When selling your house, there is a lot to think about. You want to maximise your profit as much as possible but the buyer will also need to feel that they are getting a fair price. Not only that, you will need to invest some money into optimising your property to sell at the best price, yet you don’t want to break the bank and cut into the money you have available to buy your new home.
Saving money should be a priority when selling your house. Here are some key actions you can take to save on expenses when selling your house and maximise your earnings.
Ways to Save Money on Your House
Think Carefully About How You Want to Sell Your Home
There are many different methods when it comes to selling your home and you should consider all options before making a decision. Think about your priorities for your home sale – for example, are you looking to sell your home as quickly as possible or are you happy to wait it out in order to get a higher asking price?
Online agents can sometimes work out to be a cheaper option than a traditional real estate agents and they can even in many cases offer an instant online house valuation in the interests of speed and efficiency. Selling your property online can give you more control over your listing with the flexibility to choose the description, the pictures and even setting your own asking price. They also may offer more exposure than a traditional estate agent and can expand your buyer pool. Online agents may be a good option if you are looking for a quick sale as they cut out many of the steps involved with a sale transaction. Not only that, you can end up saving a great deal of money by working with an online agent as you save the fees associated with estate agents.
That being said, there are many benefits to working with a traditional real estate agent as they are experienced in their sector. They can negotiate on your behalf and can offer local expertise which you would not get with an online agents. The majority of them also operate on a no-sale-no-fee basis which means that you might be able to benefit from their local expertise without the commitment of paying unless there is a sale. On the other hand, estate agents are known for their expensive commissions – usually a percentage of the overall sale price.
If you do choose to work with an estate agent, there are ways of saving money by negotiating the commission. For example, the average estate agent will charge around 1.5%; however, you can sometimes reduce this to 1% or lower and it is always worth asking. This relatively small change alone can end up saving you thousands.
There are also companies in the UK that can buy any property for cash and who will therefore be able to give you a fast cash sale for your house or property, albeit at a price below market value.
Maximise Your Profits
There is a fine balance when setting your asking price: you want to get the highest price possible without setting the price so high that it is unreasonable for buyers. Luckily, there are simple ways you can maximise your profit and make your property do more for your wallet.
Before showing your home, you should always make sure to declutter it as much as possible. If your home is devoid of clutter or as many personal belongings as possible, it makes it easier for potential buyers to envisage their lives there. Not only that, it will save you time and effort when it comes to moving if you have already rid the house of any unwanted items or junk.
Staging your home and garden before inviting prospective buyers to see it can make a huge impact. Just the positioning of your furniture, ornaments and lighting can affect the overall impression of the house. Stage it to maximise space and enhance natural lighting as much as possible.
Focus on smarter and cheaper fixes rather than large-scale renovation. Although a brand new kitchen or bathroom could increase your asking price dramatically, it will also cost you a lot of money. It is better to focus on quick fixes that are high-impact such as fresh paint, upgraded fixtures or any necessary repairs.
If you are not looking to take your furniture or appliances with you to your new home, you could use this as a bargaining chip to increase your asking price. It may work out to be more convenient for you and also can seal the deal for buyers as they feel that they are getting more bang for their buck – especially for first-time buyers who might need a head start when it comes to furnishing their homes.
Save Money on Your Removal Costs
Once you have sold your house, there are many ways you could save money during the moving process. Using a removal firm can be a convenient option; however, it will typically set you back hundreds, if not thousands, of pounds. If you are willing to do yourself, you can save a great deal of money – although, it might be a large undertaking.
If you do choose to work with a removal service, you could save money if you plan far in advance and might benefit from a discount. Also, you should choose a less popular day (such as earlier in the week) as this could save you some money. You can also optimise your moving day by packing efficiently. Only spend the minimum amount necessary by dissembling large items or furniture in advance and having your belongings sensibly packed up – any additional labour or time from the removal company could incur additional costs.
