Selling a property is often a big undertaking and should not be decided upon lightly. Whether you are downsizing or you are planning on moving elsewhere to give a growing family a better opportunity, or whatever reason you happen to be selling your house, you need to make sure it is the right time and that everything is in order. If you rush things at this stage, you might end up out of pocket and in a worst case scenario, out of a place to live. Preparation is essential.

Like buying a house, we often do not feel ‘ready’ to sell a property, particularly if it is one we have lived in and worked on for a number of years, but in reality there is no real ‘right time’ to sell, so it is important that you do as much research as you can before jumping ahead.

We have compiled a 5 step guide to selling your property, which will give you information to help you take the plunge into actually starting the procedure!

1. Is it the right time to sell? Assessing a Price and Setting a Price

Taking a look at the current market value of properties near your location, or similar properties on the local market is a good indication of how much you could sell your property for at the current time. Many people believe there is ‘no time like the present’ but you will want to look at the property market carefully if you are hoping to make a profit.

Request a number of valuations from different estate agents in order to gain an estimate of the value of the property. It might also be a good idea to do your own research and provide your own estimate as to the value of the property, that way you will get a rough idea of what you expect to gain from the sale. Discuss the final price with an estate agent or solicitor, but try not to set the bar too high!

2. ‘Stage’ your home

By making sure that your home is ready for a sale, you are more likely to get more offers from potential buyers. Try to fix up small defects found within the home, and give the property a new lick of paint to brighten it up. Try to go for a neutral color and if you can, pack your stuff up in order to give potential buyers an idea of the space as their own. People are more receptive when they can envision their own belongings in a space and this can really help to seal the deal.

Make sure you take time to fix up the exterior of the property as well, as first impressions go a long way. Wash the windows, clip back the garden and perhaps volunteer to clean up the neighbors gardens as well. A well-kept neighborhood is going to be a good reflection on the property itself.

3. Prepare yourselves for the next step

While you are preparing to sell your home, you also want to make sure that you have somewhere to go once the sale is complete. Do your research in looking for a new property, pack up your stuff and perhaps even move it into a safe storage area while you are waiting. It is better to be over-organised otherwise you may find yourself having to stay round the in-laws while your home is sold and your new home is still in the works.

4. Deciding who will sell

Will you conduct house viewings and complete the sale or will you delegate it to an Estate Agent? You will not have to pay many additional fees if you arrange viewings and the sale yourself, but it can be a time consuming and stressful job. However if you arrange the sale yourself you can also do a better job on informing potential buyers about the house itself; as of course you have been living in it for the past however many years! It is entirely up to you.

5. Completing the Sale

So you’ve agreed on a price and a buyer, now all you have to do is complete the sale. Normally all parties will meet at midday on a previously agreed date, where the property changes ownership, payment is accepted and the keys are handed over to the new owners. Each side’s solicitor or conveyancer will oversee the transfer of the money and the deeds of the property on the day.

It is important to remember that at the end of the day, until the documents are signed over and the transfer is complete, it is still your property. If you feel unsure at any stage of the proceedings or you are worried that the potential buyers are untrustworthy, you have every right not to go through with the sale. Unfortunately this does mean that you may be subject to fees, but it is better to be safe than sorry.

With that in mind, best of luck selling your property!

Article Bio: Mike of Exeter based Chartered Surveyor firm Philip Carruthers.