Selling your home is one of the biggest decisions you can make. Before you jump in with both feet, make sure that it is the right choice at the right time.
Consider the reasons why you want to move. If the only reason is that space is tight, why not consider extending your home? A loft conversion or extension may be expensive and inconvenient in the short term, but may work out cheaper in the long run than the costs associated with purchasing and moving into a new property.
Consider carefully whether you are selling at the right time - look at the market trends. If property prices are increasing, will you be able to afford a bigger or better home than the one you currently own? If the market is in decline, will you be left with negative equity?
Do you actually need to sell your home or would you actually be better off renting out your existing property and benefiting from the rental income?
When selling your property consider the options, you are most likely to employ the services of an Estate Agent who will be able to assist and guide you through this process. In addition they also have the experience of dealing with all parties involved. However you may opt to sell your house yourself using an on-line service. Using this method can certainly save you money but unless you have the time and patience it could cause one huge headache!
Another important factor is your location as this will play a huge part on how quickly your property will sell and the price you receive from the buyer. Within the UK, house value prices in London have been excessively higher than the rest of the country for some time now and it doesn't look like that will change in the short term. However there are several areas that are experiencing similar booms in property values, locations such as Edinburgh, Somerset, Buckinghamshire and Dorset.
Many Estate Agents along the South Coast have reported that house prices have increased by nearly as much as 9% within the last 12 months (correct as of Oct 2016). With this continued rise in property prices, many first time buyers are struggling to get onto the housing ladder. Coupled with the fact that the new ‘post Brexit’ government are now abolishing the ‘help to buy’ scheme this is only going to add fuel to the fire with more people having to seek rental accommodation. Of course, this is welcoming news for Landlords!
It is a similar story in other parts of the country with Buckingham estate agents reporting a 14% rise in house prices within the last 24 months. Buckinghamshire is home to some of England's most beautiful villages and the desirability to be part of these small local communities is huge. However this rural dream doesn't come cheap with the average house price around £400,000.
If you are fortunate enough to live in one of these areas and you are looking to move on then now could be great time to sell and take advantage of these rising property values.
Just make sure though that you weigh up all the pros and cons before committing to sell!