Are you looking to sell your home as cost-effectively as possible? Perhaps you need to sell your house fast? If that's the case, then selling your house privately might be a good option for you.
Keep reading to find out why the private sale of a house might be a profitable choice, how to go about selling a house privately and the things you need to consider.
Why Opt for Selling a House Privately?
Selling a house with the help of a local estate agent is perhaps the most traditional and popular choice amongst British homeowners. Selling property is somewhat complicated – it takes a lot of effort and organisation. With an estate agent, you can rely on a team of professionals to sort out most of the sale for you, and with their knowledge of the local housing market, they will likely get you a great sale price.
While that might sound great, it's not a cheap service. Selling a house costs a fair bit of money when you consider solicitors fees, conveyancing and removals, but the most significant cost by far is estate agent fees.
Traditional estate agents charge up to 3% of your sale price in commission. Even online estate agents who are considerably less involved in the sale process charge you a fee for their services. Auctions are an interesting alternative, but they are very unreliable and you'll still need to pay the auction house a tidy sum.
So, besides the money you'll save, what other benefits can you expect from the private sale of a house?
Selling your house privately comes with risks and responsibilities, but ultimately, you'll have a lot more control. You can set your own sale price, do your own advertising and negotiate the final deal. What's more, if the housing market is good or if you know a potential buyer already, you could be in for a fast house sale.
Things to Consider Before Selling a House Privately
You might be tempted by a private house sale, but is it the right choice for you? Selling a house is quite a task with a lot of money at stake. Here are the things you should consider before deciding to sell your house privately.
Do you have enough spare time?
Estate agents are paid to sell houses, you're not. Do you have enough time to invest in this project? You'll need to advertise your house and deal with potential buyers, and that's no quick job, but the more time you put in, the more likely it is that you'll get a positive outcome.
Do you think there will be enough interest?
If the property market is buoyant with many people buying and selling property, then selling your house privately may be a sensible idea. It's also good news if you already know a potential buyer who is interested in your property.
Are you selling a leasehold property?
Properties with complicated leasehold agreements are often challenging to sell. If your property is freehold and you own it outright, then a private sale will be much easier.
How to Organise the Private Sale of a House
If you are considering organising the private sale of your house, you need to be aware of the necessary steps.
1. Increase your property's saleability
Giving your house a spruce up prior to advertising and conducting house viewings is always a sensible idea. It doesn't need to cost a lot of money, but it could make your home more attractive and even add value.
2. Decide your sale price
Next, you'll need to decide on your asking price. Find out what similar properties in the area are selling for. You can conduct some market research by browsing property listing websites. It's worth having a minimum sale price in mind, even if it's lower than what you advertise. This will help when it comes to receiving offers and negotiating a deal.
3. Advertise your property
Write a compelling and accurate description of your property and take photos that showcase it in the best possible way. Once you've done that, you can start advertising. As a private seller, you won't be able to list your house on Rightmove or Zoopla, but there are alternatives like The House Shop. You can also try social media, local notice boards and newspapers.
4. Conduct house viewings
Once you have an interested party, it's time to organise a house viewing. Ensure the property is tidy, clean and presentable, and make sure you are ready to answer questions confidently.
5. Negotiate and accept an offer
While it's important to be realistic with your expectations, don't hesitate to turn down an offer if it's not suitable. When you receive an offer that you are happy with, accept it verbally and in writing.
6. Instruct a solicitor
You might be selling your house privately, but you will still need the help of a solicitor to handle the all-important legal aspects of the sale.
The Disadvantages of Selling a House Privately
In some cases, the private sale of a house can be a smooth and simple process resulting in a fast house sale. Other times, the outcome can be disappointing.
Selling a house privately can be time-consuming, with so much to organise and take responsibility for. Many private sellers have every intention of being proactive, but if you have a job, kids or you live abroad, then the reality is that your property may be on the market for a long time.
Selling a House to a Fast House Buyer
Have you read the information above and decided that a private house sale isn't the best option for you? Do you still want to avoid the high fees associated with estate agents? Do you want to sell your house fast?
If the answer is yes, then you may want to consider contacting a specialist cash property buyer like Zoom.
Complete our online enquiry form today and a member of our friendly and knowledgeable team will reach out in just 24 hours to discuss your sale.