In many ways, selling an empty home is no different from selling any other type of property – but if it is in a poor condition, it may be more difficult for a potential buyer to get a mortgage to buy it.
You may wish to sell the property yourself or through an estate agent.
There is no obligation to sell when getting your property valued, and it is recommended you get three valuations. When selling through an estate agent you will be required to sign a legally binding contract - make sure you read it carefully and understand it. Remember to ask if there is a cancellation penalty and how long the contract will run.
You can find more guidance on choosing an agent here:
These professional bodies have an online search facility to find agents in your area:
If you decide to put the property on the market, please remember 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 auction.
Auctions have a targeted audience of developers, investors, landlords and cash buyers. The fact that a property is empty may be appealing to these types of buyers.
Selling at auction can have advantages:
- For peace of mind, you can set a reserve price, this makes sure you won’t sell under your minimum acceptable price.
- There are no outstanding negotiations—purchasers must bid on the day
- You have the certainty of an unconditional sale - when the hammer falls there is a binding contract between the buyer and seller.
Capital Gains Tax
You will need to pay Capital Gains Tax 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.
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: