How to sell a house privately
Looking to move home without breaking the bank? With a plethora of options available to vendors to find potential buyers, you may be wondering how easy it is to sell a house without an agent.
So how easy is it to sell a house on your own? The ease with which a seller can finalise a sale without an estate agent is dependent on a few important factors. First and foremost is the state of the market. If the number of sales in your area in the last few months has risen, then you stand a better chance of getting noticed than if the market has been stagnant.
The likelihood of being able to sell your house fast privately will also be heavily reliant upon the complexity of your residence arrangement, as leasehold and shared ownership schemes can make the task a little more problematic. More importantly, however, is the question of how much time you have to dedicate towards getting your house sold – those who expect a nice easy sale are often surprised how much effort it takes.
How do I sell a house without an agent?
The big question is whether or not the benefits outweigh the costs. An estate agent will charge anywhere between 0.75% to 3% of the selling price of your home – and that’s before the accompanying legal fees. While online agents tend to be cheaper, they also lack the local knowledge of an established regional high street agent – so is the saving worth it?
The perfect situation for you to sell privately is when you already have an interested party lined up, allowing you to forgo the marketing aspect of the sale, and head straight for the paperwork.
How do I set my asking price?
When an agent supplies a vendor with an asking price, the figure is always derived from a number of sources:
- A local surveyor and valuer
- A set of comparatives i.e. properties of a similar build, age and location.
- The external condition of the property and the quality of the interior design.
- The additional of extensions and other modifications.
If a house has been extended, it can often be hard to establish the additional value it adds due to differences in workmanship, fittings, and renderings. Don’t forget, you can always hire an independent surveyor for a quick valuation for less than estate agency fees.
If your house is a typical example of a build style and has been well kept, a vendor can always search for recent successful sales for properties of a similar type and set the asking price accordingly – just remember, homes with outdated interior design will always sell less than homes which enjoy more contemporary décor.
There are many channels one can use to advertise their house – whether it be hybrid online estate agents, local message boards or through social media. It is worth noting that the way an advert is written can heavily influence whether or not you gain viewings. Most agents use a style of writing that grabs a reader’s attention, so broken-English and poor grammar is most likely going to deter a prospective buyer.
Learn to negotiate
As with all private sales, a potential buyer will expect an option to haggle. If you feel that market conditions are poor, it is important to lower your expectations. If, however, a buyer attempts to low-ball you with an offer while the market is buoyant, they may be trying to take advantage of you.
For many sellers, the need to move house is often based on lifestyle changes – whether it be needing more room for a growing family or relocating for a new job. As a result, many vendors need to sell their home fast. So, if you haven’t got the time to sell a house yourself, or do not wish to go through the traditional process of using an estate agent, you can always use property buying companies who offer competitive prices, as well as ensuring that sales are completed in an extremely short time-frame.
Can’t find a buyer? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.