Putting a Flat on the Market and selling it- Process?

Stubbsy05

Putting a Flat on the Market and selling it- Process?

Bought a Flat 5 months ago and its nearly complete. Have new bathroom, kitchen, heating (corgi cert), electrics certified, walls skimmed and gas fire in lounge. New carpets and vinyl throughout.

Now I’m going to get it valued and decide whether to live in it or put it on market.

Whats the process and costs?

Valuation come first obviously. Thanks

zipwen1

you need to get 3 valuations and go for the average.
haggle with the EA over their fee some have managed to get it down to 0.5% of the asking price. most EAs will charge 1-2%
get quotes from a few solicitors don't always go for the one the EA recommends, the price of the solicitor depends on them, mine is charging £470.
if you have a mortgage on the flat and its fixed you should have a look through and find out what your early repayment charge will be.
there isn't really much to do when selling, apart from find a buyer that is

courtjester

Remember that whilst agents like to call them 'valuations', they are not actually valuations, their figures are only suggested marketing prices.

Basically, do your own research on value before you speak to any agents. Check asking prices for comparable properties in your street or neighbourhood in the local newspaper or agents windows. Check online land registry sites for actual prices that properties have sold for - this is pretty much free information from many sources, try ourproperty.co.uk, you just enter a postcode for your street.

You need to be able to make a comparison of your property features with those that have sold already. You can generally allow a 5-10% addition to the historic sold price of a comparable property to reach at an asking price, allowing for any local variations in demand.

Property valuation (for sale) is not an exact science, so you can experiment with price - the value of a property is what a buyer is willing to pay and you are willing to sell for at any particular time.

Bear in mind that agents 'valuations' are often coloured by their own interests which may lead them to over-value or under-value your property in order to gain (1) your business or (2) a quick sale to benefit their sales targets, neither of which is necessarily in your interest.