How to sell your property? (UK)
When you’re ready to sell your property, there are a few things you need to do to prepare. First, you’ll need to get your property valued. This will give you an idea of how much your property is worth on the market.
Once you have its value in mind, you can start marketing your property. You’ll need to create good listings with photos and descriptions that will attract buyers. You can also hold open houses or showings to allow potential buyers to see your property in person.
Once you’ve found a buyer interested in your property, you’ll need to negotiate a sale price and finalize the sale.
What are the requirements when selling a property in the UK?
Throughout the selling process, your estate agent and legal counsel will request several pieces of information. Some of it was probably given to you when you bought your property. Here are the documents you might need when selling a property, according to the UK Government website:
- Proof of identity
- Title of the property
- Energy Performance Certificate (EPC)
- Leasehold/shared freehold documents
- Property information form (TA6)
- Fittings and contents form (TA10)
- Electrical certificates
- FENSA or CERTAS certificates for windows
- Alterations and extension documentation
Gathering the necessary paperwork may prevent further delays and give your estate agent crucial details to discuss with potential buyers immediately.
How do I find the rateable value of my property?
For business rate purposes, all commercial properties are valued by the Valuation Office Agency (VOA), a division of Her Majesty’s Revenue and Customs. The evaluation is based on the VOA’s data regarding your property. Each non-domestic property, except those exempt from business rates, has a rateable value that the valuation officers determine.
Your property’s rateable value is displayed on the front of your billing statement. This roughly corresponds to the annual rent that the property may have obtained on the free market on a specific day.
How to increase property value?
There are many things you can do to increase the value of your property before selling.
- Make sure that your home is in good repair and well-maintained. This includes repairing any damage, painting, and deep cleaning. You should also stage your home to make it look its best. This means decluttering, pleasingly arranging furniture, and adding some stylish touches.
- Conduct some research to find out what comparable homes in your area are selling for. If you price your home competitively, you’re more likely to attract buyers and get the best possible price for your home.
- Make some renovations and or home additions. You can also make improvements to the property, such as adding new features or renovating existing ones. You can either add or upgrade your loft, garage, kitchen, bedroom, and living area. If you do these things, you will likely see an increase in the value of your property.
- Increase your curb appeal. First impressions do matter. If the façade is in poor shape, potential buyers will be skeptical about the interior before they even open the door. You can paint the exterior of your home, install a new front door, repaint the interior, place hanging baskets, and clean up the garden, among other things.
- Keep your property’s key features. A house with distinctive features will yield a higher price. Therefore, don’t ever remove them if you have them. Bring out any existing personality your house may have. Think about replacing or refurbishing picture rails, fireplaces, or coving.
How much value does a parking space add to a property?
According to GetAgent, on- or off-street parking spaces can increase the value of your house by up to 13 percent. Undoubtedly, adding a parking space will increase the value of your home, but the exact amount will depend on the area where you reside.
Given that they can charge an additional 5% on the sale if a parking space is offered, even developers are now taking this into account when building a new property. This is because having a guaranteed parking spot can be a big selling point, especially for families or people who have more than one car. Remember that regardless of whether you have a car or not, you can still utilize the spot. Nowadays, a lot of people rent out their unused parking spaces.
If you’re thinking of selling your property, consider adding a parking space to make it more appealing to buyers.
How do estate agents value a property?
Estate agents in the UK use a number of methods to value a property. The most common method is to compare the prices of similar properties recently sold in the same area to get an idea of the market conditions.
After that, your agent will begin their walkthrough. A lot of notes will be taken, measurements will be taken, and your home’s unique selling characteristics will be sought out during the walk-through process.
They will look for characteristics that can be more appealing to potential buyers in addition to room sizes. Your home’s value could be affected by anything, from a vintage fireplace to a freshly completed bathroom suite. At this point, they will also consider possible strategies for persuading buyers that the home would be ideal for them. A growing family may be more delighted by the prospect of a separate playroom than a working professional might be, for instance, who wants to utilize the spare bedroom as a home office.
In order to secure the best price when your property goes on the market, your agent may also be able to suggest quick, basic improvements that could increase your home’s appeal to buyers.
How do banks value property?
The value of a property can be determined in a number of ways, but banks typically look at three main factors:
- recent closings on nearby homes with similar characteristics;
- the property’s existing condition; and
- their assessment of the neighborhood housing market.