You may have a good idea already on how you can boost the value of your home, perhaps you've added an extra bedroom over the recent years, or added in a downstairs bathroom.
However, don't let your efforts be in vain and make one of the common mistakes many people make when placing their home on the market.
1. Underpricing or Overpricing Your Home
It is important to have your property valued at a correct market price depending on the type of property, condition and location.
It may be tempting to put your house on the market with the Estate Agent that has valued your home the highest, but if the house is too overpriced then it can delay your home being sold for longer. In addition to this, pricing your home too low may be off-putting to prospective buyers as they may worry that it has underlying issues.
2. Ignoring Minor Repairs
An issue that may seem small in the grand scheme of things, might be the reason your home has lower or fewer offers. When you are thinking about selling your home, make a note of all the repairs that need to be done. It may be a leaking tap or a broken floor tile that is the difference between getting the price for your home that you are hoping for.
When prospective buyers are having their first or second viewing, they will be looking at your home closely and any remaining issues may result in buyers putting in lower offers.
3. Bad Photography
They say that a picture is worth a thousand words, so it is important to ensure that your home is photographed well.
It may be tempting to save money with an Estate Agent and take the photographs yourself, but the images are often the first thing that a prospective buyer will see so it is crucial to make a good first impression.
The photographs should really highlight your home, and show it from the best angles. When choosing an Estate Agent, have a look through their current listings and ask yourself whether you would be happy if those listings were your own property.
4. Hiding Issues with the Property
Although it may be tempting to keep property issues hidden from prospective buyers, this could cause problems later down the sales process.
When the house survey is conducted, it may bring to light some issues with the property that no one was aware of, unfortunately, this can sometimes be the case.
However, if you are already aware of a problem with your property, it is always best to deal with it from the beginning. This could be fixing the issue before listing your property, or being truthful with prospective buyers so they understand what work would need to be done.
This will help to avoid buyers pulling out from the sale, delays or re-negotiating the property sale price.
5. Not Securing the Finance for a New Property
You may have seen a property that you love and need to act on quickly, or perhaps you have seen similar properties to your own being sold and decide to list yours too, but it is important that you have secured a line of finance for your next property.
You may decide to look for a new mortgage, or decide to port your existing mortgage to a new property but it is always best to speak to your lender and a mortgage broker first. Sometimes lenders change their affordability criteria and a new mortgage may not be available through that lender, or if you have changed from being in permanent employment to self-employed.
6. Not Highlighting Key Features
Your property will have a ton of great features, so ensure that these are emphasised. If you have a garage, downstairs WC, large garden or perhaps an en-suite, highlight these features in the sales brochure.
It is always worth showing off the potential that the property might have too, if there is scope for an extension or the space to build another property, this could make your property even more attractive to buyers.
7. Forgetting to Sell More than Just Your Home
When showing house buyers around your property, remember that people are buying into more than just the bricks and mortar. If the house is a popular school catchment area, or there is a good restaurant nearby, talk about it to the people who are viewing the property.
When buyers are searching for a property, they are looking for a place where they can make home. If they are a young family, excellent schools will be high on the agenda so show off the area that you live in and highlight all the benefits of where your home is located.
8. Leaving Clutter Around
Try to make your home look its best for prospective buyers as much as you can, by ensuring that your home is clean and tidy, and free from clutter. Let fresh air circulate the property, especially if there are pets that live in your home. By doing this, you are creating a blank canvas for buyers and they can get a better impression of how they could create a home in the property.
9. Selecting the Highest Bidder
This might sound counterintuitive, but sometimes the highest bidder is not always the best buyer. If you receive multiple offers, it is worth taking into consideration the position that the buyers are in.
You may receive a high bid, but the buyer still has a property on the market, so it is worth assessing how reliable the buyers are. Many times, chain-free, cash-buyers are the safest bet because they have the guaranteed finance in place and do not have to worry about having their mortgage approved.
10. Choosing the Wrong Estate Agent
Choose an estate agent that you can trust, and look at their website to gather as much information as you can. It is important to find an established estate agent that knows the local area so they can give you the most realistic valuation and be able to attract the right buyers.
Ask your potential estate agents questions such as, how will my property be advertised? Who will conduct viewings on the property? How much did houses in my area sell for? Do you have any prospective buyers looking to buy a property like mine?
These questions will help you understand if the estate agent is right for you and how much knowledge and experience they have in selling homes in the area.
For further advice and tips on selling your home, get in touch with our friendly and experienced team at John Minnis, or call us on 028 9065 3333.