- by Admin
- in News & Legislation
Up until 30th June 2021, stamp duty is exempt on the purchase of your main property costing up to £500,000. Before this, stamp duty in England and Northern Ireland was paid on land or property sold for £125,000, with first time buyers only paying from £300,000.
So, if you want to attract more buyers before the stamp duty holiday expires, it’s a good idea to get your property in ship shape before putting it on the market…
Make first property impressions count
Kerb appeal makes a lasting first impression, with most buyers making up their minds in the first few minutes. The most important features to consider are well-maintained windows, front garden, pathways and fences, plus a roof that’s in good condition, ie, no missing tiles. Also, try to make any minor repairs where possible, such as cracked tiles or broken doorknobs and create a space that allows potential buyers to imagine living there. Think limescale removal, clean tile grout and shining wooden floors. While most viewers will make changes once they move in, by filling in holes in the wall or cutting back garden bushes, you will allow them to see more of a blank canvas.
Decluttering is also essential, and with our free Home Staging Consultation, it couldn’t be easier. Focused on improving the appeal of your property, we can organise your home, making the absolute most of it, while increasing its value and appeal. In fact, Home Staging can add up to 10% to the value of your property by maximising your home space, decluttering any room and removing any excess belongings that you might have accumulated.
Advertise your property at the right price
Instead of waiting months on end to sell, missing the stamp duty holiday, it’s important to put your property on the market at the right price, in line with actual sales conditions. At Urban Village, we live and breathe SE1, which allows us to be constantly up to speed with market trends and setting the right price for your home. We understand that marketing your home at too high a price will damage its appeal, but put it too low and you might get less than you should.
With undisputed local knowledge, we can advise on what similar properties have sold for and the dynamics of the market. Allowing you to sell your property before March! Plus, our Property Valuation Service will provide an accurate valuation of your home – either via an online or physical meeting.
Provide buyers with a virtual viewing of your home
After decluttering, fixing up and some good old fashioned maintenance, your property is more than ready for its photo shoot a la Urban Village. However, you can now go one step further than photographs by requesting a professional video, which can be sent to potential buyers.
With online viewings, you can provide a full walkthrough of your property, sometimes with a voiceover that guides you through each room. The benefit? It gives viewers a better sense of the space, layout and general feel of your home. And with Rightmove now making it easier to find online viewings, it’s simple to a include a virtual tour of your home. Currently, there are over 100,000 properties with online tours available on Rightmove – make sure yours is one of them.
Leasehold properties need TLC too
Selling a leasehold property might feel complicated, but it’s a lot simpler than it seems – with the right planning and a few extra documents.
Owning a leasehold means that while the property is yours, the ground it stands on and the communal areas of the building belong to the freeholder – the person who owns the land. So, before you put your home on the market, you must find out how many years are left on your lease, as a short lease will impact your sale price. With buyers finding it harder to get a mortgage on a property with a lease of less than 80 years, we advise extending it before you sell.
Then, make sure you apply and pay for the management pack or council pre-assignment pack when you go on the market. These packs contain essential information about the obligations of ground rent, service charge, insurance, major works completed and major works planned. Ensuring you have these documents to hand and ready to go will shave up to six weeks off a property’s transaction time.
The same is true for any other relevant paperwork you may have – leasehold or freehold – such as building control certificates, boiler installation or permission for works and planning.
Consider your property’s fixtures and fittings
Essentially, fixtures are items in a property that are attached to it, such as kitchen units, carpets and bathroom suites. Whereas fittings include free-standing mirrors, kitchenware and sofas for example. But even the smallest of items can cause contractual issues during a sales process – pre-agreed prices can make a difference and both buyers and sellers can negotiate. Which is where the TA10 plays an important role – designed to allow both buyer and seller to agree on what stays and what goes as part of the contract of sale. Once complete, there will be a clearer understanding from both parties on where they stand, allowing a sale to run through more quickly.
With only three months to go until the stamp duty holiday finishes, now is the time to get your property on the market and save your buyers from paying more than they need to. Call us on 020 3519 9121 or email info@urbanvillagehomes.com to get things moving in the right direction today or request your virtual valuation to take that first step immediately.