How to sell your house and rent instead
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With house prices in the United Kingdom slowing and in some regions dropping, the question on everyone's mind is, "should I sell my house?" Depending on your situation, the short answer is yes.
In this article, we will cover why you should sell your house, why people sell their homes and how to find somewhere to rent instead.
Why Should You Sell Your Home?
If you have bought a home in the past decade, while there has been a house price growth, you should look to sell your home now while your property value is in profit. If you wait to sell your home further down the road, your home's value may have dropped to less than you originally paid for it.
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Why Do People Sell Their Homes?
Perhaps you have a young family and are looking for more space for them to grow up, you want to downsize because of a relationship breakup, or you want to move from a modest dwelling to a mansion; the reasons are endless.
Anything can happen in a person's life which may move them to want to sell, but some may need to sell sooner than later. Below are some general reasons why people decide to sell their homes:
Release Equity
When homeowners want to release equity from their homes, they can borrow cash against the value of their homes. Equity release can be done through desire or necessity, as some homeowners look to make a profit or need money quickly to pay off debts or stop repossession.
When you release equity, you can receive the money as an entire sum, in smaller amounts, or a combination of both.
Unlocking finances tied up in property may make a massive difference to someone's situation, whether you're looking to complete a home renovation, pay off any debt or gift money to family or friends.
Housing Market Conditions
If the housing market conditions are favourable, homeowners will be more likely to sell their homes. Some good market conditions may include the following:
Low mortgage rates.
Increased market value.
Strong buyer demands.
On the flip side of this, however, is if the market is beginning to show signs of an unfavourable housing market, many homeowners will look to sell sooner than they would have. Some examples of adverse conditions may include:
Slowing or decline in house market value.
Slowing buyers market.
The cost of living crisis makes it harder for people to keep up with their mortgage payments.
Size Requirement Change
For most homeowners in the United Kingdom, at some point, they will enter the need to change the size of their home during the homebuying lifecycle, whether this is to downsize or upsize.
Some people (especially nowadays) will look to downsize due to financial restraints, while others will want to downsize as their children have flown the coop.
Older families or someone undergoing a breakup may decide that their homes are too large now that it's just them at home and decide to move somewhere smaller.
Alternatively, people looking to upsize could be moving from an apartment to a house or a small house to a larger home. Upsizing typically happens when people move up the property ladder, whereas downsizing tends to happen when you drive down the property ladder.
Unless you are downsizing in a large city like London, downsizing may be far more expensive than upsizing, depending on your area.
Relocation
Homeowners may relocate and sell their homes for three main reasons: changes in relationship status or family relations, changes in a neighbourhood, and changes in employment.
Change In Relationship Status
Homeowners who have undergone a relationship status or change in family relations may want to relocate. They may wish to move out of a family or partner's home or find a place to fit all family generations.
Changes In Local Area
Homeowners who live in a local area that has undergone a neighbourhood change, like a severe redevelopment plan or a drop in public services, may want to move out of a place and into one that better suits their needs.
Change In Employment
Home homeowners may relocate due to a change in their employment status, be it because they've become unemployed and need to reduce their living expenses or are following their dream job.
Employment is one of the most influential factors to why people move houses in the first place — we've all got to pay the bills!
Inherited Property
You should follow the probate property process if you've inherited a property. Once probate is complete and the property has been transferred under your name, you will have three options: move into it, rent it out or sell it.
If you decide to move into it, you may need to sell the property you previously owned or rent it out, depending on your financial situation.
Alternatively, you could sell the probate property to release profits as the property will gather utility and tax over time, which can tax your finances.
How Do You Find A Home To Rent Instead?
If you are worried about selling your home and needing help finding an affordable property in an ideal location, we can help!
One of the fastest ways to find a new home to rent is through online property sites, where you can easily access the best locations and property types. Rightmove and Zoopla are your best bets for finding the right property for you.
It's important to note that you should only pay money after seeing the property first, and you should check the landlord's reputation or letting agent via Google reviews or TrustPilot.
What Is The Difference Between Renting With A Landlord And A Letting Agent?
You must consider your current living situation and what options best suit your needs.
There are plenty of renting options available, like renting directly from a landlord or letting agent and plenty of routes to finding the perfect renting home for you. A letting agent will act as a middleman between you and your landlord.
If you rent directly from a landlord, you may have to pay less when you initially move in and might not have to give so many references. Furthermore, they may also refrain from doing a credit check.
With a letting agent, you may be subject to a larger deposit, more references and a credit check. But, you may inform the letting agent of any repairs, and they will contact the landlord on your behalf, get advice about the local area and complain to an independent ombudsperson if you're unhappy with the service provided — which will allow you some support.
Easy Guide To Selling Your Home
If you've made it this far, you're interested in finding the right avenue to sell your home. Below you will find our quick and easy guide to selling your home:
How Easy Is It To Sell Your Home?
We'd be lying if we said selling your home was easy; it can be complicated. We have many guides to help you sell your property, no matter where you are in the UK.
The average timeline in the UK for selling a house will vary hugely depending on your situation, chosen selling method, and the selling company selected. According to GetAgent, you should typically plan for a house sale to last around four to six months.
There are many routes to selling your house, be it a high-street estate agent, online estate agent, auction house or a cash buyer like us!
What Is The Quickest Way To Sell Your Home?
The quickest way to sell your home in the UK is via a property cash buyer, as cash sales are independent of mortgage valuations, onward property chains or difficult buyers.
We are one of the UK's leading property cash-buying companies, with over 50 years of combined experience and unique service.
We will buy your property in as little as seven days and process your property on a timescale that suits your needs, whether for a relocation, size requirement change, or to release equity.
Not only will your property transaction be quick, but you will also not face any fees as we'll cover your solicitor and marketing costs. We pay the best trade prices compared to our competitors and have been rated excellent thousands of times on TrustPilot.
Want to get started? Click Get Offer below for a guaranteed, no-obligation cash offer in as little as 24 hours.
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