Taking the DIY approach to selling your home is something that has increased in popularity in recent years. With people being more cash-conscious since the economic crisis and changes in legislation making it easier for people to sell online via DIY home sale websites and social media, this is understandable. But is selling your home this way a false economy? Here we take a look at the Pros and Cons of selling your home this way…
Pros of DIY home selling
- Selling your property yourself is typically perceived as being cheaper than using an estate agent
- You can present your property in what you feel is the best light. Read our top tips to selling your home.
- You can deal directly with prospective buyers to arrange viewings and get feedback there and then
- Depending on the online estate agent service you choose, you could get lots of help and support with promoting your property.
Cons of DIY home selling
- Typically, you may only receive limited exposure on the big property portals, so could be missing out on a sale
- You need to be hands-on, from banging the “For Sale” board in to your front lawn to taking photos and writing up an eye-catching review of your home; from dealing with enquiries to arranging viewings. (Some people love this sort of thing, so if this is you, this is a plus point)
- Once an offer is placed, you will have to negotiate with the buyer, check on the progress of the chain and generally keep on top of the house buying process
- If you have sitting tenants or other complications relating to your home, you will need to seek professional advice on the sale (if you use an estate agent, they can do this for you)
- You may not get the best price for your home due to:
- lack of exposure, forcing you to take a below the market value offer in order to seal the deal;
- not having the advisory and negotiation skills of an estate agent.