Do You Really Want to Sell My Home Myself?
Deciding to sell your house without the assistance of an estate agent is a significant choice. It might be a suitable option if you want to simply save money or desire more control over the selling process, but you will need to be confident in your organisational and negotiation skills, as it means taking on additional responsibilities traditionally handled by professionals and this can result in increased stress.
What Does Selling My Home Myself Entail?
Selling your house independently essentially means you won’t use an estate agent to attract a buyer and manage the process. It means you will be selling off market to a buyer and involves a hands-on approach to various tasks typically managed by estate agents. This includes preparing your property for sale, setting an accurate asking price, coordinating professional-quality photographs, managing online advertising, setting up and taking viewings, negotiating directly with potential buyers and managing the process until completion.
What Are The Main Advantages and Disadvantages of Selling Myself
The advantages of selling yourself include:
- Potential cost savings on estate agent fees
- Greater control over the sales process.
The disadvantages of selling your home yourself include:
- The time and effort required for marketing, negotiations, and paperwork.
- You may still need to spend money on marketing, such as a for-sale board
- You may miss out on buyers from the big property portals
- You will need to have a good understanding of the local market to price your home accurately
- If any issues arise, you will be responsible for all negotiations
It’s crucial to weigh up these factors to decide if selling without an agent aligns with your goals.
How Much Will I Save by Selling Myself?
The amount you save by selling your house without an estate agent depends on various factors, including the property’s value and local market conditions. Generally, sellers can save on agent fees, which typically range from 1% to 3% of the property’s sale price, but typically around 1.5%. This saving can be significant but should be balanced against the additional responsibilities you’ll take on.
Are There Any Alternative To Selling My House Myself?
Typical estate agents charge around 1.5% of the sale price to sell your property. However, online estate agents offer various packages, some with very low or even no fees. Be mindful, though, that with these agents, their money is made through optional extras, so any extras such as taking viewings will be charged as an additional cost.
The Process to Sell My House Myself:
- Getting the House Ready for Sale: Declutter, clean, add a fresh coat of paint, fix those jobs you haven’t got around to and enhance curb appeal.
- Setting the Asking Price: Research online and look at properties similar to yours that have sold recently, consider property value, and assess market trends. Consider getting several agents round to value your property.
- Getting High-Quality Photos: Present your property attractively with professional photographs and enlist the help of a professional photographer to ensure you get the best quality photos.
- Getting Exact Measurements of Rooms: Provide accurate measurements for potential buyers and consider having a floor plan produced by a surveyor.
- Getting an EPC: Obtain an Energy Performance Certificate (EPC) as legally required.
- Advertising Online: Utilise online platforms to showcase your property effectively. The big protals may be out of reach, but you can advertise on social media and on smaller forums, but be mindful that you may also attract non-serious buyers and even fraudsters this way, so be careful!
- Setting Up Viewings: Coordinate and conduct property viewings, but remember to be flexible around the needs of the potential buyers.
- Negotiating on Price: Engaging in direct negotiations with potential buyers is often the part that makes people choose an estate agent to sell their home. Be prepared for some back and forth to reach an agreement that all parties are happy with.
- Accepting an Offer: Carefully evaluate and accept an offer that meets your expectations. Make sure this is done in writing. The sale is only legally binding once contracts are exchanged.
- Making an Inventory List: You will need to give one to the buyer, so make a list of fixtures and fittings in each room that are staying and going.
- Instructing a Solicitor: Hire a solicitor to manage legal aspects and paperwork. Without an estate agent, you may need your solicitor to support you in more negotiations on things like the survey and moving dates, so make sure you hire one that communicates well.
- Progressing the Sale: Although your solicitor will guide you through the conveyancing process, you will be responsible for overseeing the transaction process until completion.
5 Tips for Marketing and Selling My House Myself:
- Create an Eye-Catching Listing: Write a compelling property description with high-quality visuals to really showcase your home. Look at other property listings for inspiration.
- Leverage Online Platforms: Utilise multiple online platforms for broader visibility and even be creative with a newspaper advert or local leaflet drops.
- Highlight Unique Selling Points: Showcase what makes your property stand out, including the interior, condition and even the local area.
- Respond Promptly: Engage with potential buyers promptly and professionally, being fair with any negotiations that take place.
- Be Transparent: Provide accurate information, such as an inventory list, and be transparent throughout the process. Remember, it is a business transaction and should be fair for all parties involved.
Selling your home yourself is a personal choice and can save you money, but it requires considerable effort. When you have the stress of moving to deal with, the key is to ask yourself if you feel confident and competent to take on such an undertaking.