Five tips for selling your home

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At the start of the New Year, it’s traditional to look ahead and decide upon changes that you like to make. So, if you’re looking to sell your house, January and February can be a great time. See our tips below to make sure that you make the most of your property and attract those prospective home buyers:

Handle any DIY jobs: You may have a few little jobs to do in the house that have been niggling you, such as an uneven shelf or an unfinished paint job. Tackle them now as a potential buyer will spot them immediately, and it may put them off.

Organise and declutter: Too much clutter can make your home seem smaller than it is, and put buyers off. If you can’t bear to part with anything, box it up instead, and get it in storage before viewings begin.

Understand the value of your home: The most reliable way to calculate the value of your home is to arrange for viewings from three local estate agents, once you’ve done this you will have a much clearer idea of the value of your property. Valuations are free, and by meeting several agents, you will be in a better position to choose the right one for you.

Stay away during viewings: You want a potential buyer to be as comfortable as possible as they look at your home – and to start to imagine themselves living in it. That’s why it’s best to make sure you’re not present during viewings.

Ensure your ‘kerb appeal’ is good: Everyone knows to make sure the inside of the property looks tip top, but people can sometimes forget the importance of the outside. Ensure driveways are clear, gardens are tidy and any bins are put away neatly. After all, you’ll never get a second chance to make a first impression.

Al Rayan Bank offers a range of Home Purchase Plans (HPP) that enable you to buy your home in a Sharia compliant way. You can find out more information, including rental rates. We have a HPP calculator to help you calculate your monthly payments and have also created an animation that explains how HPP works in practice

YOUR HOME MAY BE AT RISK IF YOU DO NOT KEEP UP THE PAYMENTS ON YOUR HOME PURCHASE PLAN

HPP: home finance without interest

A HPP is structured differently to a conventional mortgage, where the customer borrows money from a lender which is then repaid with interest. A HPP uses the Islamic finance principles of co-ownership (Diminishing Musharaka) with leasing (Ijara), and no interest is payable. Instead, the Bank and the customer buy the property together, as partners. Every month the customer makes a HPP payment, which has two elements: a rental payment to the bank for their share of the property, and an acquisition payment to buy the bank’s share.

As time goes on, the customer’s stake in the property grows and the bank’s diminishes, reducing the amount of the rental payment. At the end of the agreed term, when all acquisition payments have been made and the finance has been settled, ownership of the property transfers fully to the customer.

Importantly, there are no penalties for terminating the HPP agreement early, and there are no hidden fees.

The home finance provided by Al Rayan Bank is based on ethical activities, and not linked to businesses that are considered unlawful under Sharia, i.e. companies that deal in interest, alcohol, gambling, pornography, speculation, tobacco, arms and other commodities contrary to Islamic values.

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