In the wake of the Great Recession, the global real estate market endured an extremely arduous journey towards redemption. In fact, falling property prices and negative equity arguably contributed to the single most prominent legacy of the financial crisis, and it is only in the last twelve months that developed economies have showcased any signs of sustained improvement. With countries such as the UK facing a further property market crash; however, there are concerns that home-owners will soon be forced to ensure an additional period of austerity and hardship.
Struggling home-owners in 2014 at least have advantages over their predecessors, especially in terms of opportunity and resources. Home purchasing companies have come to the fore in the year's since the recession, for example, which offers individuals the chance to sell their property quickly and for a predetermined amount of cash. This market is also being increasingly well regulated, with National Association of Property member the Property Ombudsman having collaborated with industry leaders to educate and protect stricken home-owners in the UK.
How to Sell your Home Quickly While Maximising Value
Given this and the harsh lessons that have been taught by experience, even debt-ridden home-owners have a unique opportunity to quickly sell their home without being forced to compromise on its existing value. Consider the following steps towards achieving this in the current climate: –
1. Understand the Market and your Requirements as a Home-owner
While the National Association of Property Buyers (NAPB) will bring more stringent regulation to this relatively new and unheralded industry, the nature of the market and your requirements as a home-owner remains largely unchanged. Essentially, such firms strive to buy property at a competitive price, completing the transaction with a bank check once the deal has been agreed. Their aim is to generate a profit after completing work on the property, so you will need to understand that their offer will not necessary reflect the existing value in the home. As a home-owner, you are effectively required to compromise on the price that you receive in exchange for a quick sale, and knowing this will enable you to negotiate successfully.
2. Follow the Process and Do your Research as a Client
In terms of process, the formation of the NAPB will assist home-owners in understanding the process of selling their home to a commercial firm and partnering with a reputable firm. To begin with, new guidelines will be publishing advising clients on the questions that they need to ask potential home-buyers and the general process with regards to making appointments. In addition to this, all reputable house purchasing firms will be required to follow strict professional guidelines and a fixed code of conduct if they are to become a fully fledge member of the NAPB. This will subsequently become a form of industry accreditation, and you should look to check any potential partners to ensure that they are a part of the newly formed organisation and compliant with The Property Ombudsman's latest guidelines.
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3. Make Small and Inexpensive Changes that helps to Maximise Resale Value
With an understanding of the market and a reputable home-buying firm working on your behalf, you can take significant steps towards maximising the value in your property. There is a great deal more that you can do, however, particularly by applying your knowledge of the valuation and procurement process in a practical manner. Home purchasing representatives have tremendous expertise in valuing properties and estimating future resale value, and this will be the main purpose of their visit when they attend to inspect and take pictures of your home. You therefore have a small window of opportunity to make inexpensive modifications before they arrive, which will either add value to the property or reduce the amount of work required to inflate the resale price. The restoration of damp areas and external brick work will catch the eye of potential house buyers, and encourage them to increase their offer accordingly.
