Get ready for the trade off

With the trading up/trading down market slowly coming back to life, you might be one of the people who will be looking to sell this autumn. If you are, it’s worth taking some time – and a bit of money – to get your property ready to be viewed, whether you have previously lived in it or not.

Donnybrook estate agent Eoin O’Neill says this is particularly true for older apartments in town that may have been let out for 15-20 years and are now being put up for sale. “They don’t look brilliant and I would encourage, wherever possible, to freshen it up,”

Muriel Simpson, associate director with House & Garden Furnishings, has some experience in getting homes ready for sale through her work in home staging. The term had almost become an anachronism in recent years, Simpson says her company is now working on four or five such projects each week.

Her main advice is to declutter. “Sometimes it’s really hard to see it yourself,” she says, “but you could ask a friend to walk around your property and give you their honest opinion.” She advises that a professional cleaning team – which will cost about €150-€200 – can make an “incredible” difference to how your home is presented.

First impressions

“The front of a house is so important. It creates a first impression, so invest in your hallway, even if it’s just a vase of flowers. Get the outside steps cleaned, and put some plants out – show that this is a loved and cared for property,” she

says.

If the property is unfurnished, you could consider availing of a home-staging service, which will completely furnish and dress each room. Simpson says the cost ranges from €4,000 up to about €8,000 for a very large house.

While it’s never clear if your efforts will result in a higher sale price, Simpson says it definitely helps single you out from competition – particularly important if a number of properties are coming up for sale on your street.

When it comes to listing a property for sale, you can opt to do it yourself on sites such as donedeal.ie (€3-€5) or sellityourself.ie (€150). Or you can enlist the services of an estate agent, (about 1-1.75 per cent of sale price).

Once you have decided on your sale route, the next decision is the sale price – do you pitch it low to attract multiple bidders or go higher?

“It’s not an exact science and we try to be as accurate as we can stand over,” says O’Neill of valuations. “There is a temptation to say that the market is rising, so let’s put mine on at €250,000 – but it may not be the right thing to do.”

Estate agents will typically offer free valuations. Try to get at least two to get a feel for the market, and have a look at sale prices in your area on the property register.

Getting the funds

Statistical evidence shows that the banks are lending again, but this doesn’t mean they are throwing their money away. So be prepared to demonstrate that you are a good bet for a bank.

If you have a relationship with a particular bank, it’s worth talking to them in the first instance, but if you’d like to shop around, a mortgage broker can facilitate this for you.

If you’re trading up/down, be aware that bridging finance is in short supply. This means you may either have to buy the new property outright; sell your property first and take a risk that prices won’t jump before you complete your next sale; or manage selling and buying at the same time.

If you have a tracker mortgage on your existing property, be sure to ask your bank if this is portable. Typically, if you have a tracker mortgage outstanding of €150,000, for example, the bank may allow you continue to pay the tracker rate on this portion of your new mortgage, with interest on the outstanding balance levied at today’s market rates.

STEPS TO SELLING YOUR HOUSE

- Refresh your property to present it at its best

- Get several valuations to determine asking price

- Decide how you will sell the property – estate agent, privately etc

- Agree the method of sale – private treaty, auction etc

- Put the property on the market