How should I sell my house?

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Many people who are planning on selling their house head straight to their high street estate agent. But, did you know this isn’t the only option available to you? In this article we take a look at all of the options and some of the advantages and disadvantages.

Sell my house through a high street estate agent

This is the most commonly used method to sell a property. Traditional high street estate agents market and sell a property on your behalf. They take responsibility for dealing with paperwork, liaising with solicitors and buyers/sellers and generally ensuring the smooth-running of the sale/purchase.

In return for this, you typically pay them between 1 and 3 per cent of the sale price, plus VAT. Sometimes there is room to negotiate on this fee and some agents offer a fixed fee price.

 

Sell my house with an online estate agent

There are now estate agents which have moved to be solely online. These are becoming increasingly popular with sellers. They have no high street presence, meaning they don’t have the overheads and running costs that agents on the high street do. As a result, they can hire more staff and spend more on advertising to attract an increased number of potential buyers.

An online estate agent carries out the same roles as a high street estate agent and the same advertising methods. However, they will not carry out viewings for you, unlike a high street agent.

Fees for online estate agents are often fixed, which can make them cheaper than high street agents but many ask for this fee to be paid upfront, whether or not they sell your property.

 

Sell my house privately

Some people decide to sell their house privately themselves. It is possible to do it yourself without using an estate agent, however, it can be a lot of hard work but also very rewarding. You will effectively take over the duties of an estate agent so will need to be responsible for:

  • Organising online and offline advertising and marketing
  • Holding phone calls with prospective buyers
  • Arranging and conducting property viewings
  • Chasing up solicitors and paperwork
  • Dealing with surveyors and valuers
  • Receiving offers and haggling on price

If you choose to sell your house privately it’s important to note that due to client confidentiality you will not be able to talk to your buyer’s solicitor. This can be a disadvantage if there is a problem or things are moving slowly.

 

Sell my house at auction

If you need to sell your house quickly then you may decide to sell your house at an auction. People who have an unusual property, or one which is in a bad state of repair and wouldn’t market well through traditional methods, often use auctions.

They rely on competing bidders driving up the price of the property but it can be risky if there’s only one person interested. This is where it’s important to ensure you set a reserve price which sets out the minimum amount you are happy to accept for selling your house.

Once it has been sold the buyer has to pay a deposit on the day of the auction of around 10 per cent and the remainder of the balance must be paid within a month. Auction fees are around 2.5 per cent of the price you get for your property.

 

Sell my house fast with a quick house sale company

Another way of selling your house quickly is by using a quick house sale company. Selling your house quickly through these companies is gaining popularity and is more reliable than selling at auction.

Quick house sale companies are relatively new to the property industry. They purchase your property directly for cash at a reduced market value price—typically around 75 per cent and 90 per cent of the value. The sale of the property can often be completed within weeks—or even days—of an offer taking place. Reader’s Digest Property offers people the opportunity to sell their property using this method.

 

If you would like to find out what you could get for your property please fill out the form below or call us on 0800 433 7979