The Edinburgh housing market, despite a recent dip in Scottish prices on the whole, is solid and houses in Edinburgh typically sell for 50% more than the national average. High property prices in Edinburgh are perhaps tied to the city’s popularity with visitors, making it a lucrative rental market.
As a homeowner in Edinburgh, you may wish to sell your property to either upgrade to another home in the area, relocate to another part of Scotland or move out of the country entirely. When selling a home, there are 2 major factors to examine: firstly, how quickly do you need to move; and secondly, what sale price do you need to achieve.
How Much Is My Edinburgh Home Worth?
If you were lucky enough to have purchased your property in Edinburgh over 20 years ago, you will see that its value has increased considerably. It was not until 2008 that property prices crashed dramatically so those that bought new homes at the height of the boom in late 2007 or early 2008 will have suffered the biggest loss. One of the main factors that contributed to the housing boom was high demand; with many buyers looking for homes, either as private residences or business investments, prices rose quickly. Quick house sales were common with little or no effort and the abundance of financing and mortgaging options made house-buying accessible to many. Once the bottom dropped out of the banking world and financing became more harshly regulated, property prices took a major hit.
Your Edinburgh home is worth as much as someone is willing to pay for it. Estate agents and professional valuers will look at your house and those nearby, estimate demand and set a price that concurs with both factors. Some suggest that in order to achieve a fast sale, prices must be lowered. Other recommend waiting until you find the right buyer that is willing to pay the right price.
Sell Quick, Move Fast
With many Edinburgh agencies offering to sell your house to cash buyers for a less-than-market-value figure, what are the possible benefits of selling quickly, and how can you justify accepting a low offer on your home? When it comes to housing, time does equal money and a quick house sale, be it in Edinburgh or elsewhere, will result in savings. Consider your current mortgage: how much are you paying each month? Selling your home will allow you to pay off your mortgage and end monthly interest payments. Of course, if you are moving to a more expensive home you may have a new mortgage to consider, but for those downsizing, selling fast is paramount. The monthly costs of a selling a home are also astronomical: estate agent fees, advertising costs and storage costs quickly mount up. If you’re not keen on selling with a quick sale agent, you may still want to consider lowering your house price to achieve a faster sale on the open market. If the value of your property is close to a stamp duty threshold, lowering the price by just a few thousand can make it much more appealing. If you live in an Edinburgh home that is identical in layout and location to others on the market, for example it is one of several houses for sale on a terraced street, a slightly lower price may give it the edge and help it sell before others nearby.
Edinburgh Housing Demand
As a popular city with high tourism figures, properties in Edinburgh, especially those in and around the city centre, are in high demand. It is possible to convert existing residential homes into bed and breakfast accommodation or guest houses. Many home owners in Edinburgh make extra income from renting out a spare room during the peak tourist season when the Edinburgh Festival is in full swing. With attractive business prospects, selling a house quickly in Edinburgh is far easier than in other, less affluent, areas of Scotland. In order to achieve a higher offer, have a look at the potential your home has for expansion or business use. Often it can be simple and inexpensive to submit extension or business plans to your local council and achieving planning permission can add a lot of value to your home. If a high number of neighbouring houses have extensions or garage conversions, it will be difficult for councils to deny your property the same treatment. Pay attention to the location of windows in your plans as many applications are rejected because neighbouring properties object to being overlooked.
Whether you prioritise a quick house sale or desire maximum revenue from the sale of your home, there will be a solution available that suits your needs. Try to take the time to do your own research and make a list of the positive and negative consequences of each house-selling option. In the end, with a little work and common sense, you will be able to sell your Edinburgh home for the right price, at the right time.