Before deciding to sell your house privately, you will need to first consider whether this is the right course of action for you and weigh up the pros and cons. Private sales can mean that it is harder to advertise the home and that you may get fewer viewings; however, it can also mean saving money on fees. Here, we explore the various pros and cons you might want to consider.
What Are the Pros of a Private House Sale?
There are many potential advantages to selling your house privately, which we have compiled some of the many below.
1. Save Money on fees
If a seller chooses to sell privately, it is likely that they trying to save money – for example, dodging the estate agent fees which tend to be between 1-3% of the total sale price. When working with an estate agent, you are paying for their property expertise and also for their help selling the property – this includes listing the property, taking photographs, organising viewings, etc. – however, it is possible to do that yourself and save some money.
2. Direct communication
When deciding to sell privately, you negate the need for a middle-man as you (the seller) can communicate directly with potential buyers. This is not only a faster way to do things, it also can make the communication far clearer and more controlled.
3. Full Control
Private sellers have 100% control of the sale of their property meaning that they do not need to wait around for a third-party. All decisions are made by the seller at their own pace. They can organise viewings that fit their schedule, send messages to prospective buyers when they wish, and do their own negotiations.
What Are the Cons of a Private House Sale?
The downside of having full control of the sale is that it also comes with a lot more work and other potential limitations.
1. Less Interest
If you choose to sell your house privately, it is also your responsibility to market the property. This can be more difficult without an estate agent as you need to think about where you could publish your listing, how to make the marketing compelling enough to attract prospective buyers, how many people will see your listing and whether or not you are reaching the right target demographic.
Selling privately can also impact viewings. When you sell privately, it becomes your responsibility to conduct viewings with prospective buyers which can be very time-consuming. Not only do you have to organise the viewings, you will need to be available to show people around the property each time. If your schedule is not flexible enough, you limit the amount of viewings that can take place.
2. Lack of Experience
Sellers often choose to work with estate agents for their experience in the property sector. They usually have a wealth of knowledge about the local area under their belts which can make it more seamless to work with them. However, if you are not afraid to do a bit of homework, there is plenty of information available on the internet including helpful guides on how to sell a house, what improvements you can make before selling and even answers to specific questions such as what to do if you have a probate property or are selling a property during a divorce.
Be careful when it comes to the legal processes involved in selling a house. This is something that is usually handled by the estate agent but there are ways of doing it without one. Working with a solicitor can make sure that all of your legal processes are well-handled and that you are doing everything by the book.
There is no doubt about it: choosing to take full control of your house sale is a bit time commitment. You will need to prepare your house ready to market it, control the listing, sort out paperwork, organise viewings and chase prospective buyers. Before selling your house privately, think about whether you can afford the time.