Thursday, 23 March 2017

Top 5 Money Saving Tips When Selling Your House

Written by Posted On Friday, 16 September 2016 10:15

In today’s housing market saving every penny counts. With that in mind, here are the top 5 best tips to help you save money when selling your home.

Tip #1: Spend money to make money

Spending money on refurbishments can be a scary thought, especially if you are selling for financial reasons, however investing a little cash in the right areas can help to improve your chances of a quick sale at the right price.

The kitchen is the most valuable room in a property. It’s worth the most per square foot, and is an area that potential buyers will focus their attention on. So if they are, then you should too. To maximise your kitchen’s value invest your money in the right places. For example, instead of ripping out those old cabinets, consider just updating them with a fresh lick of paint and some stylish new handles. Make sure to de-clutter the counter tops, add some fresh fruit, and before you know it you’ll have a kitchen to be proud of.

There are many simple tricks that estate agents have been using for years to sell properties. These include:

·         Adding some colour to a room with the addition of some plants and flowers

·         Creating an inviting atmosphere by lighting the fireplace (burning some pinecones can also add a nice smell)

·         Brewing some fresh coffee, it’ll add a good smell (especially useful for covering up the smell of cigarette smoke and/or pets)

·         Replacing any broken light bulbs

Incorporating a few of these low cost techniques will ensure that your property looks its best.

Tip #2: Sell Unwanted Items

Moving house is a great opportunity to get rid of that unwanted clutter, and the money raised can be put towards those refurbishments you’ve got planned. Removing clutter from your home also helps when showing the property as it demonstrates that there is ample storage space available.

Consider selling those unwanted Christmas presents you had stashed away in the attic at a car boot sale or online via Craigslist, Gumtree or eBay. You would be surprised how much money you can raise by clearing your home of these unwanted items.

Some companies even offer house clearance services where they will collect your items and sell them on your behalf, saving you time and increasing the chances of the items finding a new home.

Tip #3: Find the best mortgage for you

When selling your house, one of the most important things to consider is whether or not you are getting the best mortgage deal for your needs.  Having the right mortgage can save you a lot of money in the long run, so it pays to check your options.

Most mortgages are ‘portable’, allowing you to transfer them from one property to the next with a minimal amount of fuss; however issues such as penalties for repaying early can put a dampener on the move. In order to avoid such fees, it is useful to think about how long you think you will be living at your future home for. Getting a mortgage with a term that will compliment this time frame will cut down on the chance of any nasty penalties.

When it comes to finding the best mortgage for you, there is a lot to think about. I would recommend using a mortgage calculator (or several different ones to find the best one) to help estimate how much you can borrow and what your repayments will be.

Tip #4: Research the value of your home

Before starting work on those home improvements, it’s important to find out how much money you can afford to invest to ensure a good return. One way of estimating this is to look into how much your home is currently worth and the price you can expect to sell it for.

There are a number of online tools available that can give you accurate valuations of your home. These include online calculators from websites such as Rightmove and Zoopla.

These tools can also give you valuable information regarding the local house market. Knowing how much nearby properties sold for, along with whether they sold for the asking price, can give you an advantage when negotiating the best deal with mortgage providers, estate agents and buyers.

Tip #5: Do you need an estate agent?

Many believe that the best way to save money when selling your home is to cut out the commission taken by estate agents and sell the property yourself. Recently, many experts forecasted that with the increase of online property portals, the days of relying on estate agents to sell your home were going to be a thing of the past, however this appears to not have been the case.

Whilst for some the DIY approach to selling your house can work wonders, however this option does have its downsides. The extra time and effort to advertise and show the property yourself can be a luxury that few can afford.

In the majority of cases the best approach is still to use an estate agent. The trick is to find the best one for you. Think about the buyer that you are looking for and pick the best agent to target that market.

Estate agents have claimed that “selling the house is the easy bit”, and that the toughest part is dealing with the offer, checking the chain and talking to lawyers. These are all areas that agents are experts in, and many areas that the DIY seller may not have considered.

Conclusion

 

There are plenty of ways to save money when selling your home. The important thing to remember is to be proactive; look for the best deals on mortgages and estate agents, keep an eye on your local property market and do whatever you can to improve the value of your home. It may sound tough, but if done right you’ll find a buyer in no time, and you’ll have saved yourself a few pounds at the same time.

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Chris Smith

I'm Chris and I have been in the business of passing on advice to first time buyers, general buyers and those buying to let for a few years now. My time working as a mortgage advisor, and my business background give me the knowledge and the insight to make sure that you don't make any mistakes in your purchase. Not everyone gets the advice that they need when buying a property, a lot of agents just want the sale. As I'm not here to sell, you know that my advice is genuine and that it can help you on your endeavour.

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