How to Sell My House Quickly for a Good Price

How to Sell My House Quickly for a Good Price

Selling up and moving house is a big decision and once it’s made, most homeowners are eager to get the ball rolling. But can you sell your house fast without compromising on the sale price?

In this blog, we’ll explore the different ways to sell your house and how to maximise your profit.

Table of Contents

 

What is the Quickest Way to Sell Your House?

There are several ways to sell a house. Many people hire an estate agent to market their property, but this is just one of several routes to sale. Some of the alternatives may result in a much quicker sale.

There are five main options when it comes to selling a residential property in the UK:

  • Sell to a Cash House Buying Company

The only way to secure a guaranteed sale is to sell to a cash house buying company. A genuine cash buyer will have the funds to buy your home in as little as seven days. There are no estate agent fees to pay and often no solicitor’s fees either. You will receive a below market value offer because quick house sale companies make an income from selling properties for more than the purchase price. However, the savings you make on the costs associated with a traditional sale mean that the difference in “profit” is less than you might think.

But beware, not all companies that market themselves as cash buyers are genuine. Some do not have the funds to buy your home without securing finance or passing your details on to a third party buyer, which will likely cause delays — not the “quick sale” you went to them for!

Selling to a quick house sale company can be a fantastic way to sell your house fast without the hassle of viewings, property chain problems and the risk of a failed sale. But be sure to do some due diligence before committing to a company. Do they have excellent reviews on sites like Trustpilot? Are they a member of professional bodies such as the National Association of Property Buyers (NAPB) and The Property Ombudsman (TPO)? Can they provide proof that they have the funds ready to buy your house fast?

Download our guide, “Top Tips for Choosing a Quick Sale Company You Can Trust”

  • Sell at Auction

There are two types of property auction — traditional and modern. A traditional auction is held in person and the winning bidder must exchange contracts on the day of auction and complete the purchase within 28 days. A modern auction takes place online and the buyer has 28 days to exchange contracts and a further 28 days to complete the transaction. 

Auctions were previously used mainly by investors and people with problem properties to sell, but modern auctions have become increasingly popular with the general public in recent years. It can be a much quicker way to sell a house than using an estate agent, but there are drawbacks to selling at auction. 

Firstly, there is no guarantee that a property will sell at auction, and the fees associated with selling this way can be high. This could mean that you shell out hundreds or thousands of pounds in auction fees and still have an unsold house at the end of the process. Furthermore, the process can be time-consuming for people new to it and mistakes are often costly. For example, the reserve price (the minimum you are willing to sell for) must be within 10% of the guide price (the figure used to market the property). Many first-time auction sellers will set a low guide price to attract high interest levels but are then forced to sell at a much lower price than intended.

  • Part-Exchange Your Home

If you want to buy a new-build property and need to sell your current home first, house part-exchange is a much quicker and easier way to do it than selling on the open market with an estate agent. This is especially true if you have a hard-to-sell property

A part-exchange (PX) scheme will enable you to sell and buy in one streamlined transaction without paying estate agent fees. The property developer or third party PX company will purchase your current home and deduct its value from the sale price of the new home you want to buy.

A developer will probably offer less than the market value of your property and PX can only be used to purchase new-build homes, but it is a much simpler and, therefore, quicker route to sale than relying on an estate agent if you are eligible to use the service.

  • Sell via an Estate Agent

There’s nothing wrong with the traditional approach to selling a property. An estate agent will manage the whole process for you — valuing your property, marketing it, hosting viewings and negotiating with the buyer. 

However, estate agents can charge thousands of pounds in commission and it typically takes months to complete a sale. If your house is in poor condition or the market is slow, it could take a lot longer to sell. And of course, there is also a risk of the dreaded property chain problems or a failed sale.

Generally, selling without an estate agent via an auction or a cash house buying company will result in a quicker sale.

  • Sell Your House Privately

You can, of course, go it completely alone and opt for a private house sale. This means that you take responsibility for marketing and selling your property. There are no estate agents fees to pay and you retain full control of the sale. 

If you know someone keen to buy your house or have experience selling properties, this might be an appealing option. However, you’ll need to have the time and energy to manage all the tasks an estate agent would do. You’ll also have to be creative about advertising your property because only estate agents can add a listing to the major property portals such as Rightmove. 

Unless you already have an eager buyer, selling your house privately is unlikely to be a very speedy route to sale. What’s more, few people have the time or inclination to take on such a mammoth task as marketing and selling a property solo. 

Which option is right for you will depend on your personal circumstances, priorities and preferences. What’s most important to you? A lightning-fast sale or achieving the highest sale price? Do you have the time and motivation to manage all aspects of your house sale? Are you planning to buy a new build property or a period house?

If you need the quickest house sale possible, you will probably have to compromise on price. However, the profit you make from a house sale isn’t all about the amount a buyer is willing to pay for it. By cutting the costs associated with selling your house, you could still walk away with a healthy profit, even if the sale price isn’t quite what you’d hoped for.

What Costs Are Involved When Selling a House in the UK? 

Reducing the cost of selling a house is an effective way to maximise your profit. But what fees do you pay when selling a house in the UK?

A house that sells for the current average house price in the UK of £263,000 could incur the following costs:

  • Estate agent fees — based on the 1.18% average rate of commission for a sole agency agreement, these would be £3,103 + VAT. However, the average rises to 2.5% (3% including VAT) if you want to enlist the help of multiple estate agents, which would be £6,575 + VAT. 
  • Conveyancing fees — these are typically between £850 and £1,500. Solicitors generally charge more than conveyancers and fees vary between individual practitioners. 
  • Remortgaging or Porting a Mortage — Porting your existing mortgage to a new property can cost up to £450, and remortgaging may cost over £1,000.
  • Energy Performance Certificate — obtaining an EPC before putting a property on the market is mandatory for all sellers. It costs £60 to £120 to arrange a new one.
  • Removal Costs — these can range from under £100 for a self-drive van to thousands of pounds for a long-distance service with premium features such as packing and the transportation of delicate items. Costs will depend on the day and time the service is required, the distance, add-on services selected, and the company chosen.

You may incur additional costs such as making home improvements to help the property sell, Capital Gains Tax and having your own survey done.

5 benefits of selling to a quick sale company

Read our guide, “5 Financial Benefits of Selling to a Quick House Sale Company”

How Can I Reduce the Cost of Selling a House?

Every penny that you pay out for professional fees and services is a penny deducted from the overall proceeds of selling your home. If you achieve a high sale price but spend a fortune in solicitor’s fees and home improvements, you could be worse off than if you accept a lower offer and reduce the costs associated with selling a property. 

A few ways to cut the cost of selling a house include:

  • Hire a Conveyancer — although you can manage the legal aspects of a house sale yourself, this could result in costly mistakes. However, solicitor’s fees for selling a house can be extremely expensive. Hiring a conveyancer is a financially savvy compromise. Conveyancers are qualified to do exactly the same job as solicitors, but they typically charge lower fees. 
  • Port Your Mortgage — porting your existing mortgage to a new house is typically a more affordable option than remortgaging which often incurs a significant arrangement fee — up to £2,000 is typical. In comparison, porting may only cost you a few hundred pounds. 
  • Book Removal Services at Off-Peak Timesthe most popular day to move house is Friday which means that availability is limited and prices are high. If you can arrange to complete your house sale on an off-peak day, such as a Tuesday, you will save yourself hundreds of pounds. It’s also worth asking if your chosen removal company offers any discounts — some have lower rates for certain groups of people like OAPs and emergency workers
  • Ditch the Estate Agent — estate agents fees often run into thousands of pounds and can be the biggest expense associated with selling a house. There are several ways to sell a property without an estate agent, including selling at auction, a private house sale and selling to a cash house buying company

How Can I Add Value to My House?

If you have the time and the budget to make home improvements, which ones will add value to your house and help it sell more quickly?

  • Fixing Structural Issues and Other Major Problems

This will not be a low-budget option, but selling a house that has serious structural issues or other problems that will be expensive and time-consuming to resolve will always be a challenge. Besides professional property developers, many buyers will have neither the time nor the inclination to take on major works. Fixing these issues will be an expensive task and you’ll probably have to put up with an extended period of disruption, but once the work is completed, it will be easier to sell your house, and you should recoup your investment by achieving a higher sale price.

  • Create a Home Office

During the coronavirus pandemic, many people began working from home for the first time, and research suggests that many of us will continue to do so long term, either on a full-time or a hybrid basis. As a result, demand for houses with a home office or the space to create one has soared. A study by the Home Builders Federation in July 2020 found that two-fifths of Britons would put “space for a home office” at the top of their property must-have list.

Creating a home office could be a relatively easy and low-cost improvement that would add value and increase the chances of a quick house sale. If you don’t have space in the house for an office, another option would be to build a garden office. However, these are not cheap and you probably would not recoup the full cost of your investment when the property sells. An alternative would be to make use of “dead space”, for example, converting an unused area under the stairs or a walk-in wardrobe. For many people, any size of workspace will be an improvement on working from their laptop on the kitchen table.

  • Redecorate

This is one of the easiest and most cost-effective ways to add value to your home. Replacing dated, tatty or highly personalised decor with fresh, light, neutral tones can make your home feel more spacious and help potential buyers envision how they could put their own stamp on the property. Neutral tones are also more appealing to many people because they will feel less rushed to decorate when they move in — one less thing for them to worry about! 

  • Revamp the Kitchen

For many people, the kitchen is the heart of the home and as such, it will be a focal point for potential buyers. Installing a shiny new kitchen will definitely attract interest and potentially boost the value of your home. 

If you lack the funds to install a brand new kitchen, replacing scruffy cabinet doors and adding a lick of paint to the room can make a dramatic difference that will have buyers vying to make an offer on your home. 

Check out our practical guide on How to Value a House to determine what your property could be worth.

 

Are We Buy Any House Companies Legit?

“We Buy Any House” companies, also known as “quick house sale” companies and “cash house buying” companies can be completely legitimate. However, the industry is currently unregulated, so be sure to shop around, check out each company’s credentials and be aware of the sales practices to avoid

Membership of professional bodies such as the National Association of Property Buyers and the Property Ombudsman are good signs, as are positive customer reviews on independent review sites such as Trustpilot

A genuine cash buying company will have the funds to purchase your property fast without the need to secure financing or share your details with a third party buyer. They make an income from buying properties below their market value and selling them on at a profit. 

Quick House Sales FAQ

A. House Buyer Bureau has the funds to buy your home in as little as 7 days. We will work to a timescale that suits you, be that 7 or 70 days.
A. Sell to House Buyer Bureau in five easy steps — complete our cash offer inquiry form, we will have your property valued, instruct a solicitor, exchange contracts, complete the sale, and then you bank the cash!
A. Every company sets its own price structure. House Buyer Bureau offers some of the most competitive quick house sale rates. We typically pay 80 to 95% of the market value. And remember, there are no estate agent or solicitor’s fees to pay!

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