Wherever you are looking to move to, selling your home is a fundamental aspect of relocation.
This is especially true when relocating abroad from London, as it is likely that you have earmarked at least some of the capital from the sale for purchasing a new home and funding numerous other logistical requirements. Time is of the essence in this instance, as having taken the time to identify a new home in your chosen location all of your hard work could be quickly undone if you are unable to complete a timely and profitable sale.
The main challenge is achieving the delicate balance between profitability and speed, as while the deal must deliver a viable return it must also be completed with a predetermined timeframe. Some may argue that these is even more important in the current London market, as after Knight Frank reported that the rate in growth in the capital fell to 2% in June it is clear that prices may have already peaked during their first financial quarter.
How to sell your London Home quickly and profitably
With this in mind, there may be a limited window of opportunity for anyone who is keen on selling their London home quickly and profitably. This does not mean that this is impossible, however, but more that home-owners may be required to showcase foresight, proactivity and a clear willingness to compromise if they are to fully achieve their goals. Given the important role that a property sale plays in a successful relocation, all of these characteristics will be pivotal regardless of your intended destination.
So, what practical steps can you take to sell your London home in a quick, efficient and ultimately profitable manner? Bear the following points in mind as you plot your sale: –
- Consider Selling your home Online
We are fortunate to live in an age of technological advancements, where home-owners have access to a diverse range of media that can help them to value, market and sell their home. Perhaps the greatest development in recent times has been the emergence of online estate agents, who can effectively market your property to a wider, potentially nationwide audience and reduce the inflated costs occasionally associated with selling London real estate.
Take firms such as The House Network, for example, who are commonly referred to as the original online estate agents and claim to have saved London clients a cumulative £46 million in fees. This firm and similar outlets operate by charging a fixed service price rather than claiming a percentage of the eventual sale, meaning that you can ultimately save thousands of pounds without compromising on service or the end result.
Partnering with an online agent can also increase the reach of your property and extend to people who live outside of the local area, engaging a larger number of potential buyers and hastening the sale of your home in the process.
- Consider Viable Home-Improvements
As a general rule, home-improvements are considered as an excellent way of optimising the value in your home. There are two key points to keep in mind at this juncture, however, with the first being that home-owners are being encouraged to tread more carefully in the wake of the great recession. In addition to this, the majority of large-scale home modifications are time consuming and have a tendency to delay the sale of your home.
Adding a conservatory is considered the most profitable home-improvement, for example, with an estimated ROI of 108%. This also costs more than £5,000 on average, while projects can take weeks and even months if they fall behind schedule. So unless you can minimise labour costs through your own expertise or can guarantee a timely completion of the project, you should avoid this type of large-scale refurbishment when relocating.
Instead, consider investing in time-effective modifications such as de-cluttering your interior space or planting colourful flowers in your garden. These tasks and quick and easy to oversee, and while they do not deliver a tangible return they are capable of enticing a larger range of potential buyers.
- Focus on Specific Rooms
Occasionally, it is the cumulative cost of improving your home for sale rather than individual tasks, and those hoping to relocate may simply not have the funds to invest in the total modification of their property. This is not necessarily a bad thing, however, as it forces you to prioritise specific areas of the home that either need modification or can add genuine value.
Once you have attended to problem areas that are need of repair, the next step is to target spaces according to your budget and deadlines. If you only have enough time or capital to modify one room prior to selling your home and relocating, for example, you should prioritise work on the kitchen and create a multifunctional space that appeals to modern buyers. The work that you complete can range from repurposing cabinet doors and repainting the entire room to installing a brand new kitchen, although the key is to focus on your needs and any feedback you have received from viewers.
On a final note, please bear in mind HSBC’s claims that the addition of a brand new kitchen adds an estimated £4,577 to the value of your home. It adds considerably more in terms of saleability, however, which may be crucial for those in search of a quick transaction.
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