charges or if it’s portable to a new property.
Speak with a mortgage advisor to explore your borrowing capacity for your next home. The UK’s Financial Conduct Authority recommends seeking independent financial advice to ensure you’re making informed decisions about your mortgage and overall finances.
Consider using online mortgage calculators to get an initial idea of what you might be able to borrow. However, remember that these are just estimates, and a formal mortgage offer will depend on a variety of factors, including your credit score and the lender’s criteria.
Find an estate agent you can rely on
Look for an agent with a strong track record in your local area and experience selling properties similar to yours. In the UK, estate agents must be members of a redress scheme, such as The Property Ombudsman or the Property Redress Scheme, which protects consumers.
Don’t be swayed solely by the highest valuation or lowest fees. Consider their marketing strategy, how they plan to promote your property, and their communication style. A good agent should be proactive, responsive, and able to provide regular updates on viewings and offers.
Ask potential agents about their success rate in achieving asking prices and their average time to sell properties. You can also check online reviews and ask for recommendations from friends or family who have recently sold properties in your area.
If you’re looking for estate agents in Brentwood, get in touch with the team at Lux Homes. They offer free valuations in person and online, and they can help you find your dream property too!
Prepare your home for sale
First impressions count and preparing your home for sale can significantly impact its appeal to potential buyers. Start with a thorough decluttering and deep clean. Consider hiring a professional cleaning service for a truly spotless result. This initial investment can pay off by making your home more attractive to viewers.
Minor repairs and touch-ups can make a big difference. Fix any leaky taps, replace blown light bulbs, and touch up scuffed paintwork. If your budget allows, consider more significant improvements that could add value, such as updating the kitchen or bathroom. However, be cautious not to over-improve for your area, as you may not recoup the costs.
Enhancing your home’s curb appeal is crucial, as many buyers form their first impression before even stepping inside. Ensure your front garden is tidy, the exterior paintwork is fresh, and the front door is clean and welcoming.
Set a realistic asking price
While it’s tempting to aim high, overpricing can lead to your property lingering on the market, potentially becoming stigmatised.
Your estate agent should provide a valuation based on comparable properties in your area, current market conditions, and your home’s unique features. However, it’s wise to do your own research as well. Websites like Rightmove and Zoopla offer sold price data for properties in your area, which can give you a good indication of realistic pricing.
Consider the current market trends in your region. The property market can vary significantly between different areas and even from one neighbourhood to another. Factors such as local schools, transport links, and upcoming developments can all influence property values.
Be prepared to be flexible with your asking price, even though prices are going up. If you receive little interest after a few weeks on the market, you may need to consider a price reduction. Your estate agent should advise you on the best strategy based on feedback from viewings and market responses.
Navigate the offer process
Once you’ve found a property you want to buy, and you’ve received an acceptable offer on your current home, you’ll enter the offer process. Offers are typically made ‘subject to contract’, meaning they’re not legally binding until contracts are exchanged.
Think about factors beyond the asking price. The seller may be more inclined to accept a lower offer from a buyer in a strong position (e.g., chain-free, with a mortgage agreed in principle) over a higher offer from someone in a less secure position.
If your offer is accepted, ask the estate agent to take the property off the market to reduce the risk of being pipped at the post. While this isn’t legally binding, it shows the seller’s commitment to your offer.
On the selling side, carefully consider any offers you receive. Look at the buyer’s position, not just the offer amount. A slightly lower offer from a cash buyer or someone with no chain might be preferable to a higher offer from a buyer in a complex chain.
Manage the conveyancing process
Once offers are accepted on both your sale and purchase, the conveyancing process begins. This is the legal transfer of property ownership from one party to another. Choosing a reliable solicitor or licensed conveyancer is crucial for a smooth transaction.
Ask for recommendations from friends, family, or your estate agent, and look for firms accredited by the Law Society’s Conveyancing Quality Scheme. Obtain quotes from several firms, but remember that the cheapest option isn’t always the best; consider their reputation and communication style as well.
Your conveyancer will handle searches, draft contracts, and negotiate terms with the other party’s solicitor. Stay in regular contact with them and respond promptly to any requests for information or documents. Delays in the conveyancing process can cause stress and potentially jeopardise the transaction.
Be prepared for potential issues that may arise during searches or surveys. Common problems include planning permission discrepancies, boundary disputes, or structural issues. While these can be concerning, many can be resolved through negotiation or by obtaining indemnity insurance.
Organise surveys and mortgage valuations
The Royal Institution of Chartered Surveyors (RICS) offers several levels of survey, from a basic condition report to a full structural survey. The type of survey you choose will depend on the age and condition of the property, as well as your personal risk tolerance.
Your mortgage lender will also conduct a valuation to ensure the property is worth the amount they’re lending. This is not the same as a survey and is primarily for the lender’s benefit. Consider paying for your independent valuation if you have any doubts about the property’s value.
For your sale, be prepared for the buyer’s survey and potential follow-up questions or negotiations based on the findings. You may need to negotiate on price or agree to carry out repairs before completion if there are any issues.
This post was published in collaboration with a content partner. The article is meant to inspire you how to live a slow, simple, soulful and sustainable lifestyle and may contain (affiliate) links to articles, websites or products/services that may be of interest to you.
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