FOOL SCHOOL
How To Sell A Home

May 23, 2003

If you're selling your home to buy another, you will have additional expenses, the main one being estate agents' fees. These will usually be between 1% and 2% of the value of your home for the costs of advertising it and showing people round the property. You can sign up with more than one estate agent if you want (known as joint agency) to but you'll probably be charged a higher fee for this.

People looking to buy a house usually contact as many estate agents as possible so it's probably best to opt for just one agent who deals with the kind of property that you've got to sell. Just look at what's posted in their shop windows to see what their market is.

Although most prospective buyers will go to the local estate agents when househunting, don't forget that it is now possible to sell your home yourself on the Internet. It's cheaper too -- so if you're prepared to show people round your home yourself, and you think you'll reach a wide enough market, then why not have a go? This article provides an exampe. 

Your solicitor's fees will also be slightly higher because there are two properties to deal with - the one you're selling and the one you're buying.

You will probably have heard a lot of talk about a Seller's Pack recently as well. This is a proposed piece of legislation (more details here) that is intended to transfer many of the obligations that currently rest with the buyer of the property, such as a search on the property. The idea is to reduce the length of time it takes to sell a property and lessen the risk of another buyer coming in and "gazumping" a previous offer. These Packs will probably be introduced in late 2004/early 2005.

As with buying a home, if you want the whole process to go more quickly (and therefore less stressfully) avoiding a long "chain" of buyers and sellers is also a good idea. Of course you may not always have that option.

Bear in mind the points made in this article regarding presentation of your home. Buyers are not always attracted to grubbiness so make sure your home is clean and tidy. Splash a bit of paint in areas that need touching up, and pack up or put away anything that might make your house look cluttered.  Your aim is to sell the house, so let the buyer see the house and not your stuff.

Make sure each room is as well lit as possible and that are no nasty smells around. You might want to get the carpets and curtains cleaned too. The front of the property and the entrace hallway are especially important, as that's what prospective buyers will see first. It's all common sense, of course, but it's surprising how many people don't do the obvious. With all the property-related programmes on the telly these days we really have no excuses!

Find out more in our homeowning centre.