Redstones Residential Sales

Thinking of Selling Your Property? Ask Yourself These 5 Questions First

House prices across the country are continuing to rise, with a recent report from leading accountants PwC suggesting that average house prices in the West Midlands will exceed £200,000 by the end of 2014 (up from £184,000 at the end of 2013) and rise to £256,000 by 2020.

At Redstones, we are seeing a growing number of enquiries from property owners about selling their homes.  We appreciate that even with soaring prices, making the decision to sell is not straightforward.

The following questions will help you during the decision making process:-

Should you sell your property?

The most common reason people sell is because they need more space or to downsize. In the current market this is an ideal time to downsize and realise any equity in your home.  It’s not such an easy choice if you are either in negative equity or may not be able to afford a much larger home than you already have. Additionally, you will need to factor in moving costs and stamp duty. Depending on the reason for your move, another option is to rent your home out rather than selling it.

We appreciate these choices can be somewhat overwhelming. To understand the implications more fully, we recommend discussing them with an estate agent who understands the issues affecting your local area. At Redstones, we deal in both sales and lettings and can advise you on the current trends relevant to you.

Do you understand the financial implications of selling?

Before you place your property on the market you must advise your mortgage lender that you intend to sell . This is important in order to understand the value of your outstanding mortgage, as well as confirming whether or not you will incur any early redemption penalties.  Before purchasing a new property you must also ensure you can afford to buy a new home (if appropriate) as the criteria for new mortgages is still stringent.

Redstones Financial can help you with your finances.

Will you immediately buy somewhere else or rent?

Some of our clients opt to move into a rented property after selling their house, in order to give them time to plan their next purchase.  While it may increase your overall expense, short-term renting relieves the pressure on house sellers to buy a new property in order to meet contract completion dates.  It will also give you an advantage when you eventually purchase a new property.  At Redstones, we are ideally placed to offer advice on both the local lettings and sales markets.

What price will you sell your house for?

With house prices rising rapidly on an almost daily basis, seeking advice on most appropriate price range for your property is essential.  A reputable estate agent will advise you on current prices. The final decision will also be influenced by how quickly you need to sell.

How will you sell your property?

Selling your property through an estate agent remains the most popular method.  With concerns over the number of rogue estate agents taking advantage of the current market, however, choosing the right agent is not always easy.  At Redstones we pride ourselves our state-of-the-art marketing, in-depth knowledge of the local area and our trademark commitment to outstanding customer service.  We also offer our Switch Agents programme for customers unhappy with their existing service.

For advice on selling your property, contact Redstones today.

You may also find our previous article on selling your property with Redstones helpful.