Tips for Selling your Home

Tips for Selling your Home

Thinking about selling your home? If so, it’s worth starting well ahead of when you’re thinking of actually selling as it will take time to get everything in order.

 

Here is our step by step guide to help you through the process with the least amount of stress:

 

1. Find out what your property is worth

First things first: get a feel for the current market. You can simply do this by keeping tabs on  similar homes for sale in your area online and more specifically check the property register to see the final prices achieved. Have a local estate agent inspect your property and appraise its value. Their valuation will be based upon their expert market knowledge and the condition of the property. Getting a professional valuation is extremely important as it shall help you plan ahead.

 

2. Choose a great estate agent

You want your estate agent to maximise the value of your property and the exposure it gets during the sales process. It’s essential to select a qualified estate agent who is familiar with the local market and can target the correct audience for selling your home. Be sure they can provide the very best advertising through online portals, such as MyPad.ie, and through their network of offices, with features in high quality brochures and eye catching professional photography.

 

3. Agree the method of sale with your estate agent

There are 3 main methods of selling your property:

-By Private Treaty: this most popular method simply involves putting your house for sale on the market via an estate agent at a specified price.

-By Auction: while not as common or generally desirable for everyone, this method is more suited to very unique or rare to market homes and fast and furious bidding is expected…not for the faint hearted.

-Off Market: this more discreet method enables sellers to test the market without totally committing to a sale.

 

4. Open for viewing!

First impressions really count, so you must consider the potential buyer is expecting to see what will inspire them to make an offer. Now that you’ve decided to sell it’s important to recognise that, while you may have lived in your home for many years and have great memories there, you’ll need to tailor the viewing experience for the potential buyer. It’s all about the ‘kerb appeal’ - if they’re inspired when they view your property, they’ll be more likely to have a higher opinion of its value – this really can add more value to the final selling price.

Your estate agent will offer you tailored advice on how to give your property the edge for its viewings. Small and inexpensive changes will make a massive difference. Simply work can include clearing the clutter from a spare room or living spaces, touching up the paint and even simply cutting the grass can really help.

 

5. Consider your offers

When buyers begin to make offers on your property, depending on whether you’re in a hurry to sell or happy to wait for the highest offer, you can either accept it or stand firm and wait for higher offers closer to or greater than your asking price.

 

6. Accept an offer

When you agree to accept an offer, you will need to agree on all of the items that are to be included in the sale and on a date for completion of the sale. At this stage, as a sign of good faith, the buyer will pay a deposit. If the buyer decides to withdraw their offer, his deposit is refundable before the contract is signed. Don’t be surprised if the buyer organises a structural survey of the property and also their lending bank will organise an independent valuation.

 

7. Appoint a Solicitor

Appoint a solicitor to look after the legal formalities of the sale/conveyance of the property. The solicitors fee can either be a flat fee or a percentage of the selling price of the property.

In conjunction with your chosen estate agent, the solicitor will handle anti-money laundering documentation. Your solicitor the invites all parties, the seller and the buyer, to sign contracts – firstly signed by the buyer and then by you. Once this is all done, a 10% deposit is paid by the buyer.

 

8. Completion of sale

After all the legal documents and contracts have been signed, full ownership and occupation is legally transferred to the buyer. Your solicitor will agree a completion date to suit you and then the remainder of the money from the sale (usually 90%) will be transferred into your solicitor's account.

 

Sources: Citizens Information, Competition and Consumer Protection Commission

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