We talk you through the different methods of selling a house and then reveal the cheapest way to sell a house...
When it comes to selling your house, one of your top priorities will be to get the most money out of the sale you possibly can. Whilst you can’t control this by making sure buyers bid high prices, you can control it by using the cheapest way to sell a house.
If you use the cheapest method, you’re allowing yourself to get the maximum amount of money which has been offered to you, even after taking out the cost of fees!
We’re going to talk you through the different methods of selling, before revealing which is actually the cheapest way to sell a house!
Ready to get stuck in? Use the menu below to help you find an answer:
- The cheapest way to sell a house – estate agents
- The cheapest way to sell a house – privately
- The cheapest way to sell a house – auction
- The cheapest way to sell a house – part exchange
- The cheapest way to sell a house – the verdict
Want to sell your house for free?
Selling a house with an estate agent on the open market is the most common way to sell – is that because it’s the cheapest way to sell a house?
A high street estate agent is what people typically think of when you say, ‘estate agent’. High street estate agents have a physical office and place of work, providing you with a more complete face-to-face service.
They will conduct valuations, photos, floorplans, EPCs, advertising you on property portals, viewings, negotiations – everything you can think of. As a result of this more complete service, you will find they have higher estate agent fees when compared to the other estate agent options, but you generally won’t have to pay anything if your sale doesn’t complete.
Online estate agents are exactly what they sound like – estate agents which operate completely online. Due to the nature of their online service, they will offer a much more basic service compared to a high street estate agent but will come at a lower cost.
Hybrid estate agents are a blend between both high street and online estate agents, offering you a ‘local property expert’ who can visit your property for valuations. Some may also offer to handle viewings for you, although this will come at an additional cost.
A high street estate agent can’t be considered the cheapest way to sell a house as you have their high estate agent fees to pay, alongside legal fees, removal fees and more.
Whilst hybrid and online estate agents offer a cheaper alternative, they’re still not the cheapest way to sell a house, as there will still be estate agent fees to pay, which you can avoid completely by using another sale method…
Whilst selling your house privately will be less expensive than using a high street estate agent, it does require a lot more effort on your part.
To help you decide whether you have the time and skillset to sell your house privately, we’ve written a step-by-step guide to help talk you through what you will need to do to get your house sold ASAP:
- Asking price – The first step to selling your house privately would be to decide what your asking price is going to be. Using online valuation tools, such as Rightmove and Zoopla, will allow you to see what houses are selling at in your area and will allow you to get a rough idea of how much to ask for for your property. It will also help to make sure your property is competitively priced
- Prepare house – Now you’ve decided on your asking price, it’s time to get your house into ‘selling condition’. Fresh paint on the walls, mowed lawn, new carpets – anything along those lines will help give your house the best look when viewings take place
- Advertise – Next up is advertising your house! Make sure you take good photos that show off your house in a good light and write a description that entices buyers. Getting your house advertised on the best property portals is the main thing, but you could also hand out leaflets or advertise your house in the local paper, anything to get the word out that your house is for sale
- Viewings – Now it’s time to show interested parties around your house. Make sure you have an organised diary, so you don’t end up double booking viewings and ensure you put time aside to be able to show buyers around. You could always ask the help of a family or friend if you don’t have time or don’t want to deal with the buyers directly
- Negotiations – Once you’ve got someone who’s really interested in your property, it’s time to negotiate a selling price. Before deciding to sell your house, you will likely have a figure in mind which you would like to achieve for your property, but you also need to be willing to move slightly in order to get yourself a sale. Of course, negotiating can be a little difficult when you don’t have the expertise of an estate agent to help you out, but give it your best go and don’t be scared to say no
- Accept offer – After negotiations have led to you agreeing on a price verbally, be sure to send your buyer a written confirmation of the agreed price. Whilst it won’t be legally binding, it will provide proof of the agreement should someone try to go back on their word
- Find and instruct conveyancer – Now you’ve accepted an offer, it’s time to begin the conveyancing process. This is arguable the most important part of the selling process, as it gets you from an accepted offer to completed and moved out
Selling privately too much effort?
Not only will you have to be able to complete all these steps, but you will also need to assess whether now is a suitable time to sell your house privately. For example, if the market isn’t very buoyant, then you will need the extra expertise and contacts which an estate agent can offer you.
Selling a house privately can’t be considered the cheapest way to sell a house, as although you don’t have estate agent fees to pay, you will still need to pay legal fees, removal costs, EPC costs, and more!
Selling a house through auction may be the cheapest way to sell a house. It allows you to avoid estate agent fees and sell your house more quickly than on the open market all in one.
Selling a house through auction is relatively straightforward – pick an auctioneer, choose a reserve price, prepare your property for open days and photographs and then get ready to exchange contracts on the day of the auction.
Your auctioneer will do most of the work for you, such as advertising and conducting open days. Of course, they also do the negotiation for you on the auction day and your property won’t sell unless the reserve price is met.
However, although selling through auction may be a cheaper alternative to selling through the open market, it can’t be considered to be the cheapest way to sell a house.
This is because, although you’re able to avoid estate agent fees, you still have to pay legal fees, advertising fees and room hire fees.
On top of that, you also need to pay a commission of the sold price to the auctioneer, making the expenses of auction far higher than they may initially look.
There’s also no guarantee your house will sell at auction, as if your reserve price isn’t met then the house won’t sell. This means you will still have to pay the costs of the auction, without actually getting a sale in return.
Selling a house through part exchange may be the cheapest way to sell a house. It allows you to avoid estate agent fees, including marketing costs and commission.
In a part exchange scheme, you trade in your house as part payment towards a new build property, meaning you will pay the difference between the value of your current house and the value of your new build.
Don't want to go through the long part exchange process?
How does part exchange work?
To start off, you will need to look at new build developments in your area and find a house which you’re interested in, and able to afford. You will then need to approach the developer to check they offer part exchange on the particular property you have chosen.
Next, you will be asked to give details of your current home to see whether or not your home is eligible for their part exchange scheme. If your home is able to take part in the scheme, the developer will then organise for two independent estate agents or valuers to view your property and give it a valuation.
You will need to bear in mind, the two valuers will have been asked to give your property a value based on a ‘selling price’ rather than the ‘asking price’. This means the value which your house would sell at within a few weeks of advertising on the open market.
Once the valuations have come in, if your developer is happy, they will make you a formal offer. If you accept this offer, you will then work with your developer towards exchange of contracts.
You may find you exchange with delayed completion. This is because as you’re buying a new build, there are no guarantees as to when your house will be built and therefore it’s hard to write an exact completion date.
However, with part exchange comes a fair amount of risk. There’s no guarantee as to when your new build house will be built, and it can be as long as a year down the line, if not longer.
By this point, you could have had your house sold and moved into a new house for at least a few months.
Also, part exchange can’t be considered to be the cheapest way to sell a house because although you can avoid estate agent fees, you still have to pay legal fees and you won’t get near the market value for your property.
There’s also no guarantee your chosen new build developer will allow you to participate in part exchange, meaning it may not be the most suitable option for you.
So, after all that reading, you want the final verdict… What is the cheapest way to sell a house?
You’ll be glad to know the answer is actually really simple.
Sell to us!
Yes, we’re being serious and yes it really is that easy.
We’re a cash house buying company, buying any property in any condition or location. We have the ability to buy your house in as little as 7 days, whilst also covering your legal fees, leaving you without a penny to pay!
By our calculations, that doesn’t just make us the cheapest way to sell a house, but it also makes us the fastest way to sell a house too!
On top of all this, we have over 50 years combined experience and are rated excellent on Trustpilot, with over 1000 reviews, meaning with us, you can rest assured you’re in safe hands.
Ready to get a sale through the fastest and cheapest way to sell a house? Give us a call or fill in our online form to receive a no-obligation, cash offer which we could have in your bank, in FULL, as soon as next week…
Ready to sell your house FAST for FREE?