There are many incentives and reasons for why you might be selling your own property. While ‘bricks and mortar’ remain one of the best financial investments you can make nowadays, sometime selling a property can be the right move to make for a whole host of different reasons.
Perhaps you are looking to upscale to a larger property for you and your family to live in and enjoy for many more years to come. Perhaps you need to sell in order to downsize; using some of the money as an investment for a business venture. Whatever the reason, before you go ahead and sell, you should consider the different routes that exist to sell your property.
Whether you put your home up for sale on the property market through an estate agent, property auction, private sale or otherwise, selling a property is a big move that you should always consider very carefully.
On top of all of the initial considerations and pricing factors to think about, you should also give some thought to the different charges, taxes and expenses involved with selling a property. If however you have chosen to sell your property through a reputable estate agency, these fees should all be explained to you and the formalities taken care of.
I need to sell my Property: What are my Options?
With the growth of the internet and the digital market, more and more people are selling their properties through private sales and estate agencies; as much of what is needed to sell and the information required, is so easily accessible online.
For example, with ABC Estates, all it takes is getting in touch with us and making a quick enquiry or phone call and our experts guide you through the entire process making it as seamless as can be.
By far, the three most popular routes through which people sell their properties are via estate agencies, by private sale or through a property auction:
The primary benefit to selling your property with an estate agent is that everything is taken care of. From legal fees, to finding a new mortgage, to sourcing the buyer, the estate agency will provide it all. Typically charging a small fee on top of the sale amount of your property or taking a fixed percentage of the amount, using estate agents to sell a property is convenient, easy and hassle free.
With an estate agency, the viewings, property valuation, lining up prospective customers and closing the deal is all done by an agent who will be well versed in the field, saving you a lot of time and hassle.
Private Property Sales
This is how sellers ‘cut out the middle man.’ Rather than going to an estate agency that take care of everything, a private sale will usually be between two parties; the seller and the buyer.
Once a price has been agreed and payment terms settled, the two parties will exchange funds, contracts and legal documents. The seller will also have to consider extra charges that may be pertinent to the sale of a property such as Stamp Duty and Capital Gains Tax. These taxes and charges will need to be entirely taken care of by the seller themselves.
The seller will also need a legal expert to look over all of the legalities and terms of the sale. Again, this is an additional expense to the seller and something that would normally be facilitated by an estate agency.
Furthermore, selling a property via private sales keeps the seller heavily involved and connected to the process in a way that may not be possible if the responsibility is given to an agent or third party. This allows the seller to negotiate terms, conditions and prices directly with the buyer, which may or may not be preferable.
However, selling privately is quite risky as you will need to find prospective buyers, sort out viewings and take care of everything, unlike if you choose to use an estate agency.
Property Auction Sales
Selling a property at auction is not something most do for ‘typical’ properties. If you are looking to sell a property that is a little bit different or has something extra to offer, then property auctions should be a consideration. Also, if the property in focus needs a lot of refurbishment work done to it or s a rare property, a sale through auction may be the best option.
The downsides to selling a property at auction are that regardless of whether your property sells or not, you will have to pay the auctioneer’s fees + VAT, which will work out to be more than £1,000. Also, you are not guaranteed a sale when selling at an auction in the way you would be through an agent. Additionally, the reserve price of the property may never be met, leaving you at a loss.
While there is no shortage of ways to sell a property you own; whether it is a rental property or your current home, it is of utmost importance that you ensure you research the market and choose the method of sale that will work out best for you and your property.
Be it via an estate agency, private sale, an auction or otherwise, choosing the correct and most efficient route to sell your property through is a great way to generate the money you need for a new business venture, investment or to simply move up the property ladder, without paying extra money you shouldn’t have to.