Some considerations when selling a property
By HouseFurb, July 28, 2018
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As a homeowner, you are normally told that the property you own is an investment, and as such, you want to get the best deal/return on investment when selling your property and you want to sell within a reasonable period to avoid high holding costs.
There might be a number of reasons why you'd want to sell your property, such as upsizing, downsizing, relocation, divorce, retirement, making profit, etc. It doesn't really matter what the reason is, these are some of the things you need to consider when selling:
- Choose the best time to sell - In most cases, sellers sell their property due to unforseen situations. This leaves them losing a bit of money on their property and accepting offers they are not happy about. It is best to plan and sell your property during seasons where most people buy properties in the area where your property is in.
It may be easier to sell your property during warmer months, when your garden looks attractive to pull in potential buyers. However, this does not mean you cannot sell your property during other seasons because buyers buy throughout the year. Each season has it's own advantage and your property has to cater for it in order for you to sell quick.
- Prepare your property for the sale - Now that you've decided the best time to sell, you need to prepare your home for a quick and successful sale. Before any money is spent on fixing the property, you need to have a property professional like HouseFurb to come and evaluate your property. They will be able to tell you if the refurbishments you want to do
will help increase the property's value so that you can get your desired return on investment. Knowing the current market value will help you calculate costs of of applying fixes and you'll be able to make a good decision on the refurbishments. Take note of the big problems (floor, ceiling, wall, electricity, etc) and always apply the fix before you sell your property because these will leave a big room for negotiation.
Take note that your kitchen and bathroom always need to be in 100% good condition because they normally the best motivation for the buyer's decision to buy a property.
- Price your property correctly - A property priced correctly normally sells quicker. Do not price your property above market value, but price it so there's room for negotiation. You can check the value of your property through HouseFurb, an Online Property Report, or a Comparative Market Analysis. There's a range in which properties sell in specific areas, and working on your property must fit in that specific range for the area. Do not spend too much money on your property
and expect that you'll price it over the range that others are going in an area. Buyers always check this range and will think the property is overpriced if it exceeds the range.
- Choose the right channels to sell - The best channel to sell your property is through property buyers like HouseFurb, because unlike estate agencies, they are direct buyers, they charge no commission, and close deals within 2 weeks. If you choose to use an estate agency to sell your property, ensure that you don't use a sole mandate so that you can use multiple estate agencies to sell quick.
You can also sell your property online using various platforms. Having your property in multiple channels increases the likelihood of it being sold quicker.
- Show off your property - Many potential buyers check online as their first source for property hunting, ensure that you have good quality pictures that are fully visible and can attract buyers enough to request to view your property. List as much information about the property as possible, and never lie by selling a feature that your property does not have. Ensure that your property is always neat when potential buyers are coming to view.
Ensure that your property at it's physical location is clearly indicated that it is for sale. Use boards on the street that lead potential buyers to where the property is. Have boards at the actual property to further indicate that it is for sale.
- Accepting Offers - Once you've found a buyer who's interested in purchasing your home, they will sign an Offer-to-Purchase and it will be sent to you by the property professionals you used to sell your property. If you are the one selling it, you'll need to consult conveyancers and they will be able to help with giving you a template Offer-to-Purchase
that you can use to give to the potential buyer to sign and send back to you. You will also have to sign it, give the buyer a copy and send it to the conveyancers to start the property transfer process. Take your time to go through the offer before accepting, the offer will normally be lower than the asking price, that is why you need to price it slighly higher than what you are looking for so there's room to negotiate.
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