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Before selling your Shared Ownership home, there are a number of considerations to take into account. Like any property sale, selling a Shared Ownership property can present significant challenges. So, what are some of the top tips to consider before reselling your Shared Ownership home?
Some of the key steps to take before putting your shared ownership home up for resale include:
Keep reading to find out more about the key considerations before Shared Ownership resale.
As a homeowner you can sell your Shared Ownership property at any time that suits you! However, there are a few bits and pieces you should consider before you get started. To help you on your way, we’ve put together the 6 top tips below that you should explore when entering the world of Shared Ownership resales.
The cost of selling your Shared Ownership home will depend on a host of factors largely down to the agreement you have with your housing provider. There will be a cost associated with advertising and selling your home and getting a RICS valuation. You will also need to think about how much the personal costs will total up to, such as hiring a removal van and buying storage boxes. With Shared Ownership homes, it’s also important to know you’re in positive equity before you sell; you will likely want the value of your share to have increased from the time you purchased it.
Every Shared Ownership housing provider will have its own rules around Shared Ownership resales, so you will need to know everything about your lease before you start the process. The lease should contain information on how your home is valued, who pays for what in the selling process, and it should also inform you of any restrictions. The lease will often impact the overall cost of selling your home.
If you want to sell your home, then you’re going to want the process to be done as quick and possible, right? To ensure that someone wants to buy your home, you’re going to need to declutter and spruce up! Make sure your home is clean, and that everything is where it’s supposed to be. Having curtains, blinds and furniture in place makes a big difference.
If there are any walls that are a bit dirty or scuffed, make sure you’ve repainted them to offer a fresh feel and ensure people feel that the home was well looked after. Don’t worry about totally stripping your home of personality though. Most buyers have imagination and will want to see how a home is currently being lived in.
Take a look at our blog on ‘Declutter Your Home’ for some useful tips on how to make your home look presentable.
Before starting the Shared Ownership resale process, you will be best placed to fix all the nagging issues inside the house, so they don’t devalue your home when it is valued. Look for things like broken tiles, doors that need tuning up and any cracks in the walls or floors. As most Shared Owners are responsible for repairs – buyers will want reassurance they’re moving into somewhere that’s not going to cause them any hassle.
What’s your next step? Are you staying in the same area but buying a house outright? Are you going to move to a totally new location? Knowing all of this before selling will help ensure that you’re able to make the right decisions and search for a new home, at the same time that yours is being sold.
Your housing provider may want to take on the role of a reseller and, if so, they have a ‘nomination period’ in which they have the opportunity to sell your property. This period is often 8 or 12 weeks. If they don’t sell your home within that time or if they don’t have the infrastructure to resell your Shared Ownership home, then you will be able to sell your home with another agent. In this circumstance, it is best to speak to a Shared Ownership resales expert who understands all of the nuances.
Find out more about the Shared Ownership resale process by reading our detailed blog.
While selling a property under any form of ownership can present some significant challenges, it is possible to resell your shared ownership home. There are certain steps that must be followed to resell a shared ownership home, including:
If these steps are not followed, unforeseen circumstances can arise that make it more challenging to resell a shared ownership home. Before considering resale of your shared ownership home, make sure to consider all the points above.
We’re proud to have a Shared Ownership resale estate agency that is helping lots of people through this exact process. If you are looking to resell, speak to our Plumlife Move team. Our expert team can help you to sell your Shared Ownership home and provide invaluable insights.
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