Selling an Empty Home
In many ways selling an empty home is no different to selling any other type of residential property.
Advice is provided below for those people looking to sell an empty home.
You may wish to sell the property either privately yourself or through an estate agent. With so many estate agents around it can be difficult to decide which one to choose, therefore make sure you shop around to find the right company for you.
There is no obligation to sell when getting your property valued and it is recommended you obtain three valuations for a balance view. When selling through an estate agent you will be required to sign a legally binding contract, ensure you read it carefully and understand it. Remeber to ask is there a cancellation penalty and how long the contract will run.
Further quidance on choosing an agent can be found through the following links:
- Royal Institute of Chartered Surveyors - selling your home
- Directgov - Choosing an Estate Agent and making an offer
- BBC Homes - Choosing an Estate Agent
The following Professional bodies have an online search faclity to find agents in your area:
- Royal Institution of Chartered Surveyours (RICS)
- National Association of Estate Agents (NAEA)
If you decide to put the property on the market, please rememmber it can take anything from several weeks to several months to sell if a chain is involved. Therefore you may wish to consider selling at an auction.
Auctions have a targeted audience of developers, investors, portfolio landlords and cash buyers. The fact that a property is empty may be extremely appealing to these types of buyers.
Selling your empty home at auction may have several advantages:
- For peace of mind a reserve price, agreed by the seller and the auctioneed, is set ensures the minimum acceptable price is obtained.
- Maximum exposure of the property - No outstanding negotiations - purchasers must bid on the day or lose the property.
- Encourages the best offer for the property.
- Certainty of an unconditional sale - when the hammer falls there is a binding contract between the buyer and the seller.
To find further advice see see the links below:
- Channel 4 Homes - How to sell at auction
- Royal institute of Chartered Surveyor - Property Auctions
Capital Gains Tax
Capital Gains Tax is payable if you sell or give away an asset which has increased in value.
For more information on Capital Gains Tax please visit the HM Revenues & Customs.
At a time when the housing market is not booming think about how to target your potential buyers.
Look out for estate agents that specifically market properties to developers. You could advertise through a self-build plot agency that advertises properties to those wanting to restore or redevelop them.
Here are a few websites which you could try:
- selfbuild ABC
- The National Building Plot Register
- Plot Browser
Empty Home Agency
Empty Homes - Vale of Glamorgan Council
Welsh Government empty Homes
Reporting an Empty Home - Shelter Cymru