If you’re looking to sell your home, there are a few simple steps you can take to make sure you get the most out of the deal. Check out our top tips for saving money when selling your house and avoid common pitfalls which can cost you precious pounds.
1. Cheap quick wins to help you achieve your asking price
There are some relatively quick and easy steps you can take to present your home in the best light, and with a relatively small initial investment, convey greater value to buyers:
2. Protect your home’s market value by addressing common house survey snags
House surveys are commissioned by prospective buyers looking to identify any potential areas or aspects of your home that may need repair or replacement. Whilst it might require some initial investment, if you can address these potential snags before your home is surveyed you may be able to sell your home at a higher asking price and avoid being haggled down by bargain hunters:
3. Purchase your Energy Performance Certificate (EPC) direct
EPCs are now a legal requirement when selling your home, and help prospective buyers understand how energy efficient your home is.
Prices on EPCs can vary significantly depending on where you live and how big your property is. Whilst these are factors beyond your control, what you can choose is whether to purchase one directly through your local energy assessor or pay an estate agent to do it for you. If you’re looking to save money, investing the time to sort this out yourself could be worth your while.
For more information on EPCs or for help getting one, check out the Government’s guidance on the subject.
4. Boost your EPC rating by taking advantage of housing and energy grants
As the UK shifts focus to enhanced energy efficiency and meeting our carbon-reduction obligations, it’s likely that more prospective buyers will be concerned by a low EPC rating, which they could use to bargain down your sale price.
MoneySavingExpert have compiled detailed guidance on energy grants and freebies available to homeowners throughout the UK to help them boost energy efficiency, so it makes sense to take advantage of the opportunities available to boost your EPC rating and protect your home sale value.
5. Get multiple valuations and check out the local competition
Before you start bringing in estate agents to value your property, it pays to get an indication of the kinds of values properties in your area are selling for. This is easily done online via sites like Zoopla or Rightmove, provided your search for homes of similar specifications.
Once you have a rough idea of what to expect, try to get multiple evaluations from a variety of estate agents including bigger high street chains, smaller local alternatives and ones that advertise solely online - you might be surprised by the discrepancies between valuations. Having multiple options on the table can help you get a sense for the most realistic prices, or where to start the bargaining if you’re willing to come down on price to accelerate the sales process.
MoneySavingExpert having produced a helpful guide to effect valuing your property to make sure you secure the best possible price for your area and property.
6. Negotiate selling fees with your estate agent
If you choose to use an estate agent to sell your property, it’s worth asking them if they are open to negotiating their sales fee. According to Yeshomebuyers.com, typical high street agents charge in the region of 1.5% - but even a 0.5% reduction could save you a small fortune that – depending on your house price – could reach into thousands of pounds.
At the same time, it’s important not to compromise the quality of service you receive from your agent in the name of a cheaper selling fee. If they do a poor job and can only sell your home at a steep discount, the savings you get on their fee could be wiped out by the losses incurred relative to your target sale price.
7. Consider DIY selling to save on estate agent fees
If you can afford to set aside time to go about the business of selling your home yourself rather than using an estate agent or conveyancer, you can dodge the selling fees altogether.
If you decide to go down this route, you should be prepared to host your own house viewings and accept the inherent risks that come with this. You will also have to take care of advertising, which in the digital space could mean posting on your Mumsnet Local page or marketplaces such as TheHouseShop or HouseWeb, and in the physical world could mean mocking up for own “For Sale” sign or purchasing a customisable template from the likes of Amazon or Ebay.
8. Shop around for the best deals on removal companies
The money-saving process doesn’t stop when you agree the sale of your home – getting a good deal on removal companies can help you arrive in your new house with a few extra pounds in your pocket.
There are a few things to consider when researching prospective removal companies; the volume of belongings you wish to transport, the distance you wish to take them and even which day of the week / weekend you plan to move can affect prices. You should also expect to pay more if asking a removals company to negotiate restricted-access areas.
Weight up a handful of alternatives to find the option that offers the best price along with confidence that they will adequately cater to any special considerations or instructions. Sites like Reallymoving.com can be a great place to locate and compare what’s out there.
9. Avoid overbilling from your old or new energy suppliers
Now more than ever, keeping your energy bills in check is a consideration you can’t afford to ignore.
On the day you move out, consider contacting your utility company with a meter reading and a request for your final bill to be sent to your new address. This could help you avoid late fees or nasty shocks for those on an estimated billing plan.
When you arrive in your new home, check your meter readings and notify your new utility company to ensure you don’t have to pay the previous occupants’ bills.
10. Explore whether remortgaging could save you money when moving
Speak to your mortgage lender about the prospect of porting your existing mortgage to your new property, to get an idea of whether you could save money.
There is certainly no guarantee of this even being an option, but if it is you can often use it to escape any early repayment charges on your current mortgage when you move. If you acquired your existing mortgage at a lower rate than contemporary options, you could also save money on future repayments by sticking with it.
Porting your mortgage could also save you time, as you won’t need to restart the mortgage application process; your current lender will already have much of the information required.
Take the time to thoroughly research this option before starting proceedings however, as you will likely incur new fees relating to valuations, arrangements, legal costs and potentially transfer charges. In the end, these could erode any savings secured by porting your existing mortgage.
11. Get disputes or complaints resolved cost-free
Finally, if something goes wrong during the process of selling your home, it’s important to seek redress in a way that won’t cost you any more money.
The ways to do this will depend on exactly which methods you used to sell your home:
- If you’re unhappy with the service you received from an estate agent, you should consider contacting the Property Redress Scheme or the Property Ombudsman.
- For support in dealing with legal firms or conveyancers, the Legal Ombudsman is your best option.
- If you’ve experienced problems with your mortgage provider, speak to the Financial Ombudsman Service.