Today, a guest post from Crystal –
Putting your home on the market can be a daunting experience and if you want to get the best price, it is essential that you are financially savvy throughout the house selling process. With this in mind, here are a few financial management tips to take into account when putting your property up for sale. These tips will prepare you for the sale of your home as well as making sure you save for unexpected costs.
Investigate House Prices
Selling a new home can be stressful, especially if you don’t have any accommodation lined up should you sell your home quickly. Therefore, the first step to take is to scope out the housing market for a prospective new home. This situation is financially tricky for any homeowner because if you buy a house while you are However, if you wait to sell your house first, you could end up paying a fortune in rent while you find a new home. In an ideal world, you want to get the highest price for your home while getting the lowest price for the home you wish to buy, so scoping out the house prices is essential.
Check your Credit Rating
In order to buy a home, you have to be creditworthy. Therefore, before you put your home on the market, it makes sense to check your credit rating. This will help you to understand what position you are in financially. Low credit scores can result in having to pay a higher interest rate on your mortgage and this is useful information to have before you start your search for a new home. You can get free credit reports quickly and easily online. Once you know what your credit score is you can take steps to improve it. If you are in debt, this is the time to deal with it. Eradicating credit card debt and loans can improve your credit score and put you in a better position financially.
Selling your home can be costly and you may have to dip into your savings to cover the costs involved. You will have to pay estate agent fees, legal fees, an exit fee as well as indemnity insurance. There could also be a whole host of unexpected costs to pay when selling your home so make sure you do your research beforehand.
If you don’t want to be left with two mortgages and a pile of estate agent fees, you could buy a new house and get a guaranteed quick sale with a property buying company like www.housebuyerbureau.co.uk.