How to sell your property
If you have decided to sell, it is important that your reasons for selling are clear so the process can be as smooth as possible.
We have put together a quick guide on selling your property to help you along the way. Before you even begin to think about marketing your property you should think about decluttering the property of items you no longer need, carrying out those repairs you didn't get round to and decorating any rooms that look a little tired or need 'de-personalising'.
Researching the properties for sale in the local area of Wales that you are interested in can give you a good idea of prices for properties similar to yours are selling for. Take a look at our Market Info page, which shows you the latest prices of properties sold` in the different areas of Wales.
It can also be useful to gather all the information you will need in the process so you know where it is . This includes:
- Gas and electrical safety checks;
- Any building regulations certificates your property may have;
- Items that will help identify running costs of the property such as council tax.
Research local estate agents to find the right agent to sell your property. There are a number of estate agents in Wales, so selecting the right agent for you can be tricky. Take a look at our 'Selecting the right estate agent' guide.
In step one we mentioned about researching what similar properties to your are worth in your area, however it is vital to also get a professional view. Ask at least three estate agents to visit your property and carry out a valuation. It is always worth getting three valuations as it allows you to identify which estate agent you would like to instruct as well as ensuring you get the most accurate price to market your property at. Once you have received the property valuations back from the estate agents, compare these with your own research so you can make the decision of what you would like to get for your property.
Selling privately is an option, however comes with significant risks. Using professionals at each stage of buying and selling property provides you with that all important expert knowledge and legal protection. Selling privately can be done through private sale websites (amongst other options), however it does mean that you are responsible for everything to do with the sale of your property, including setting the price of the property, marketing the property to attract buyers, arranging viewings, accepting or declining with offers made and progressing the sales through legal services. Another thing to take into account is that portals such as OnTheMarket.com and Rightmove do not advertise properties not being sold by an estate agent.
Once you have chosen the right estate agent for you, it will be necessary for you to make sure you home is ready for viewings! Keeping your property clean and tidy can help with any unexpected viewings therefore decluttering beforehand can help free up space and keep areas tidy. If your property looks a little tired and could do with a bit of decorating, it is important to chose neutral tones to allow it to appeal to a wider audience. Those small repairs that make a big different like mending the guttering are great to get ticked off the list too.
Before a viewing takes place, make sure your property is homely and comfortable by putting the heating on if it is cold outside or opening windows if it is too warm. Throwing open the windows can help to freshen up a property that has been smoked in or if you have pets. Fresh bed linen and making sure the beds are made is also great for smartening up the bedrooms. Nice smells are great to make a property feel like home - a few tricks can include putting a pot of coffee on just before the viewing, baking some bread or simply find some nice plug in air fresheners.
Read our preparing your property for viewings guide.
Negotiating offers that you receive can be stressful, but remember to be prepared to negotiate. You do not have to accept the first offer you receive or sell to the highest bidder. First time buyers, cash buyers or buyers who have a property to sell can be more advantangeous to you than those who will pay the most. Estate agents must provide you with all offers that they receive for your property, but it is totally your decision whether to accept or decline an offer. Once you have accepted an offer, you may be asked to take the property off the market - again this is your choice. It is important to write to your estate agent (letter or email) to confirm the acceptance of the offer and state the conditions for which you have accepted the offer. This prevents any misunderstandings.
It is important to instruct a conveyancer or property solicitor whether you are just selling or if you are selling and buying another property. Your estate agent is likely to be able to provide you with a recommendation but also ask friends and family who they have used in the past and have a positive experience with. Once you have two or three you would consider using, contact them for a quotation. This will not only help you select the one that is the best value for money but it will enable you to get an idea of what they are like so you can pick the conveyancer that suits you best.
Once you have chosen the right conveyancer for you, you will need to provide them with:
- Basic information such as your mortgage deeds so they check you own the property;
- Proof of ID;
- A completed detailed questionnaire about the property including boundaries;
- A completed fixtures and fittings list that are included in the sale.
- As the buyers raise any questions they may have, it is important to answer them as quickly as possible to avoid any delays. It is worthwhile to use a postal service that provides a signed for delivery option for peace of mind.
After exchange, neither party can pull out without possible and significant financial or legal implications. It involves copies of exchanged signed contracts between a buyer's conveyancer and a seller's conveyancer. Before you sign, ensure you have read the contract a few times and fully understand it. Anything you are not clear on, contact your conveyancer and query. Do not be afraid to ask questions - buying and selling property are the some of the most expensive decisions you make in your lifetime!
Once exchanged, it is time to agreed a date for completion. Now is a great time to ensure you are nearly packed and ready to leave once completion has occurred.
Your conveyancer will contact your agent to let you know when the buyer's funds has arrived so the agent can give the new owners the keys to the property. Before they have possession of the keys it is really important that you have removed all your items from the property, taken last readings for things like water, gas and electric, and ensured all doors and windows are locked before you leave. It is also recommended that you leave any guides or operating manuals for any appliances out for the new owners.
Take another look at our Moving Checklist for a helpful guide to help you remember everything you need to do.
Once you receive the conveyancer's completion statement, check it carefully to ensure it matches the original quotation.
Congratulations on the sale of your property!
