Why paying less isn’t always a good idea
Nobody likes to pay too much, but paying too little can sometimes be worse when it comes to choosing your estate agent. In fact there is evidence that paying a little more for your agent can result in you employing one that will achieve thousands more for you!
Often people think because houses are selling quickly that there is no point investing in the services of an agent and especially not one with slightly higher fees. However in my experience choosing the right agent shouldn’t have much to do with what they are charging and should have more to do with the results they are able to achieve. With the average value of a property in the West Midlands now being £216,398 then the difference in results from one agent to another can be significant. The average price achieved as a percentage of asking price in the UK currently is around 96.7% which would mean accepting over £7,000 below your asking price (based on the current average value in West Midlands). But a good agent equipped with the right marketing, the best systems and procedures and importantly the right attitude will be able to achieve a much better price. Currently the best agents in Stourbridge are achieving around 98% on average (some are achieving more than this with some significantly closer to 100%) which is around £3,000 more than an average agent. While the average price achieved by some of the online cheaper agents is around 95% which is around £4,000 less than an average agent and more than £7,000 less than the best performing agents in Stourbridge.
So when you are choosing your estate agent please don’t just focus on how much they are charging, find out how they are performing and what they are achieving as a percentage of initial asking price
Things you should know before you decide to sell your home
Lots of people wrongly assume that selling a house is easy and doesn’t take any preparation – after all that’s what you’re paying the estate agents for, isn’t it? Wrong! The reality is, selling a home can be stressful and inconvenient but if you are thinking of selling up, there are some essential secrets you need to know.
Pricing your home right from the beginning is imperative
Price your home too low and you’ll miss out on money yet price your house too high and you’ll miss out on offers which in turn will leave your property on the market. Once your property has been on the market for some time, people will begin to wonder whether there is something wrong with it.
It’s important to enhance your kerb appeal
First impressions matter and you only get one chance. Remember you’ve got to bring people in so consider what the outside of your property looks like to people driving up for the first time. Your property should at least look better than your neighbour’s. Revamp your front door, add a security light, plant some flowers and declutter any exterior porches. In addition to this, people love a healthy lawn!
Exaggerations will only disappoint in the future.
Take what you have and describe it to its best ability but don’t lie. If you have a tiny spare room, don’t describe it as an extra bedroom but instead be honest and explain that it would be better renovated into a walk in wardrobe or storage room.
Shop around for the best estate agent
It’s one of the biggest decisions of your life so make sure you choose the best person to do it. A lot of estate agency business is done through referral and word of mouth so ask around to find a recommended choice. Don’t stop until you find someone who you trust and have faith in.
Depersonalise and declutter.
Whilst a house should feel homely, you need to allow the potential buyer to imagine his or her own family in the property. In addition to this, remove all items that largely relate to your political and religious beliefs and get rid of any trace of pets. You may love your cat but some buyers won’t want to see an animal lying all over the sofa.
The kitchen and bathroom always come first
Typically, these are the rooms that buyers want to see the most so they shouldn’t look as if they need a huge renovation. If you do decide to update these before selling then remember that neutral colours always work best and always renovate up to the worth of your home, there is no point installing a bathroom for £30,000 if your house is only worth £200,000.
There isn’t a best time to sell your home.
Rumours have it that spring is the best time to sell but houses do sell in winter, autumn and summer too. Only you can decide on when the right time is to sell and no matter what the housing market forecast says, people are always going to want houses. For more information about the best time to sell you can read this blog which is all about the best time of year to sell your home
Selling and buying houses is a very personal journey but with a little research and the right agent, hopefully you’ll be on your way to making that property dream, a reality. If you have any questions, then please get in touch.
When you move home, the decision of what to do with your existing property is a very important one. Most people find that they have to sell their current property, especially if extra money is needed to buy a new one. However, what is the best decision for you – selling or letting?
Benefits of selling
- Access to instant cash is the main benefit of selling and means that you can buy a new property with far more money than you would have if you decide to let your old property
- If prices are decreasing in the property market and you want to extract the best possible price for your home, then selling is also advised
Cons of selling
- Owning and therefore renting a number of properties gives you extra security in the future and is a fantastic asset to have
- You may later regret your decision, if for example you bought a new home with a partner and things don’t go to plan
Benefits of letting
- If you are moving temporarily, then letting out your old property gives you the option of still being able to move back into your old house
- If you are confident that your property is a good rental property, then over time you can create a valuable asset with a regular income
- If prices in the property market rise, then you will be able to sell your old property in the future for profit
Cons of lettings
- Owning multiple properties can bring complications if mortgages are involved. You must check your mortgage as some do not let you rent out your house. If you do have to change your mortgage to allow for letting, you will have to consider new mortgage fees.
- Letting an old property and owning a new property means you will be financing two properties. You need to ensure that you are financially secure – will you be able to pay for two mortgages?
- There will be periods where no-one is in the property and therefore you will not be receiving any money
- Managing a property takes a lot of time and responsibility. You can instruct a letting agent to do this for you, but they will take part of the rental income.
It’s your decision
There are a number of advantages and disadvantages when it comes to selling or letting a property and you need to make the decision based on you and you only. The first step is to decide whether you can afford it. As well as the house itself, there are also a number of other costs associated with letting a property. You also need to remember how time-consuming being a landlord can be.
However, the benefits of extra revenue earned from any rental properties cannot be denied. If you are unsure about what to do and would like to speak to an expert, please get in touch today.
You can book a valuation advice meeting for your property and one of our team will talk you through the pros and cons of selling or renting and answer any specific questions you might have – just click here http://www.thepropertyshop.co.uk/book-a-valuation