Your first step for ensuring you get the right price for your property is to speak to an estate agent – perhaps the one that helped you find the property in the first place. Your agent should be an expert in the local area, meaning you can trust them to give you accurate advice about the price you could receive.
It is obviously in the agent’s interest for the property to sell so that they receive their commission – so there is not much benefit to them if they overvalue your property and it never sells.
Before you agree a price, it’s a good idea to have all necessary surveys carried out – if the reports don’t go in your favour this will usually have an impact on how much the property can be sold for, and it is best to know this from the outset.
You should come across a number of free property magazines in your area - and a simple flick through them (and their corresponding websites) should educate you on the asking price for comparable properties in your neighbourhood. Equally, it can be a good idea to assess property portals online and see how much similar properties are on sale for.
When you have decided on the sale price, you should bear in mind that your agent will usually receive between 5-10% of this in commission - and you will have to agree whether this commission is to be paid by you, the buyer, or split between the two. If the buyer is liable for some or all of the commission, make sure this is clear and included in the initial asking price.
It’s really important to get the sale price right early on – if you overprice your property, it will linger on the market; statistically, the longer a property is on the market, the more likely it is that it will be sold for less than its actual value. If you have to substantially reduce your original asking price, this places you at a psychological disadvantage in the market.