How much should I sell my property for?
Looking to sell, but not sure what your property is worth? One of the biggest decisions to make when selling your property, is what price should I put it on the market for?
Buying and selling a property is probably the biggest financial decision you will make. It’s crucial you don’t lose out on money due to being misinformed by professionals. Once you have done everything you can to make your home as presentable as possible, it’s time to get it on the market. But, before you do make sure you research your area.
Do your research
There are many great professionals out there that can guide and help you obtain the best price for your property. But, don’t rely on them solely. Make sure you do your homework and see what other properties in the area have sold for. Is the estate agents estimation matching yours? Always remember you are in charge of how much your property is sold for.
There are some great tools online that can help you when deciding how much to market your property for. Find your instant online home valuation today.
Negotiation is expected
Once you have decided how much you are putting your home on the market for, you should always allow for negotiation space. You should be prepared that buyers will ask for 5-10% below your stated asking price.
The way stamp duty is calculated changed in 2014. Read our guide now on stamp duty land tax explained.
Can you take your time?
If you are in the fortunate position where you can afford to take your time, you shouldn’t feel pressured to sell at a price you’re not happy with. You have two approaches available to take in this scenario.
- You can market your property above the estimated asking price, in the hope someone is happy to purchase it at a higher price to secure the home.
The danger of this is if it doesn’t sell at a higher price, you risk your property staying on the market for an extended time. Leading potential buyers to question “what is wrong with it?”
- Your other option is to price below the estimated value and start a bidding war between potential buyers, where hopefully you will achieve your end figure anyway. This is a risky approach and not something that is done too often in the UK.
At Hayward Moon, we are happy to answer any questions you may have. Contact us to speak to an expert – we’re happy to help.