If you’re considering selling your property, you’ll know that this can be a challenging time and that it is important to weigh up the pros and cons. Here are some reasons why you should sell up as well as some challenges that you might face.
A property upgrade
One of the main reasons that anyone sells a property is so that they can buy something bigger and better. This is especially relevant for those who are looking to expand their family and need somewhere with more space. An upgraded property could also come because of an increased household income that would allow you to upgrade into a new price bracket.
A property downgrade
On the other hand, some people may wish to sell up so that they can move into a smaller property. This is usually the case amongst empty-nesters and older couples who want something more affordable or more appropriate for their age such as a bungalow. Downgrading your home can often save you money over the long-term as it means you’ll be undertaking smaller mortgage repayments each month, allowing you to be more flexible with your overall income.
Some sell their property for one simple reason: profit. If you’re willing to downgrade and the housing market is booming, the amount of profit you achieve will be higher. Also, if you are selling your main home, you won’t have to pay capital tax gains on any profit that you acquire. A lot of people choose to sell so that they can get into the buy-to-let market. At present, the demand for rental property is extremely high especially those looking for buy-to-lets in Leeds where yields have reached over 8%.
You could be taking a risk
One of the first things you should look into if you’re thinking of selling is the current property market. You need to time the sale of your house so that it matches with a strong property market. After all, you’ll want to put your home up for sale for more than you initially paid for it. Other risks include things such as the buyer deciding to drop out of the sale at the last minute which can leave you in an unwanted predicament.
It can be emotional
Moving house is one of the most stressful events that someone can go through in their life and this means that there is a huge amount of emotion involved. Knowing how to handle your emotions throughout the process of selling your home can be a huge challenge but one tip to combat this is to make sure that it is definitely what you want to do.
The property needs to be ready to sell
When it comes to getting your property ready to sell there are a few things to bear in mind. Depending on the current condition of the house, some of the most common things that homeowners fix before selling are roof leaks, plumbing issues and peeling paint. Be wary of undertaking larger projects such as a complete kitchen refit as these can often be pointless. Your home can be made attractive to potential buyers through simple things such as freshly painting your interior or exterior.