First Time Sellers
Q: Our family has outgrown our first home. We want to sell it and trade up, but we’ve never sold a property before and we don’t have a clue where to start! How do we get this organised? We offer our expert advice.
A: Many the people we sell to are first time buyers. Eventually, they become first time sellers. When that time comes, the first step is to contact your local estate agent who will talk you through the process and let you know what needs to be done. Typically, we’d break this down into a step-by-step approach to make it seem more manageable.
First of all, your estate agent will visit your property to conduct a valuation. This will give you an idea of what your property is worth. They will also offer an indication of what the overall process might cost, including the estate agent’s fee, the solicitor’s fee, and stamp duty, which is 1 pc of the purchase price of the property. The actual sum involved will vary, depending on the property, but a realistic estimate will help you to budget accordingly. The estate agent will advise you on getting your property organised for the sale and will arrange to have professional photographs taken.
When you’ve spoken to the estate agent, talk to the bank and set your finances in place. This will let you know your available budget and ensure the trade-up you want is actually feasible. Then, appoint a solicitor. A good conveyancing solicitor will deal with the sale of your existing property and the purchase of a new one. Many people go back to the solicitor who helped them to buy their first home. If that wasn’t a positive experience, consider changing solicitors but remember to choose one that specialises in conveyancing. Ask for a provisional estimate of their fee. If you have a mortgage, the deeds of your property will be held by the bank. It can take some time to release the deeds, so make sure the solicitor requests them in good time.
The next step is to check your Building Energy Rating (BER). A BER cert is valid for ten years, so you may already have one. If you have upgraded the house in any way – such as improved insulation or a new boiler – it is worth having the property reassessed. The cost of an assessment starts around €200, depending on the size of the property, but a better BER rating will increase its value. Your estate agent will recommend a locally-based assessor.
Then, get out and about! Start looking at properties. Have a look at the sort of property you may want to move to (and what you don’t want). Don’t delay this step until your house goes on the market. Your own home may sell very quickly and the middle end of the market moves more slowly than the affordable end.
Once your property has been photographed and has gone online, then the viewings will start. With affordable homes, this can move much more quickly than the owners expect. Sometimes there’s only four weeks between a property going online and Sale Agreed. For first time sellers, there’s always an element of nervousness about the timing. What if your home sells and there’s nothing to move to? Remember that you have control of this process and that your estate agent will work with you. If you need an extending closing process, we will work with the buyer to make sure the timeframe works for everyone.
To find your closest Sherry FitzGerald office, see sherryfitz.ie
