How stressful is selling your home?
It is now part of real estate lore that selling your home is one of the most stressful events in your life, along with getting married, getting divorced and dealing with the death of a loved one.
But why is it the case that dealing with a sale of a property is so stressful? And, for that matter, is it true or an urban myth?
The causes of house-selling stress
The truth remains that selling your home can be a very stressful business. But the good news is that the impact of the pressure and anxiety can be significantly lessened.
The primary reason why people get so anxious about getting their home sold is the gulf between their expectations and the reality of the situation. In particular, the stress is driven by the uncertainty at various stages – from being unsure whether the price is pitched at the right level to actually getting an interested buyer to the finishing line of exchanging contracts (the point at which your buyer is legally obliged to complete the transaction without incurring financial penalties, and the point where you can breathe a sigh of relief!).
Selling a house ought to be straightforward, after all. A bit like selling some unwanted knick-knack on an online auction site, surely it just needs a little bit of effort and then you can sit back and watch the offers coming in. You find a buyer, you agree a price, you sign a few documents, they give you some money, and the job’s done!
Unfortunately, while that is a decent summary of the process of selling your house, the fact remains that each step has many complexities that need to be managed and overcome.
So, let’s try to identify some of the strategies you can adopt to minimise unexpected problems and manage everyone’s expectations to make the sale a far smoother process.
Steps to a less stressful house sale:
Do your homework
Research is key here.
What are similar properties to yours selling for currently?
Are there any properties in your road that have recently sold?
What are the differences to be factored in – a driveway, state of electrics, energy performance, size of garden, specific restrictions because of its location, etc.?
Pick your agent carefully
There is nothing enshrined in law to say that you must use an estate agent, and certainly not any drive for looking at a local agent (although a local agent is more likely to be aware of the immediate area and will be able to publicise it accordingly to potential interested buyers).
Look at the agent’s fees (usually expressed as a percentage of the defined asking price) and ask for their advice on the right asking price to initiate the selling process – but also don’t be afraid to question anything that you’re unsure about.
Consider a property auction
This is particularly useful if your property is of unusual construction or is in need of some remedial work to bring it up to buyer’s expectations.
There are, however, additional tasks that you’ll have to undertake by taking your home to an auction house, so, again, you’ll need to do your homework to find the right auctioneer and upfront work will be required before the day (without a guarantee of a sale, either).
Don’t be greedy
The estate agent naturally will want to pitch the price reasonably high towards the upper end of what similar properties are selling for, since it means they get a greater commission the more it is.
However, having done your homework on other similar sales in the area, you shouldn’t assume that your property is necessarily going to be worth more and go for a higher price, since that strategy is likely to prevent potential buyers from even looking at the property.
Be prepared
Nobody wants to have to deal with problems that come up throughout the sale process, but, if you can pre-empt some of the issues that are likely to come up – awareness of structural problems which might require revisiting the asking price, lower offers than the asking price (decide how low you’re prepared to go), length of the contractual process to exchanging and then completion, and so on – then the stress of the situation is kept to a minimum.
Coming up with plan to deal with these problems will mean that you avert the uncertainty and stress of the situations as and when they arise.
Prepare your home
You don’t have to create a show home and neither should you be expected to fork out a load of money on redecorating or providing refitted kitchen or bathroom furniture that is likely to redone by the new owners when they move in.
But you should consider decluttering (and not bunging everything into a cupboard since these are likely to be opened!), and perhaps touching up certain places where the paint has peeled or chipped to present your home in the best possible light.
Consider what to leave behind
As part of the conveyancing process, you’ll be required to complete what is generally known as a “fixtures and fittings” form, which details everything you are planning to leave in the house and in the garden, and, crucially, what you aren’t.
It’s worth thinking about these things up front, so you know what you are leaving behind but also the items that, if the buyer is interested, you can negotiate a price (for example, an ornate lampshade, or a range cooker and oven).
Appoint your conveyancing solicitor
It’s worth shopping around to see what you can get for your money and, again, there is nothing to suggest that you should use a local solicitor’s firm.
In fact, you should be looking for a conveyancer who quotes a fixed fee that is protected by a “No Completion, No Fee” guarantee so that, in the event that your transaction fails at any point prior to completion, you won’t have to pay the fee (although be aware that you will have to pay any disbursements that have accrued as part of the process).
Looking for a quality conveyancer with a firm eye on the cost of the service provided. Why not contact Best Value Conveyancing now to talk about your sale and get the conveyancing moving today.
