A lot of people think of the money they’re likely to make when selling a property – but what about the money you have to spend? If you haven’t done it already, you’ll probably not realise just how expensive selling a house can become, yet it’s no surprise really once you tally everything up. There’s paying the estate agent, the solicitor, purchasing a new home, the removal vans and the rest! So what if you’re selling your house but are wanting to do so, without breaking the bank? If this sounds like you, then here are some top tips on how you can actually save money during the sale of your home.
Choose Your Estate Agent Carefully
One of, if not the most important thing to do when selling your home, is to shop around and ensure you’re going with the best estate agent possible – or whether you even need one at all! If you like the sound of online estate agents, then here is a guide to Purple Bricks, one of the most popular and well esteemed of them all.
Some people do however prefer to go down the traditional route of hiring an estate agent – and that’s fine too! It’s all about doing what’s right for you – but all the same, shopping around to ensure you get the best deal is vital regardless.
Going with the wrong estate agent could be detrimental to the sale of your home, and furthermore, to your finances. For example, there are estate agents out there who will tell you exactly what you want to hear in order to obtain your business, and this is something you need to watch out for. If an estate agent values your property at a price that seems way out of your realistic expectations, then it probably is. It might sound great, and they know best, they’re the experts, right? But here’s what happens when you put a property on the market above its value. Buyers aren’t likely to feign interest, and you’ll be forced to reduce the price. This could go on for months, and the older the listing gets, the staler it becomes, and the more you’ll realise the viewings begin to dry up. You’ll therefore be likely to spend more on your property to make it appealing, pay more to the estate agent for advertising, and will end up selling the house for below its market value. It’s not worth it, so don’t risk it.
Know Your Finances
If you’re looking to save money, then it’s really important to know your finances in the first place, and to have an idea of achievable figures for the sale.
It would be a good idea to sit down with your lender prior to the sale, and run numbers with them. This is the most efficient and reliable way you’re going to get an accurate sum of what you can expect from the sale, in both incomings and outgoings.
In regards to your new home, you could even make a list of what sort of features you’re looking for, and ask the lender to help you map out the price of them. This is a good way of finding out if and where you’ll have leeway in your budget, and will prepare you well in advance for the financial outgoings ahead.
Think Like a Buyer
Regardless of how long you’ve lived here and how much you’ve loved your home, now is time to come to terms with the fact that in the not so distant future, it’s going to belong to someone else.
With this in mind, detach yourself emotionally from the property, and think like a buyer on the market. What would you find appealing, or perhaps, not so appealing if you were coming to view this property? When you’ve decided on this, start making the changes accordingly. This could be decluttering, a lick of paint or you could even get savvy and sell some of your old (and still usable!) furniture and belongings online. This would be a great way of decreasing clutter, and increasing your cash flow!
Cut Back Where You Can
Last of all, but certainly not least, remember to keep an eye out for where you can cut back on your finances.
Of course, some of your outgoings will be a necessity, but others are a choice. Save money while preparing for your home sale, whether that be passing up on nights out at the weekend, or taking lunch from home to work. In the long run, you’ll be thankful for those extra few pennies!