In today’s market it can be very difficult and challenging to sell a property. And the reason for that is because of the challenges that a lot of buyers face given the current climate.
The thing to be mindful of is that most buyers now have to come up with much bigger deposits. Typically 15% to 20% whereas before you used to be able to get 95% mortgages, and back in the good old days you used to be able to get 100% mortgages. So the challenges that a lot of buyers now have to find much bigger deposits, and the other challenge is a lot of buyers also have to now get repayment mortgages as opposed to interest only mortgages. Now what that means is that they have bigger repayments, and as the repayments are bigger they have to borrow less money than what they previously would have been able to. So with that in mind, it’s really important that you price your property accordingly.
Don’t always go by what estate agents say. The thing to remember is estate agents get commissions for signing you up and literally putting a for sale sign outside of your property, irrespective of if they sell it or not. So they get paid to sign you up and they also get paid a commission if your property sells. Now the thing to remember is estate agents are not quite property experts, and most of them are reluctant to give you some constructive feedback on how you can market and sell your property easier. The reason for that is they don’t want to be held liable if the advice you give them doesn’t work. So the thing to do is make sure that you make your property priced accordingly so that for the type of market you’re targeting to, people can by it.
So this is this is first time buyers, have a look at what first time buyers can get in the area for that price range and make sure that your property competes within that price range, or it’s a little bit cheaper if you can afford to do that. The second thing to do is be mindful that if your property needs work, it will actually make it more difficult for a first time buyer to buy it. An example of that would be if your property needs five grand’s worth of work doing on it, compared to a house that doesn’t, you may think that by reducing the price by £5,000 makes it easier for the person to buy.
In actual fact it doesn’t and an example of this would be if you had 2 identical properties, but one needing work and one not needing work, the house that doesn’t need work may need a £10,000 deposit and then no further costs. If a house that needs work is priced at £10,000 less, a buyer will need let’s say £9,000 deposit, then a further £10,000 to refurbish it. So the thing to be mindful of is it may be better for you to actually complete the work on the property and ask for a slightly higher price. That way the mortgage company then pays for all of the property and the buyer only has to put their deposit in without any further costs afterwards.
So this is something that you can do to make your property easier to sell. The other thing that you can do is make sure that your property is marketed and staged properly. People need to see you property as an attractive place where they can move in to and for them to be able live. So the thing to do is make it as easy as possible for someone to come along and buy, and also make it as easy as possible so if they do buy, they can just move in and they can live in it straight away.
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