The way people buy and sell houses has changed massively in the last decade, leading to an increase in private house sales. The rise of the internet and an increasing reluctance to pay inflated estate agent fees means people are looking for new ways to save thousands of pounds on their house sale. Options available to smart home sellers include private sales, online property agents and companies that buy your home outright with no fuss or bother. Here we consider private sales, how to organise them and if they’ll work for you.
The first question for you to consider is whether a private sale suits your needs. Going down this route can mean it’s harder to advertise the home. This means even though it may appear easy and you’ll initially feel like you’re saving money on fees, you may get fewer viewings and your home will remain unsold. It doesn’t matter if you have a ninth-floor apartment, two-bedroom house, or five bedroomed semi-detached house – you’ll need to work smart to get the sale you want. This is where private house sales can begin to seem less appealing.
Is a private sale right for you?
Ask yourself whether your property is in an area with a strong resale market and if local buyers are looking for key features. First-time buyers may want a one-bedroom mid terraced place to renovate while established families may need a spacious semi-detached house near schools. A great family home may sell easily if your area has the demand, if not then you might need the support of an estate agent to get the maximum resale value. The downside to this is you miss out on profits because of their fees. You may also wonder whether you can generate interest yourself via personal advertising or your own networks but good buyers are unlikely to fall into your lap. Are you prepared to put the work in?
The next consideration is whether you’re equipped to find the right buyer. If your property comes with a complicated leasehold or some history of flooding or other local issues, then you may need professional support and advice. You’ll also need to be ready to organise your own viewings and potentially negotiate with buyers. Finally, you would benefit from getting recommendations and advice from people you know about solicitors and conveyancers to complete the legal side of the deal.
How to sell your house privately
Whether it’s a flat for sale or a private house, the process for preparing your sale will be the same. Before you market your property, you’ll need to do some market research and decide on a price. Look around at the prices people have paid for similar properties in your area then consider if your place has something extra. Do you have a recently updated kitchen diner? Maybe your stylish terraced house has double glazing installed to make it more energy efficient? All of these will add a premium to your asking price. Don’t forget useful details like a floor plan can speed up house sales.
The next step is upping your kerb appeal. Your house will always be more appealing if you can take some time to emphasise its key features. This can be as easy as a lick of paint or tidying up the garden but could be as much as converting unused space to add double bedrooms or off road parking. Take good photos and consider if your style works for mass market appeal. Once you’re happy with the look and feel of the place then you’re ready to officially put your property for sale.
The importance of advertising
Advertising is the biggest decision you’ll make in your private house sale. You can consider modern options like Facebook advertising or a website. Or go the more traditional route of flyer, posters and adverts on the front of your house. These options don’t require a huge investment but will be very time-consuming. In a private sale, there’s no-one else to help out with managing publicity of viewings. It’s all about you. Modern mouse sales often rely on the reach of online estate agent listings (which don’t allow private submissions) so you’ll be working against the grain. It’s doable but definitely hard work!
Hopefully, your work in publicising your sale will pay off and you’ll soon get some interest from potential buyers. Now to close the deal. As you are managing the process yourself, you’ll need to show people around yourself (or get friends to help). It’s important to consider your own safety when you do this. Tell someone who is coming and when and ask them to accompany you if you feel unsure. We’ll talk more about safety later.
Negotiating a good deal
Your next key step is to get a good price. Don’t feel pressured to accept an offer, it’s your home and you have the right to a good deal. Offers are usually accepted after a period of negotiation and back and forth between the buyer and seller. Hold on for the deal you want. If you’re in for a quick sale, then maybe other methods are best suited to your needs.
The mechanics of managing your sale will require a solicitor or conveyancer. When you work with an estate agent you would usually have the advice of an experienced team to help you choose a professional. Arranging a private sale means you need to take a chance on getting the relationship right. You can search and read reviews online, but you may find it useful to seek personal recommendations.
Pros and cons of selling your house privately
As we’ve explained, there are a range of benefits and downsides to attempting private house sales. To sum up:
– You’ll need to manage your own advertising. That can mean you get less interest in your home.
– You can save considerable amounts of money in fees, but you’ll need to balance these savings against the time and effort you’ll need to put into finding and securing a buyer.
– You’ll need to manage your own viewings and deal with potential buyers. This can mean welcoming people into your home and you’ll need to be careful to protect your safety.
– You will still need to source and pay for the support of legal professionals with surveys and contracts without the support of an agent.
– Private house sales offer no guarantee that your hard work will pay off and you may not find a buyer. Are you prepared (and able) to spend the time waiting to find out?
Alternatives to private house sales
There is one last option to consider if you want to sell your home without using an expensive estate agent. Experienced property buying companies such as ourselves can connect you with accredited cash buyers that are looking for properties similar to yours. This can mean a sale from initial interest to solid offer in less than seven days.
This service can be particularly helpful if you’ve got a sales deadline, or just don’t have the time to manage a long-winded sales process like you’d face with private house sales. You’ll never have to worry about your sales chain collapsing and there are no fees to pay. UK Property Cash Buyers will find you a reputable property investor who will complete the deal in exactly the same way as any buyer you find via an estate agent – just more quickly and easily.
How to find a cash buyer for your home
A cash buyer might be a good option for you if:
– your property could be difficult to sell because of environmental issues
– you have been waiting some time for a sale and need to complete another purchase
– you’ve inherited a property and need to sell on to settle probate
– you need to dispose of a property following a relationship breakdown
Whatever your situation we have a wealth of experience in matching people to the right person to buy their home. Contact us today to organise a no-obligation valuation of your property. UK PCB takes care of it all!