5 home selling questions answered
Much like buying a home, there are many factors to consider when selling your property. Whether you’re upsizing, downsizing or cashing-in on a buy-to-let property, the same questions are likely to arise. In this article we have compiled answers to these questions to help kick-start your selling journey with confidence.
1. When is the right time to sell my home?
If you’re ‘umming and ahhing’ about whether it really is the right time to sell, it is worth keeping an eye on market news to work out what’s happening in the specific area you own a home in. ESPC produces a monthly House Price Report offering the latest housing market analysis for Edinburgh, the Lothians and Fife, where you can find out average selling prices and whether properties are selling quickly in your area.
You can read all of our House Price Reports on our website and they are also published in the ESPC paper. Keep an eye on our social media pages and sign up to our email newsletters for all upcoming reports.
2. How do I find out how much my home is worth?
Once you’ve decided to sell your home, it’s important to find out how much is it worth, so you can work out roughly how much you will need to save to purchase the home you would like to move to, or simply how much money you are likely to get from your home.
ESPC offer a free valuations service – simply fill out the valuations form, and we’ll put you in touch with one of ESPC’s Solicitor Estate Agents to arrange a free valuation.
3. How do I choose the right selling agent?
Choosing the right selling agent is crucial to ensuring your home sells well. Do they know the area well? Have they sold similar properties before?
It can sometimes be tempting to opt for the cheapest option, but there may be hidden costs and add-ons such as viewing packages, conveyancing packages and their chosen surveyors may have higher prices, making it more expensive than you had realised.
Our market research from last year indicated that ESPC agents achieved an average of 107% of their Home Report valuation while non ESPC agents achieved an average of 104%. You can find a full list of ESPC Solicitor Estate Agents on our website.
4. How much should I sell my home for?
Once you’ve decided on a selling agent and found out how much your home is worth, you will likely be wondering how much your property will actually sell for. Your selling agent will be crucial in helping you decide which offer to accept and when, by offering their advice and market insights.
You can also look at how much properties have sold for on your street or in your area. You can do this by searching your street name, area or district on ESPC’s house price search engine. Once you understand how much properties of a similar size have sold for in your area, you will be better informed to decide what size of offer you are willing to accept.
5. What other costs should I consider?
There are a lot of associated costs that come with selling and moving, which can make managing your budget tricky. There will be estate agent fees to cover advertising of the property and conducting viewings, as well as liaising with other parties to complete the sale.
You will also be required to pay for a Home Report. Plus, a solicitor will deal with the legal aspects of selling your property (conveyancing) and there will be a small fee attached to this.
If you are moving to a bigger property, you might face an increase in Land and Building Transaction Tax (LBTT) costs, and if there is an overlap between selling your property and owning another, you will need to pay an Additional Dwelling Supplement (ADS); however, this can be claimed back provided that the previous residence is sold within 18 months.
Finally, consider the removal costs and the money required to get your home ready for sale. It’s important to be aware of all these costs so you can budget effectively.
Where to start
If you’re looking to get started with selling your home, it’s best to begin with a home valuation. ESPC agents offer a free valuations service – simply fill out our home valuation form, and we’ll put you in touch with one of ESPC’s Solicitor Estate Agents to arrange a free valuation.