Selling your home to relocate is definitely a big task. Be that to relocate abroad, or even somewhere else in the UK. Therefore considerations have to be taken for a range of elements. These make up the relocation process. At Norwich home buyers we are experts in the local property market. In our latest article we take a look at selling your home to relocate.
How To Sell Your Home?
When it comes to selling your home to relocate you need to look at the best and most effective option for your situation. Most will have the choice between either taking their home to auction, or selling via an estate agent. Both are viable options but will be solely dependent on your situation. We break down both of these options in more detail below.
Selling Via An Auction
Selling via an auction is one of the quickest and effective ways to sell a home. Providing you find the right auction. At an auction your home is up for bid, and with a reserve price in which you set. Normally homes go for a lot less at auction as they are usually projects which people take on to renovate then sell. This can mean that your home is not able to achieve the same asking price as with an estate agent.
Selling Via An Estate Agent
An estate agent is one of the most effective and best ways in which to sell a home. This is mainly due to the fact that you are working with experts who have a great knowledge of the local market. They also help to set the asking price for your home by assessing the condition, location and age of your home. This allows you to set realistic targets for asking prices.
What Is The Process?
Once you have decided how you are going to sell your home, you need to look at the process of relocating. This is something that will take time and will also need to be explored to ensure that it is right for you. This process includes the following:-
When it comes to relocating the first thing you need to look is the location. Are you going to be looking at areas in the UK or abroad? If it is abroad then you may need to consider the legalities of moving and if you require any paperwork. If it is in the UK then does it have all that you require from your living base.
Looking at where you are going to live is equally as important. Once you decide how to sell your home you will have a clearer idea of what budget you have. This may go some way to deciding what location you are going to live in.
If you are relocating for work then this is already sorted for you. However, if it is not the case then you need to find employment. Especially if you are going to be seeking a mortgage from a lender. Some areas are more affluent than others so this needs to be considered.
Linked very closely to houses and location, you need to look at the cost of the whole relocation. Moving house is the costly piece yes, however you then have removals, legal fees, fees for house sales and even potential stamp duty to pay. These all add up so it is key that you have all this considered.
Should I Rent My home?
Even though in this article we are looking at selling your home to relocate it is worth looking at if it is better to rent out your home. Deciding what is best will be down to your current situation however both do offer a range of benefits which you need to be aware of. Renting your home does provide a long term income stream especially in those areas that are sought after. However, on the flip side is the consideration of having to pay for maintenance and upkeep.
Other Consideration Points?
Alongside the sale of your home you need to consider the taxes and fees in which you need to pay as well. This can impact the final price in which you are able to achieve, or be that what you have to put towards your next home. This does catch people out so is not uncommon. Having a knowledge of these fees and taxes are definitely going to be beneficial.
Some people may be liable to pay capital gains tax. This affects those that have profit on homes that may be considered by-to-let, businesses, land or even inherited homes. This is key because the percentage can increase due to various factors.
The other more simple area to look at is the one that an auction house or even an estate agent may charge you. Both can have an impact on the final value with fees roughly being between 1% and 3%. Taking these into consideration and also asking what they are, are definitely questions you need to be asking when choosing which ways to sell your home.
As you can see from above there are a range of consideration points you need to look at before relocating. Selling your home is one of the largest and ensuring that it is going to be financially viable is a must. However, alongside this you need to look at practical things for all that are involved. At Norwich Home Buyers we are property market experts and have helped a number of people relocate away from and to the area. For more information on how we can help please do Contact Us.