Step by step guide to selling your property
As valuable capital assets, London property invariably yields handsome rewards for the astute investor by providing vital building blocks for portfolio expansion and diversification. It is vital, therefore, to regard the selling of a home as a tactical business decision to be undertaken with the aim of reducing costs and increasing the return on investment. The difference between a moderately profitable transaction and a financial windfall is usually down to the timing and levels of preparation that you’re ready to undertake and it’s in these areas that the expertise and advice of an established estate agent becomes an essential resource.
Step 1. Make a plan
There can be many reasons for selling and some are more time sensitive than others; a career relocation, schools, new addition to the family or even a need or desire to free up capital. Even if there are no time pressures, it helps to set a schedule, so that all the different components of the sale fall into place. Set aside a period for research of, not only the local property market, but also prospective estate agents, conveyance experts and local tradespersons should you need them. Assess the costs involved as well as the time their services will require.
Step 2. Choosing an agent
Estate agents who claim that they can sell your property quickly are not necessarily the right people for the job. Agents will be in regular contact with you through what is widely acknowledged to be a pretty intense and stressful period, so it is important you do your homework and choose your agent carefully. You can spot the good ones by their proven experience and willingness to be transparent. Some questions to ask are:
Step 3. Marketing your London property
Good agents should be able to market your property readily, as soon as you instruct them. They should also take professional, high quality photographs that show your property in the best light possible, guaranteeing plenty of interest. They’ll also give you tips on getting the rooms ready. Benham and Reeves also provide a video and floorplan, not all agents do, so do ask them what is included, where and how they will be marketing your property to ensure it reaches the maximum audience.
Step 4. Accurate valuation
Maintaining a careful balance between attracting buyers and maximising profits should start with a professional and accurate valuation of your property. This serves as a solid base for negotiation and will enable you to budget accurately as you decide how much to spend on getting the property ready for market.
Benham and Reeves offer a free online valuation that can be accessed via our website and this is a good place to start. As you research, you’ll soon recognise that the age, size and location of your home are major factors in any valuation calculation, as is the state of the economy and these are variables that are more or less out of your control. There are, however, some other things that can be done in order to give your property the best chance of attracting the full market price.
Of course, any potential buyer will also be carrying out a survey and that’s where things get a bit more detailed and it’s important to have most of these bases covered. These details are what potential buyers will be looking at:
Additional rooms like loft conversions or extra bathrooms give more space and usually add value.
Modern kitchens are a definite must.
Open-plan living has become a way of life in the UK allowing more light into the home and in keeping with contemporary lifestyle trends which focuses on the kitchen/dining space as the heart of the home.
New property developments score heavily here with many home features such as climate control and underfloor heating technology. You may need to consider adding some features yourself to add value if practicable.
Essential for keeping those energybills in check but do ask your Estate Agent if glazing your property will add the selling value you are looking for.
Storage becomes extra important when the home has reached its limits in terms of size and floor area so creating a solution for storage might be helpful.
Wear and Tear
Paintwork, flooring and kitchen units don’t last forever and heavily used areas invariably need constant care and attention so do look carefully at the state of yours and how this might impact offers from buyers.
It should be noted that once you have done your research, a formal valuation should be sought and this is best performed by a qualified agent who will need to visit your property to take a proper look at the size and condition. It is advisable to get the valuation in writing as you may need this if hoping to secure a mortgage loan in principle.Contact us if you would like to arrange a free, no obligation of your property.
Step 5. Best home presentation
So you have a property with great potential, near to vital transport links and full of attractive features. How do you add further value?The next three points focus on cost-effective strategies that can be carried with minimal fuss and bother:
- Declare war on clutter. Be ruthless about all those unused items that have been blocking doors and covering floors. Make use of dead space to create storage areas and maintain this discipline, even while you’re carrying out home improvements. In fact, decorating a home presents a golden opportunity for getting rid of any superfluous items.
- All homes benefit from a lick of fresh paint, especially in communal areas. Keep it neutral and tasteful – this is not the time for experimentation. Leave space for the buyer’s imagination to take over as they step into the property.
- Make sure doors close properly and that light switches work. These are things that viewers will pick up immediately and will attribute to sloppiness rather than just “wear and tear”.
Step 6. Soft furnishings that have high appeal
Potential buyers looking for a home in London can be pretty much spoiled for choice, especially when they’re looking at a new build. So it’s wise to ensure you have the competitive edge when selling as there are likely to be other apartments for sale particularly if it’s a large scale property development built over several phases. You don’t have to make major renovations to impress. A selection of stylish and tasteful soft furnishings can transform your property from “Next, please” to “Yes please!”
Some estate agents have close relationships with interior design and furnishings experts and will make helpful suggestions regarding your property. High quality furnishings, accessories and artwork don’t have to cost the earth and their knack of providing eye-catching focal points often prove invaluable.
Services such as:
As these are pre-designed, they can be often be delivered and installed quickly and also be tailored to suit your property.
This service takes a more in-depth approach, but is still relatively easy to do. It involves looking at not only furniture items, but lighting, decluttering solutions and colour schemes. We would generally recommend this for larger houses although it can be an effective option if a smaller property is sticking for whatever reason.
More than just an afterthought, getting a designer window treatment will impress potential buyers before they step across the doorway.
The London cultural calendar is full of affordable art events and they’re all worth a visit. Track down a picture or sculpture that complements the décor of your property and lifts it out of the ordinary. Of course, you’ll be taking your art with you when you go, but try not to be too funky – they are primarily devices for selling your property.
Step 7. Viewings
Once you have instructed an agent, every viewing of your property should be treated as a potential sale. Keep the property in tip-top condition and take notice of any feedback or suggestions that might come your way; either from the agent or a prospective buyer.
Some agents do not need you to be available for every viewing but in some instances, it can be helpful – be guided by your agent.
Step 8. Legal matters
Don’t leave the choice of a conveyance solicitor to the last minute or to chance. Your estate agent will be able to point you to any number of experienced professionals who will be able to take on the legal heavy lifting that goes with selling a property.
Getting your property ready involves getting your paperwork ready as well. Good solicitors will have all documentation up to date and accessible before you accept any offer. They’ll then keep in touch with your agent as to the progress of the sale and have contracts ready to sign as soon as both parties are ready.
Before your property can be marketed, you will be required to complete a property information questionnaire. This will ask you to include relevant information relating to any issues you may have regarding your property boundaries or any dispute with neighbours; whether you have appropriate approvals for any building works or freeholder consent for things like loft conversions or extensions. You will also be asked to mention any known defects. It is recommended that you be as transparent as possible from the outset as answers that are vague or incomplete are most likely to come up during the conveyancing process which could delay things and cost you more money in the long run. It could also impact the outcome of your sale.