If you’ve already decided to move, here’s what you need to do before accepting the first viewings.
Arrange a property valuation
Look at the property market in your area and take notice of any similar properties that have sold nearby. At this point, it’s worth speaking to an estate agent to get a feel for buyer demand and an indication of what your home is worth.
If you’re selling a property in East London or other areas of London, our sales team at Keatons will tell you what your home is worth with a free no-obligation valuation. If you just want a rough ballpark, you can tell us the details online and we’ll come back with a guide price within 24 hours.
As specialists in East London, we know what’s happening in the local market and can often spot potential value-adds that are in-demand, but that an online agent might miss. This is one of the reasons we achieve some of the highest returns in the area for our customers.
Review your finances
Once you know your property’s true market value, the next step is to speak to your mortgage lender and let them know that you are selling up.
If you’re buying another home, you will need to discuss how much you will need to borrow (if anything) and check what’s possible based on your situation and finances.
If you’re leaving the property market (for instance, moving abroad or into a rental property), then you’ll need to discuss how much of your mortgage is left to pay off and find out if there are any charges for ending the mortgage early.
Choosing your estate agent
When it comes to estate agents, you have a couple of choices:
- High Street Agent: This is the most popular way to sell a property with 95% of homeowners choosing this method. It’s best to find an estate agent that has both the reach of a national agent and the knowledge of a local agent. At Keatons, most of our customers come through word of mouth or choose us due to our excellent Trustpilot rating (which is close to 10/10).
- Online Only Agents: They have been on the rise in recent years, but there are drawbacks to using an online agent (regardless of what they say on their billboard ads). Firstly, they lack the local knowledge to achieve the best possible results. Secondly, you often have to pay upfront with no certainty that you will actually sell. On top of that, some have gone out of business and customers have lost the up-front payment altogether. As they have limited resources, you’ll have to take an active involvement with sales progression and conduct viewings yourself. In our experience, potential buyers feel more comfortable being shown around by an agent rather than the homeowner, not to mention that we have experience doing thousands of viewings and know the dos and don’ts.
- The third option is to sell your home on your own without any support. To be clear, we do not recommend this approach. Your home is probably your biggest asset. To us, it doesn’t make sense to risk thousands of pounds (or even tens of thousands) to cut corners.
While your property is on the market, it’s a good idea to find a solicitor to oversee the sale before you receive that first offer. Your estate agent can usually recommend a solicitor, or you can appoint your own. As estate agents, we handle everything from the marketing of the property to guiding customers through evaluating offers, negotiating contracts and the final exchange and completion. Want some more reading material? Take a look at our article on how to present your home for a property viewing, which can potentially add thousands to the value of your property.
See our full list of property advice articles in our Knowledge Centre.
Keatons has been based in East London for over 20 years and has since expanded to the north and south of the city. We have an outstanding Trustpilot rating from customers and we are known for helping sellers and landlords achieve the best possible market price for their property. To find out more, visit our website.