Selling Your Property
Are you asking yourself how to sell your house or apartment in 2023? Our step-by-step guide will walk you through the process of how to sell your property in Ireland. Along the way we will give tips for selling your house and what to watch out for.
What Should I Do Before Selling A House?
Selling a property and moving to your new home has a lot of moving parts. From finding out what are the costs involved in selling a house, what documents do I need to sell my house to how can I sell my house quickly? We have the answers. Our step by step guide is the perfect place to help you understand everything you need to know.
Step 1: Assessing Your Property’s Worth
The initial stage in the home-selling process involves conducting market research and seeking expert guidance. Abundant resources are available to help you gauge the value of your property. Websites like Daft and MyHome, along with major media outlets, offer comprehensive market analysis that shed light on current market trends and activities.
We suggest inviting three estate agents to evaluate your property. To get a genuine sense of their dedication to selling your home, examine their Google reviews. Reviews will showcase their commitment and performance for their customers.
Step 2: Organise Your Financial Matters
When selling a property, it’s essential to evaluate your financial situation, particularly if you’re not planning to apply for a new mortgage to buy another home. Check for any early repayment fees associated with ending your mortgage agreement. If you’re upgrading to a new property, determine your borrowing capacity and identify the most suitable lender. Thankfully, numerous online calculators can assist you in this process; for instance, Mortgages.ie can help you estimate costs. Don’t forget to consider additional expenses, such as:
- Cost of new home
- Stamp duty 1% up to €1,000,000 and 2% above €1,000,000
- Legal fees typically range from €1,200 – €2,500 excluding various taxes and outlays
- Estate agent fees can be hefty and are typically around 1.5% + VAT of the final sale price, many people prefer a fixed fee over a % commission
– check out the Moovingo Calculator to learn more.
Second time buyers require a 20% deposit for their new home. If you don’t have this amount you can use the equity from your own home once contracts are legally binding. Exemptions to these rules may also be available.
We recommend chatting to Wayne Sheridan at Smart Mortgages for any mortgage advice or tips.
Step 3: Showcase Your Home at Its Finest
A critical aspect of achieving a successful sale is presenting your property in the best possible light. The more effort you put in, the better the outcome!
Make sure your home is clean, well-organised, and clutter-free. Prospective buyers want to envision their own life in the space and appreciate signs of attentive care. Consider reading our guide, “Selling Your Home? Let Marie Kondo’s Life-Changing Magic Help,” as Marie is an expert in decluttering and organising homes.
Don’t overlook curb appeal – the exterior of your property is just as important. If you need assistance, reach out to thegardener.ie.
Before making home improvements, consult with an estate agent to determine if the additional investment is worthwhile.
Below is an example which showcases the significant impact of light staging from one of our clients. Makes a big difference!
Step 4: Determining the Asking Price
Establishing an appropriate asking price is crucial when selling your home. Real estate agents will recommend a listing price and share their expectations for the final sale. Different types of properties require distinct pricing strategies to achieve the best outcome. Although some agents argue that the market dictates the price, this approach isn’t always the most effective. For example, if there’s only one interested party, negotiating above the asking price can be challenging, while reaching a pre-set asking price may be more manageable.
Resist the temptation to select an agent who overvalues your property and suggests an inflated asking price, as this could be a tactic to win your business. A competent agent will explain the reasoning behind their recommended asking price. For instance, if a neighboring property recently sold at a higher-than-expected price despite a lower initial quote, this factor should be considered. The purpose of an asking price is to attract potential buyers, who the agent can then work with. An excessively high asking price may deter potential buyers, leaving the agent with no buyers to work with.
Step 5: Instructing an Estate Agent
Selecting the right agent depends on several factors:
- Were they efficient communicators?
- Did they conduct thorough research to determine your property’s value?
- Did they display comprehensive market knowledge?
- Are their fees reasonable?
- Do they employ a professional photographer?
- How convenient do they make the process for buyers?
Examine their online reviews for genuine insights.
After deciding on an estate agent, you’ll sign a Letter of Engagement, also known as a Property Services Agreement, which outlines the services provided and all associated costs.
Step 6: Prepare your Property for Marketing
After instructing an estate agent to sell your property, you’ll set a date for photography. It’s crucial to work with an agent who offers professional home photography as part of their service. Expert photographers understand how to capture various property types, angles, and lighting effectively. Schedule a time that best showcases your home.
The COVID-19 pandemic has accelerated the use of 3D virtual tours during the sales process. Buyers increasingly request these tours as they provide a safe and convenient way to explore properties. Virtual tours allow for more interactive experiences before or after in-person viewing and are useful for sharing with influential family members who may not be able to visit. We highly recommend all vendors consider a 3D virtual tour.
Ensure your home is immaculate and clutter-free, even if it means temporarily relocating items to another room during the photoshoot. We advise that the agent be present for the session to guarantee no essential shots are missed and to begin drafting the property description. This description should highlight details that the camera can’t catch, such as parking arrangements or management fees.
Your estate agent will also measure the property to create floor plans. Ensure they use a laser and generate black-and-white floor plans that include measurements, as buyers appreciate easily digestible information.
Step 7: Engage a Solicitor | Understanding Solicitor Fees for Selling Your Property
Solicitors’ fees can be structured as no sale-no fee, fixed, or a percentage of the sale price. Carefully compare each option and avoid basing your decision solely on price! Choose a responsive solicitor who can adhere to your desired timeline and check for online reviews. As previously mentioned, budget between €1,200 and €2,500, excluding taxes and additional outlays, for their services.
Hire a solicitor when you engage an estate agent,this will give them ample time to gather all necessary documents. This demonstrates to potential buyers that you are organised and serious about selling your property.
A swift property sale relies on a well-prepared seller and a competent solicitor. We recommend O’Brien Lynam Solicitors, who boast an outstanding property team. For a quote, contact Michael Lynam directly.
Step 8: Required Documents for Selling Your Home
To list your property, you need a valid Building Energy Rating (BER) certificate. We highly recommend Max Energy Solutions for this service.
Additional documents to prepare include Title Deeds (locate as soon as possible), NPPR Certificate, Title Map, Irish PPS Tax numbers, and any Planning Documentation, as well as KYC documents (recent utility bills and photo ID).
After agreeing on the sale, your agent will supply a sales advice note to both solicitors, providing information about the transaction.
Step 9: Listing your Property
Ensure your advertisement is professional and tailored to target specific buyers. Emphasise unique selling points, making them evident to potential buyers browsing online and during property viewings.
Coordinate a launch schedule with your agent. For maximum exposure, it’s essential to market and sell your property online. Listing your property on Daft and MyHome is crucial, as property portals are the top destinations for buyers seeking new homes. Additionally, the listing should appear on the agent’s website, aimed at their registered buyers, and be accompanied by a press release if the property has a compelling story. Premium advertisements on property portals can significantly increase viewing numbers and generate additional interest.
Step 10: Ideal Time to Sell a House in Ireland
Although there’s no guarantee that a specific time of year will generate the best results, certain periods may increase your chances of attracting multiple bidders. It’s generally advised to avoid late November and December, as darker evenings lead to fewer viewings and people are preoccupied with Christmas preparations. Additionally, buyers may postpone mortgage renewals until the new year.
Spring and summer offer excellent opportunities to sell, as properties tend to look their best and longer evenings provide more time for viewings. September and October are also favorable months for selling, as children return to school and parents prepare for the next chapter in their lives.
Step 11: Property Viewings
After your property is listed on the portals, coordinate viewing times with your agent. This allows buyers to easily book viewings, and ensures you know when to have your property in pristine condition. If your property has particular advantages or drawbacks at specific times of the day, schedule appointments accordingly.
For viewings, we suggest a thorough cleaning and decluttering of the property, similar to the preparations made for the photoshoot. Light a candle, and strategically place a bowl of fruit or flowers to showcase your property at its finest.
Step 12: Managing Offers on your Property
Your agent should notify you of all offers as they are submitted. At Moovingo estate agent, we provide automatic notifications for various actions, keeping property sellers continuously updated on offers, viewings, and feedback.
While receiving multiple offers is a positive development, it’s crucial for your agent to carefully manage each bid to identify the most suitable buyer for you.
At Moovingo, we simplify the bidding process for buyers by offering various options, such as written bids, email, phone (with a follow-up email), or through our website. Regardless of the method, our team engages with each buyer to answer questions, provide updates, and build a relationship on the seller’s behalf.
Step 13: Addressing a Home that Isn’t Selling
If your property has been on the market for an extended period without offers, seek feedback from your agent.
Certain properties may naturally take longer to sell. Well-marketed, desirable properties often attract offers within the first four weeks and reach a sale agreement shortly after. If your property isn’t receiving offers, compare it to other properties on the market.
A price reduction is often the fastest way to attract buyers. This doesn’t necessarily result in a lower final price, as new buyers may enter the fray and drive the price up. Other options to generate renewed interest include updating the campaign with a new lead photo or advert. Consider additional marketing strategies, such as premium ads on property portals, reassessing the for-sale sign, implementing a social media strategy, or sending out a press release targeting a new type of buyer.
Moovingo’s advantage when selling is providing direct feedback from buyers through a personalised dashboard. Moovingo sends a text to every buyer who registered for a viewing, requesting feedback. Buyers can then rate the property and leave a comment, offering a clear view of the market’s perception of your property. We follow up with all buyers to generate further bids and address any concerns.
Step 14: Negotiating and Accepting an Offer
This crucial stage requires your agent to be highly engaged and readily available.
Buyers often begin by offering less than the asking price, which can serve as a starting point and allow other buyers to enter the bidding process. This also gives the agent more time to bring additional buyers in for property viewings. If your property was priced correctly, bids at or above the asking price should appear within a few weeks.
Ensure your property is available for last-minute viewings as bidding intensifies. As buyers place bids, they may seek approval from family and friends.
Your agent should maintain a strong relationship with all bidders, as they will advise on the best candidate to complete the sale without unnecessary delays. The agent should also obtain proof of finances and understand the buyer’s desired closing timeline.
Step 15: Sale Agreed, What’s Next?
Your agent will issue a sales advice note and request a booking deposit. The buyer’s survey and bank valuation (if they’re obtaining a mortgage) should be conducted promptly. The survey indicates a genuine commitment from the buyer and marks the first time they’ll incur non-refundable expenses.
At this stage, your solicitor should issue contracts and have an idea of the completion date. Sharing this information with the buyer early on helps avoid disappointments or delays further down the line.
At Moovingo, we have a dedicated sales progression team and partner with Daft Assist. Daft Assist is a new service aimed at improving the closing process for buyers.
Step 16: Exchanging Contracts and Completing the Sale
This is the moment you’ve been waiting for. At this stage, the buyer pays a 10% deposit and returns the signed contracts. A legally binding contract on the sale of your house means the buyer cannot withdraw from the purchase without forfeiting their 10% deposit.
If you’re simultaneously buying and selling a house, aim to complete both transactions on the same day for convenience.
If you’re unsure about how to store or move all your belongings, Buska offers an excellent moving checklist you can find here.
In Conclusion: Selling your Property.
If you’re still wondering how to sell your house, let one of our experienced property experts guide you through this exciting yet challenging journey. Moovingo is a full service estate agent and can handle every aspect of your sale for one fair fixed fee. Book a free house valuation here today.