Martin Roberts discusses the rise in house prices
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Selling a property can be a stressful experience. Money Saving Expert, which offers advice on managing your finances, has compiled a useful guide on how to tackle the task of moving.
According to the website, for those with a mortgage, the first port of call should involve reviewing the position of their existing mortgage term, as they may need to check with their lender if there are any fees they may be liable for.
If it’s a standard variable rate – a mortgage rate which one is placed on after a fixed-rate, tracker period or discount deal ends – no further penalty fees should be charged.
Transfer your mortgage
Porting a mortgage – where an existing mortgage is transferred to a new property – should be straight forward, providing the lender is satisfied with the new property, including the price and whether it is within your budget.
However, if a mortgage is not portable, homeowners could face early repayment fees, which could be between one and five percent of the remaining mortgage.
But, if you find that the charges are too expensive, Money Saving Expert suggested postponing the move until a current mortgage deal has expired.
Simple home improvements
For a speedy sale, some simple home improvements can be carried out to boost the house price, such as repainting and general maintenance such as filling in holes or cracks in walls.
Getting a home valued
According to Money Saving Expert, before getting a home valued, research is key.
It is important to look at previously sold property in the area over the past year to gain a good idea of the price you can expect.
Browsing property websites can prove useful if looking at homes which are of a similar size to compare house prices.
When approaching estate agents, Money Saving Expert suggested choosing a range of agents, including a high street chain, local firm and an online agent, to view the property.
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This will allow homeowners to have a better idea of what sort of price their home should be marketed at.
While many people opt for an estate agent to arrange property viewings, some may choose to manage the process themselves and appoint an online estate agent.
Some online agents don’t ask for a fee, but others may charge up to £999.
However, by opting for an online agent, instead of a high street estate agent, homeowners could still expect to make a considerable saving.
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