Should you sell at all?
· If you are considering selling because you need more space, have you instead considered building an extension, converting the attic, or digging out the basement? The costs of moving are so great (particularly with stamp duty) that it might even save money to expand your existing home
· Have you thought about how changing house prices might affect the decision to sell? If prices are rising rapidly, you may not be able to afford a place much bigger than the one you are already in
· Are you in negative equity? If so, can you afford to sell?
· You may be considering selling as a result of a separation or divorce .
· Depending upon your circumstances, you might be better off renting your home rather than selling.
Figure out your finances
· You should notify your mortgage lender that you are planning to sell your home
· You need to find out how big your outstanding mortgage is and if there are any early redemption penalties
· You need to get a rough idea of how much your house is worth, then you can calculate how much money you will be left with after you have paid off the mortgage. Try our instant valuation tool or find a local estate agent and approach three of them for a valuation
· If you are also buying a new home, you should obviously consider what size mortgage you will need for that. You should get an idea from mortgage lenders how much they would be willing to offer you.
· At the early stages, the figures will be approximate only – you don’t know how much you will sell your house for and you will only get a precise redemption (amount outstanding) figure for your mortgage once you have an agreed completion date when you have exchange contracts.
· Plan every step to avoid being held up.
Decide if you should also look for somewhere to buy or rent
· Renting for a while can add to the overall expense, but reduces the critical time pressures of buying a new home
· You won’t have to sell at a low price because you have found the home of your dreams
· You will not be rushed into buying a less-than-perfect new home because you have found a buyer for your current home
· You will break out of the housing chain which means you will be a more attractive buyer.
· See our guide should I sell my property before I buy a new one? for more information
We do hope this has helped you plan on whether now is the ideal time for you to market your property. If you’d like to arrange a no obligation Valuation with one of us or would like further information, call us on 01932 22 21 20. Or join the Walton Property Community Group on Facebook or you can subscribe to our YouTube channel for free property advice, local property news and market updates.
