The Process of Preparing For a Sale

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How to Prepare Your London Home For a Sale?

Properly preparing your home before it is listed is critical to ensuring it attracts the most amount of interest possible. This usually means a faster sale, and maybe even a bidding war – which could end up with a higher than expected offer on the table!

The basic rules of prepping your house for sale

Before we dive into the steps of prepping your home for sale, let’s go over the general rules first. In general, the goal of prepping your house should be to:

  • Create a clean, clutter-free environment. Nothing makes a home look more poorly maintained than dirt, clutter, and overall messiness. A clean environment gives buyers confidence in the property and its condition.
  • Offer a neutral colour palette. Prospective buyers need to be able to envision themselves in the home, and that’s hard to do if there’s a bright green wall and crazy, patterned wallpaper staring them in the face.
  • Put yourself in a buyer mindset. Think like a buyer when prepping your home. What would they like? What would give them pause? Let that drive your preparations.
  • Minimise where possible. The less furniture, decor, and personal items you have out, the better. In fact, it might even make your home look larger.
  • Emphasise curb appeal. First impressions are everything. Make sure your home’s curb appeal makes a good one.
  • Ensure your home is photogenic. A picture is worth a thousand words. Make sure your home lends itself to high-quality photos that will really make your listing shine.
  • Address obvious repairs. If there’s a broken window, dent in the door, or nonworking faucet, fix it before you list the home. You can bet it will show up on the buyer’s inspection and need fixing anyway.
  • Add little details and touches that matter. At the end of the day, the property needs to feel like a potential home to buyers. Small touches like fresh flowers or the smell of warm cookies can make all the difference.
  • Prep yourself and your family – particularly for the showing aspect of selling a house. What’s your exit strategy? Where will you go during showings, and how will you keep the place clean? Having a plan in place is vital before you open your doors to prospective buyers.

What other preparations can you make prior to putting your property on the market?

Identify repairs and make a plan

Normal wear and tear can add up, especially if you’ve lived in your home for a long period of time. From a door that squeaks to a window that sticks or a toilet that runs until you jiggle the handle, it’s easy to ignore minor issues that seem like quirks.

Buyers, however, may see these quirks as problems that lower the value of your home or as bargaining chips during the closing process. If you have too many noticeable repairs, buyers may also wonder if more serious issues lurk below the surface, and that could prevent them from making a good offer.

Declutter and clean – make it feel spacious

Big kitchens, bathrooms and storage tend to be big selling points so it can help to make your rooms look as spacious as possible. Professional home stagers recommend that you remove 50% of your items.

Go through your home, decluttering and organising spaces. Don’t just shove belongings in closets, cabinets, attics and basements, as buyers look inside all of those places. Use storage bins that can be tucked under beds or neatly stacked in a basement or closet.

Decluttering also includes furniture. The scale of your pieces should match the size of the room, and buyers should be able to easily walk around spaces without bumping into furniture. Make sure furnishings don’t block doors, windows or architectural features. In a small living room, for example, consider removing end tables or accent chairs. Such moves aren’t convenient, but remember, they’re temporary.

Depersonalise your home and help buyers to see its full potential

In addition to cleaning and decluttering, you should consider depersonalising your home. The goal when selling is to have a buyer fall in love with your house, picturing themselves living there and imagining their belongings inside. That can be difficult if your home has your personal stamp all over it.

Also, consider updating your accessories and furnishings if your décor is outdated or avant-garde. You don’t want buyers to miss out on key features of your home because they’re distracted by your belongings.

Paint where it needs it most

A fresh coat of paint can make a home feel new. In fact, painting is one of the most common recommendations estate agents make to sellers before they list. Paint can help small rooms appear larger and highlight architectural details. Be mindful of your colour choice, however. It is recommended that you use warm neutral colours, such as beige, tan, gold and gray. Because these shades go with anything, they can help buyers to picture their belongings in your home.

Set the stage

Now comes the final step: staging your home. The goal is to create a great first impression so that buyers put your home at the top of their list. On average, staged homes sell 88% faster and for 20% more than those that aren’t staged.

You don’t need to stage your entire home. Focus instead on rooms that impress buyers most, such as the kitchen, living room and bathrooms. In the kitchen, for example, place a bowl of fresh fruit on the countertop and set the table with beautiful dinnerware and linens. It is always a good idea to leave cookies and a fresh pot of coffee with a “help yourself” sign. Not only is this a nice touch, but everyone loves the smell of fresh coffee!

In the living room, toss a decorative blanket on the arm of the sofa and add a vase of fresh flowers to the coffee table. Update bathrooms with fluffy new towels and display a dish of decorative soaps.

Put a tray with a book and teapot on the edge of the master bed. Create a single focal point in each room, hanging a simple piece of artwork that enhances your staging, or highlighting architectural details, such as a fireplace or beautiful windows.

Keep it clean and consistent

Once your home is ready to sell, the trick can be maintaining that level of repair and decoration. Viewing requests can happen at a moment’s notice, and you won’t always have time to ready your home.

Create a cleaning schedule and stick to it. Control of clutter by putting things away when you’re done using them. Enlist the whole family, so the responsibility is shared. Make a habit of wiping kitchen and bathroom fixtures and surfaces daily. Keep wastebaskets emptied. Vacuum or sweep before you leave the house. Keep your garden tidy and remove weeds every week. Keep your walkway and porch clean and accessible.

If you have children, keeping things tidy can be more challenging. Streamline their toys for the time being, or create a rule around how many toys can be out

 

Estate Agent Terms

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Estate Agent Terms You Should Know.

Communication is curial when buddying up with an estate agent to sell your property, and although it is the estate agent’s job to speak clearly so you have an understanding of what’s happening to your property and the market, it doesn’t hurt to know the terminology.

Let’s have a look at the most common and confusing terms here.

APRC

Annual Percentage Rate of Charge, the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit, including interest and other charges applying.

Bridging Loan

A temporary loan is advanced to help buy a new property before the existing one has been sold.

Chain

A number of linked property sales where the exchange of contracts must take place simultaneously.

Closing Date

The date set for submission of offers when more than one party show interest in the property.

Completion Date

Completion of the legal transaction with all monies and documents having been distributed. This is also when the seller’s solicitor will instruct the estate agent to release the keys.

Conveyancer

A person other than a solicitor who may conduct the conveyancing.

Conveyancing

The legal work involved in buying and selling properties.

Covenant

A condition contained within the Title Deeds or lease, that the buyer must comply with, which is usually applied to all future owners of the property. A restrictive covenant is one that prohibits the owner from doing something.

Disbursements

Fees, such as Stamp Duty, Land Registry and search fees on top of conveyancing which you normally pay via your solicitor.

Draft Contract

Unconfirmed version of the contract.

Early Repayment Charge

A charge made by the lender if the borrower terminates a mortgage in advance of the terms of the particular mortgage. Normally occurs when the borrower has benefited from reduced payments or cash back in the early period of a mortgage.

FIMBRA

Financial Intermediaries Managers & Brokers Regulatory Authority.

Gazumping

The practice by a seller accepting a higher price than that previously agreed with someone else.

Gazundering

The practice by a buyer lowering his offer just before the exchange of contracts.

IFA

Independent Financial Advisor

IMRO

Investments Managers Regulatory Organisation. Regulates investment managers.

Joint Agency

Where two estate agents work together to market a property.

Joint Mortgage

A mortgage where there is more than one individual named responsible for the mortgage.

Land Certificate

A Land Registry certificate proving ownership of property.

Land Registry

The Government organisation that holds records of all registered properties in England and Wales.

LAUTRO

Life Assurance Unit Trust Regulatory Organisation.

Maintenance Charge

A charge made towards the upkeep of a leasehold property.

Missives Concluded

Scotland only. The solicitors must agree on the written negotiations of the sale – the ‘missives’. This can only be done once a mortgage offer is received. When the missives are agreed, this is known as ‘conclusion of missives’. Both parties are now legally bound to the sale/purchase.

Mortgage Deed

A legal document relating to the mortgage lender’s interest in the property.

Mortgage Offer

A formal written offer made by a bank or building society to lend an approved amount to purchase a property.

Multi-Agency

The selection of two or more estate agents to act on the seller’s behalf, usually incurring a higher fee than if the sale is completed by a sole agency.

Negative Equity

When the value of a property is less than the outstanding sum owed on a mortgage.

Ombudsman

Independent professional bodies who investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.

Part-possession

The term is used when a property is being sold, where a tenant has a legal right of occupation.

Private Treaty

The way in which most house sales are completed in England and Wales.

Repayment Mortgage

Your monthly repayment includes part interest and part capital repayment. So long as you meet all of the payments required by the lender on time, your mortgage will gradually reduce until it is repaid in full at the end of the mortgage term.

Repossession

When loans are in default the mortgage lender can repossess the property and sell it so they can repay the debt.

Retention

Holding back part of a mortgage loan until repairs to the property are satisfactorily completed.

Subject to Conclusion of Missives

Scotland only. These words are used to indicate that an agreement is not yet legally binding.

Title

The ultimate record of ownership of a property, the evidence of which is found in the title deeds.

Transfer Deeds

The Land Registry document that transfers legal ownership from seller to buyer.

Under Offer

When the seller has accepted an offer on the property but contracts have not yet been exchanged.

Variable Interest Rate

Rate of interest payment that fluctuates over time inline with general interest rates.

Vendor

The legal name sometimes used to describe the seller of the property.

Verbal Offer

Offer from prospective purchaser, not legally binding on either party.

Writ

Mode of commencing legal proceedings.