Many things in life can be complicated with plenty of opportunities for making mistakes no matter how important the task might be — and that’s certainly true for selling a property, which is one of the most consequential decisions that a homeowner might have to make one day.
It’s vital that you don’t make any avoidable errors throughout the entire process of trying to sell your house or flat, because even the slightest slipup could have negative consequences including turning potential buyers away, making a legitimate purchase offer fall through, and more. But none of the mistakes that might happen during the selling process are inevitable and they can usually be avoided.
Whether you’re selling a freehold or leasehold property, you want to do everything that you can to make sure the sale is smooth and swift. This will help to ensure that you can quickly find a buyer and get the proceeds that you need to achieve whatever goal it is that prompted you to sell your existing home, such as using the profit to buy your next dream property, selling an inherited retirement house you don’t want to keep, and many other possible situations.
The property buying experts at LDN Properties, who have been in business for almost 20 years, are sharing some of the most common mistakes that people can make when selling a home, as well as tip on how you can stay away from these errors.
- Setting an asking price that’s too high or too low
One of the earliest decisions you’ll have to make when selling is what asking price you want to set for your property. If you are overly ambitious and set the price too high compared to similar homes in the same area, you might not get any offers because people will think it’s overpriced. But if you set the price too low to encourage more interest from buyers, you will reduce the profit that you can make from the sale.
To avoid this mistake, research prices of properties for sale near you that are roughly the same size and shape as your home. Ask estate agents for free quotes on what they think your sale price should be. Average out these figures to get a more accurate price. - Selling your home during a quiet time for sales
The time of year when you sell your property can have a major impact on your success in finding a buyer. It’s generally accepted that March is one of the more popular times to sell, whereas winter sees dips in demand for buying homes because of the cold weather deterring people from wanting to go viewings, as well as the holidays.
If you need to sell urgently you might not have much choice about scheduling but, if possible, try to find a buyer in higher demand months. - Not tidying your home before seeking a buyer
First impressions matter when you’re selling a home. If a potential buyer comes to see your property on a viewing, they will likely be turned off if they are greeted with a messy exterior with an overgrown lawn, broken windows, chipped paint and missing roof tiles. A cluttered and dirty interior might also make buyers lose interest in your home.
The fix for this situation is simple — take time to clean up the inside and outside of your property. If you have a garden make sure that you remove weeds, mow the lawn and make it look presentable. Remove any clutter inside the home and clean every room, because you want the property to look in its best possible shape on viewings. - Quickly accepting the highest value offer
If you receive offers from several buyers of differing prices, you may not want to automatically accept the highest value offer. That’s because some buyers who offer full price or even above full price sometimes don’t have the financial resources to back up that offer, and the sale might be at risk of falling through. Instead, you may want to look for buyers who offer a good price but can also prove their ability to quickly complete the sale if you accept their offer.
- Waiting too long to apply for a mortgage
The vast majority of homeowners who list their flats or houses for sale plan on using the profit from selling their property to help with buying a new one, although they’ll typically also need a new mortgage to complete the purchase of their next home. But some people leave the application for a new mortgage until very late in the selling process. This can create major complications if your current home sells but you still haven’t finalised the loan that you’ll need to buy the property you plan on moving to.
Work diligently to identify the amount of mortgage that you will need for purchasing your next home, and get the process started soon after you list your current property for sale. This will increase the chances that your next mortgage will be in place with enough time to ensure a smooth transition from the home you’re selling to your next property.
- Delaying the selection of a conveyancer
Conveyancers are professionals who are essential when selling a home, because they handle the complicated legal work involved with transferring the ownership of a house or flat from the current owner to whoever buys the property. This involves drafting detailed contracts, ensuring the proceeds for the sale are paid to the owner, and more. But some people delay selecting a conveyancer, which can slow down the entire sale.
It’s advisable for homeowners to select their preferred conveyancer shortly after they list their property for sale. Doing this early in the process should increase the prospects that selling with go smoothly, particularly when compared to waiting until it’s late in the sale.
- Creating hurdles for buyers wanting viewings
If you’re selling your home yourself, through an estate agent or using an auctioneer, you will have to allow viewings where prospective buyers come to visit the house or flat and tour the inside and outside before deciding whether to make an offer. Some owners can make this vital part of the process overly complicated, such as refusing to schedule viewings during certain popular times or interfering with the viewings as they happen.
Creating such hurdles for viewings can lead buyers to lose interest in your property. You should accept that viewings are required and do your best to ensure they go smoothly and without unnecessary problems.
