What’s the best way to sell your house when you have children?

*Collaborative Post*

Selling a family home can be stressful. When you’ve got young children, the last thing you want is a stream of endless property viewings and lots of strangers wandering through your home. There’s also the stress of trying to keep the house spotless and the kids’ clutter under control. So, is there a better, more convenient way to sell when you have a family? 

Selling at auction

Selling at auction may not reduce the number of viewings very much – most potential buyers will want to visit the property before the auction – but it will condense the home selling process. All viewings will take place in a few weeks leading up to the auction, and the sale will complete within 30 days of the auction date. You should have the whole process completed in around two months. Two months is significantly quicker than selling on the open market, where typical time on market is currently 77 days and average conveyancing time of more than four months.

There are few things to be aware of when selling via property auction, however. Only around 72 percent of properties that go to auction actually sell, which means there’s a 28 percent chance that your property will remain unsold.

Your audience of potential buyers may also be limited. Needing to complete sales within a month of the auction date can make it difficult for those who require a mortgage. This means your range of perspective buyers is likely to be significantly smaller than if you were to sell on the open market, which may have an impact on the price you achieve for the property.

Auctions are a great option if your property is particularly unusual or may be difficult to mortgage, but if your property is likely to be desirable on the open market you might want to explore other options.

Selling to a cash home buying company

If you’re looking for a faster house sale, without the hassle of viewings, a sale to a cash house buying company could be a good option.

A genuine company will buy with their cash, rather than relying on mortgages or investors. This means they can buy your property on a date of your choice and can often complete the sale in as little as a week, if required. The company will ask two local, independent estate agents to value your property, and will need to have a survey carried out, but other than that you won’t need to have any visitors to the house. You can also time the sale to fit in with when your new home is ready, without the extra stress of property chains.

Because they operate as a business, a home buying company will pay less than you would achieve by selling your property on the open market. You also need to make sure any company you consider using definitely has the cash funds to do what they say they can. The industry is unregulated, so there are lots of companies out there falsely claiming to be able to offer a quick sale. Only those with their own cash in the bank will be able to offer any speed or certainty when buying your property. 

Keeping your current home as a buy-to-let investment

If you have the necessary funds available, you may also want to consider keeping your current home as a buy-to-let investment.

You won’t need to do any viewings whilst you’re still living in the property if you don’t want to, and property can be a great long-term investment.

You will need the cash available to provide a deposit on your new home, and be in a financial position to be able to secure a buy to let mortgage alongside a residential mortgage. You will also need to consider the financial commitment and time commitment involved in being a landlord before you move forward.

Before you decide what to do with your current home, it’s important to think through the pros and cons of each option. Your personal circumstances will dictate which option is best for you. Moving with children throws up new challenges that you may not have experienced when moving house before, but trying to get the children involved in the move and keeping focused on the benefits of moving to your new home will help you to limit the stress involved.

 

 

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