Last Updated on November 8, 2024 by Tanya Janse van Rensburg
Using an estate agent has a lot of benefits when you are selling a house.
They have a network of buyers, know the process, and will have invaluable advice on the local property market.
Yet choosing a high-street estate agent to sell a home can take time and money.
There are other alternative ways to sell a property.
The article below explains how.
When you sell at an auction, you sell without being part of a chain.
Whoever buys the home must put up the money almost immediately.
This gives a bit more reliability than the traditional route.
In fact, anyone who does back out will incur a financial penalty, so you are reimbursed for any inconvenience.
There is also a genuine possibility that you may get a better price.
You may have to pay auction fees, but if you get a few people who like your property, they may battle and increase the price.
The opposite is also true, and one major disadvantage.
Although you can set a reserve, you may get less for the property than you wanted.
Online estate agents are a fairly new concept that has risen in popularity. There are a few reasons for this.
The first is that for most people, looking online is now the first place they search for a house.
Secondly, as they don't have the overheads, they often don't have to charge the same fees as a high-street agent.
The best online estate agents will charge you a flat fee, and some may even charge no.
With a bank of properties on their system, they can find buyers quickly and may even pay your legal fees.
Though it may seem daunting not to meet an agent in person, you are connected to a representative who constantly deals with your sale, making it simple, easy, and effective.
Equity release is not a full house sale; you must hand the property over to someone else.
Instead, you sell a part of your home or a share of it for a lump sum of cash.
You are borrowing that money against the value of the house.
There are two main ways in which this is done.
The first is a lifetime mortgage—you borrow a lump sum, which you can choose to pay back, or the lender can redeem it when the property is sold.
The second is a reversion plan, where you sell a percentage of your home to a company.
They get their share when you sell the house. You don't have to move out of the building in both cases.
Thus, there are plenty of ways to sell your home.
Depending on individual needs or the property type, some will suit a scenario better than others.
Get advice from an expert, consider what you want from a sale, and choose the best path for your needs.
Selling your home doesn’t have to be a daunting task.
With various options available, you can choose what suits you best.
Consider your needs carefully, whether through a traditional estate agent, an online platform, an auction, or an equity release scheme.
Each method has its advantages and disadvantages.
Research thoroughly and seek expert advice.
Make an informed decision, and you'll find a path that works for you.
