Can You Sell Your Home Yourself? – Griggs Homes
Can You Sell Your Home Yourself?
With estate agent’s fees never cheap, it is important to know that there are alternatives available and you can indeed sell your home by yourself and without an agent.
According to a survey conducted by TheAdvisory in 2018, the typical estate agent fee is 1.42% of the final selling price (including VAT). Whether the price of your property is great or small, this is still a significant proportion or cut. As such, it is no surprise that more and more people are now choosing to sell their properties themselves, as opposed to using estate agents.
What You Need to Know
It is important to ensure that your property is deemed ‘sellable’. This means getting rid of clutter. The kitchen and bathrooms are big selling points, so ensure these are clean and tidy. They do not necessarily need to be renovated prior to the sale, as it is likely that the buyers will want to customise these areas themselves.
When considering price, it is important to try not to over-inflate or deflate your valuation. This is whether independent research which is so important comes into play. Look at sold price histories of similar properties in size and location, not expensive listings that are still sitting on the market.
The all-important third party that must be brought into the process is a solicitor, who comes in when you have accepted an offer. They will carry out any legal work. Search online prior and take recommendations. The Council for Licensed Conveyancers is a great place to start, as well as DirectGov and The Law Society.
The Advantages of Selling Your Own Home
The decision taken to sell without an estate agent comes with great financial motivations. If an agent takes the above 1.42% cut from a £500,000 property, this means you will instantly lose out on £7,100.
This money could be better used towards photographs, marketing and floorplans of your property with a little help.
Selling privately cuts out the third party, or the middle-man. This means there is total and complete direct communication between the seller and potential buyers, leaving no room for manipulation or miscommunication.
You will be 100% in control of the sale of your home. This means you can take things at your own pace, working around your own schedule and your own wishes.
The Disadvantages of Selling Your Own Home
Lack of experience
Of course, estate agents have years of experience in the property market, which grants them extensive knowledge. However, this should not discredit your own endeavour. The internet is full of useful guides and advice, and even stories and top tips from those who have sold their own homes themselves.
But experience cannot be taught. The law can be very confusing to navigate and estate agents are well versed with the legal issues surrounding property. This often stumps private sellers and can stand as a great barrier to success.
It might be hard to handle a full-time job, family and social commitments, as well as trying to sell your own home. Sorting out paperwork and communication can be timely. It is a full commitment that requires hours and hours of hard work.
You cannot escape the fact that selling your own home is a massive task. It is worth considering if you want to be really cost-effective, but if you simply cannot put in the hours, it is best to leave the job to an experience estate agent.