Maximizing the sale price of your home
When it comes to selling your home, one of the most critical decisions you'll face is determining the asking price. Setting it too high can deter potential buyers, while setting it too low means leaving money on the table. To ensure you get the best price possible, we've gathered some invaluable tips and tricks for you.
- Exercise Caution with Higher Valuations
Make sure you get at least three valuations from different estate agents. If you receive a significantly higher valuation from one agent, exercise caution. They may be inflating the value to secure your business, fully aware that it will need to be reduced later. Always be prudent and sceptical when evaluating such valuations.
- Thoroughly Evaluate Estate Agents
After collecting valuations, you'll typically have a meeting with the sales manager, who will be eager for you to sign the contract. Utilise this opportunity to understand the local market statistics and the basis for their valuation. Request information on comparable properties they have successfully sold, including prices and brochures. Examining comparables will help you ascertain their ability to deliver on their promised price.
- Communicate the Value of Fixtures and Fittings
It's essential to be clear on what fixtures and fittings are included in the asking price. These items hold value and should be effectively communicated in the property description. In the event that you need to accept a lower price, you can always negotiate the exclusion of certain fixtures and fittings from the deal.
- Do your Homework
Before engaging with estate agents, it's wise to have a rough idea of your property's worth. Begin by following these steps:
- Utilise the Land Registry Website to research recent sale prices of properties in your vicinity.
- Convert this into a price per square meter by finding out the total floor area of the property sold. You can access this from the Energy Performance Certificate (EPC) rating report that would have been prepared when the property was sold - this can be accessed here
- Do this analysis for various property transactions nearby to gauge the impact of factors such as property condition and recent market trends.
- Once you have an idea of the price per square metre, multiply it by the floor area of your own property. You can estimate this by adding up the floor areas of each room or refer to your property's EPC certificate if you purchased it after 2007.
Remember, choosing the right valuation for your home is both an art and a science. By following these expert tips, you'll be well-equipped to make an informed decision that aligns with your goals and maximises your property's sale price.