There are many reasons why you may be moving abroad – family matters, better career prospects or you may just fancy a change. Whatever your reason may be, you will probably be wondering what is the best method to sell your house fast when relocating abroad.
There are many ways to sell your property – estate agents, auctions, listing it for sale yourself or by using property cash buyers. The quickest and most efficient method is to go through a cash buying company like ourselves. The quick cash sale can be completed in 7 days, we will do all the work for you and you will pay us no fees. We Buy Any House will also cover your conveyancing costs and provide you with a fast and reliable solution when you try to sell your house fast when moving abroad. When selling with we buy any house, you don’t need to worry about refurbishing, viewings or anything else!
We understand that quick cash sale might not be the best choice for every home owner. If you opt for another house sale method, here is what you need to consider to get the best price and sell your house as soon as possible when moving abroad
Preparing Your House For Sale
To ensure you get the quickest sale and best price, make the house look as presentable as possible.
Cleaning – Making sure the house is clean is a wise starting point. You can either choose to do this yourself or alternatively, you could hire a cleaning service. While rates may vary depending on where you live and which company you use, you can expect this to cost around £10 an-hour. It is essential to de-clutter and remove all personal belongings. It will make it much easier for potential buyers to imagine their new lives in your house. Rearrange the furniture so the rooms seem more spacious, make the house smell nice and clean and let light in.
Fixing structural and legal issues – Most property buyers rely on mortgages to pay for their purchase. The mortgage provider sends a surveyor to conduct a house valuation. Issues such as mould, leaks and faulty or old piping or wiring could greatly reduce your house value or label your property as unfit for sale, causing the sale to fall through.
Redecorating – It’s understandable that you may not want to throw so much money and effort at a house that you are aiming to sell by the end of it, so you could just do some minor touch-ups such as some repainting and replacing wallpaper and carpets. However, make sure not to get too carried away, renovating can be quite time consuming and costly.
Fees you will pay
The fees you will pay when selling your house can vary significantly, depending on your chosen sales method, which country you are relocating to, whether you need to pay capital gains tax and paying any outstanding mortgage. To make the best choice and get the most out of your property, it is important to consider all fees expenses when calculating your profit.
Capital Gains Tax – If the house you are selling is your main home and the land that the house is on does not exceed 5,000 square meters, you will not have to pay capital gains tax.
However, if you are unable to satisfy all the requirements for exemption from capital gains tax (see ExpatInfoDesk for the full list), then you will have to pay it. You will also have a tax-free allowance, which for the years 2011 and 2012 is £10,100, a trust limit of £5,050 is also set. After that, any capital gains made will be subject to a basic rate of 18%, any gains and income above this amount will be subject to a tax rate of 28%. Any capital gains made from 7th April 2008 – 22nd June 2010 will be subject to a flat rate of 18%.
Commissions – Estate agent commission is usually between 1 to 3 percent of the house price. Selling your home via auction would cost around 2.4% of the house price, plus solicitor fees. Genuine property cash buyers would not charge you any fees, however the cash offer is usually lower than the house’s market value.
House removal costs – international house removal costs could exceed your initial expectations and budget. Decide which furniture, decorations and personal belongings are worth taking to your new home. You could sell or donate any unwanted items to local communities and charities.
Consider your next move
Before you sell up and move abroad, it is always a good idea to make sure that the property you are hoping to rent or buy is a safe bet.
Make sure you’ve done your research – it is recommended that you speak with the locals to check if there has been any issues surrounding planning permissions in the area, the crime rate in your new neighbourhood and learn where the nearest hospitals and local amenities are. Good starting points for your research are local estate agents, forums, social media and Quora.
Written By Damon Whittle
