When selling a property, everyone wants the sale to go through quickly and smoothly. This is the case whether you’re the buyer, seller, estate agent, or solicitor. So, when selling your property, you should look for anything that could bring its valuation down, and look to resolve those issues.
The better condition your property is in, the more appealing it is to a prospective buyer. It makes it easier for the estate agent to sell. A home in good condition will not only be appealing to buyers, but also have a higher valuation.
Buyers tend to prefer homes they can move into immediately, instead of having to pay for complicated repairs. Rising mortgage rates and solicitors fees can make buying a home tricky enough, without having to worry about expensive repairs. A property that needs work will also mean it has a lower valuation.
Make the Process as Quick as Possible
When selling a property, there are various fees involved such as surveyor fees and solicitor payments. However, if you don’t sell your property within a certain time frame, you may find other fees being due that you had not considered.
If you live in Scotland, a Home Report is valid until a property is sold, but the mortgage valuation expires after 3 months. After this time, you need to purchase a replacement Home Report after you have found a buyer. A quick sale means you are less likely to need to worry about additional fees that you had not budgeted for.
What are Buyers Looking For?
As the seller, you should try to put yourself in the shoes of those looking to buy a property. If you can understand what they want, you can make sure your property fits their needs. There’s a number of important factors to consider when buying a property. Some of the most important factors to buyers are
- Location
- Property size
- Property condition.
People may only want to live in a certain area, or large families may need a home with at least 4 bedrooms. It is an estate agent’s job to establish what the buyer is looking for, and present them with properties that fit that model.
You can’t physically move your home, and increasing the size of a property isn’t a short term project. However, it is in the seller’s control to maintain the property to the highest standard. A well maintained home will be much easier to sell. This makes it a lot less likely that an estate agent or solicitor will find anything of concern, and you can be optimistic of a smooth and quick sale.
We would recommend you consider the steps below before taking the property to market.
Our top tips will help you discover the hidden issues that can affect your property’s valuation, and what to do to make it sell.
Tip 1: Check for Structural or Timber Damage
Structural damage can massively affect a property’s value, making the selling process considerably more difficult. Lenders may be reluctant to offer a mortgage on a property that isn’t structurally sound. It is more common in older properties but can also affect a newer property. Some common signs of structural issues include cracked or slumping masonry, or ground movements. Estate agents will take these factors into account when estimating your property’s market value.
Structural problems can be caused from timber issues such as dry rot, wet rot, and woodworm. Rot and woodworm can cause serious timber decay if left ignored and often requires professional treatment to resolve. Professional treatment is advised as reputable companies will offer long term guarantees for rot repair. If there are historical instances of rot or woodworm on the home report, buyers are likely to want to see evidence of a rot or woodworm guarantee from a professional property preservation firm before going ahead with the sale.
If you have noticed any signs of structural damage, rot, or woodworm, we would recommend you enlist a professional to resolve these issues before selling your home.
Tip 2: Check your Home Insulation
Energy prices have increased for most of us recently, and homeowners need to be careful of their energy usage. This is why potential buyers will look for properties that are well insulated. An insulated property means that it will retain heat for longer, and therefore energy bills will be lower. This means that an insulated home will be easier to sell, and something an estate agent can highlight to buyers.
Getting your home insulated is something you consider before you attempt to sell your property. It’ll improve the EPC (Energy Performance Certificate) rating of your home as well as increasing the selling price.
Tip 3: Check for Damp
Selling a property with damp can be difficult. Signs of damp include a musty smell, damp patches and black mould. Making a first impression is key when selling a home. A buyer is unlikely to be impressed when walking into a home that smells of damp. Prospective buyers look for properties with as few problems as possible. If you have issues with damp, this means that it is likely that fewer buyers will consider making an offer. It is not something you should ignore, because if you spot signs of damp, it is likely that the estate agent and buyer will notice as well.
If left untreated, damp problems can become complicated and expensive to treat. The most important step to treating damp is establishing what type of damp it is, and what is causing it to occur. This can be difficult to establish if you are not working in the damp industry. Misdiagnosis of a damp issue can also be very costly if the wrong treatment goes ahead and later needs to be rectified. This is why we would always recommend you contact a professionally trained and qualified damp specialist. A damp specialist will be able to identify and treat all types of damp in your home. It is much wiser to treat these issues before you think about selling.
Tip 4: Decorating and Renovating
Decorating your property won’t increase its value, but it may make the property easier to sell. First impressions are everything when trying to impress buyers. A recently decorated modern looking home will appeal to more buyers than a run down house with older furnishings and fittings.
You want to bring as many potential buyers to the table as possible. This creates the potential for a “bidding war”. If you have multiple offers on the table, you are more likely to enjoy a quick sale. Property sales can break down due to a number of issues such as issues with mortgages or buyers changing their mind. If you have more than one offer, then it is less likely for the sale to break down.
Next Steps
In conclusion, the better condition your property is in, the more likely it is to sell. If you need more information on damp treatment, rot or woodworm, visit our website now.
Sources:
https://www.niesr.ac.uk/blog/rising-mortgage-costs-what-can-be-done