Wednesday, Feb 1, 2023
International Finance
Magazine Real Estate

Things you need to know while selling a house

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According to the National Association of Realtors, around 23% of sellers market their houses through friends, relatives, or neighbors.

Selling a house can be a huge task, mainly because it involves one of your most valuable possessions. You are bound to have a lot of feelings and memories attached to the structure that has sheltered and protected you for so long.

Also, you have invested a lot into it financially. So, even if you have decided to move on or upgrade to a new home, selling your old one is not easy.

Apart from the fact that you expect a decent price, there is a lot of paperwork to deal with. And all of the legalities or formalities must be completed correctly to avoid any problems during or after the sale.

Here are some ideas to keep in mind when planning to sell the house:

Is your reason to sell property reasonable?
There are several reasons for selling your home. One of the reasons could be that you need a lump sum money quickly. Another reason could be that you have outgrown your current residence and need to relocate. Another factor could be the desire to live in a better locality and lead a better lifestyle. The list goes on. Therefore, you must first understand whether your reason is big enough to make such a significant decision.

Can you afford a bigger property?
Are you selling a house to upgrade to a larger one or one in a more upscale locality? Then you should decide whether you can go ahead with it without creating a financial crunch. It is crucial that you learn about the costs involved in the procedure. Next, talk to a loan agency to figure out what mortgage you can get and how much you will have to pay in installments.

Property evaluation
When it comes to selling a home, property evaluation is one of the most decisive factors. Many agents may attempt to close the deal in the buyer’s favour to meet their sales goal. The seller stands to lose in that instance. This is why doing your research before looking for a buyer is critical. Get a property evaluation from a trusted source to determine the value of your home so that you do not sell it for less. It is best to get it evaluated from more than one place.

Can you manage the task on your own?
This is something you should keep in mind if you are trying to figure out how to sell a property profitably. If you have enough knowledge about the field and enough time to find a buyer and finish all the necessary paperwork, you can manage the task yourself.

However, it is wise to seek expert assistance in this area, as doing everything on your own can be extremely overwhelming. Furthermore, even a minor blunder on your part can work against you.

Things to do before selling a property
As you try to learn how to sell property, you should know everything that needs to be done before selling to ensure a smooth experience and strike a profitable deal. Here is a rundown of everything you need to do:

1. Make your property presentable
The house must make a good first impression. Your house may be worth crores of rupees, but if it is not well maintained, it will not appear as appealing to potential buyers, which can be a significant turnoff.

We recommend you clean up your property and solve any issues before bringing a buyer home.

First and foremost, repair any cracks or seepage issues on the walls. Next, paint the walls neatly, ideally with light colors, to look spacious. Remember to fix leakages, conduct pest control, and repair other issues.

2. Clear the dues
Clearing dues is one of the safeguards to take when selling a home to attract buyers quickly. Clearing property taxes, maintenance fees, and electricity and power bills are part of this process.

If you have a loan secured by the property, it is best to pay it off. On the other hand, the mortgage can be paid once you get a lump sum payment from the buyer.

3. Do a background check on the buyer
If you want to ensure a fair deal, you should find a genuine buyer. Before signing a contract with a buyer, it is crucial to conduct a comprehensive background check on them. On your end, do not merely try to verify their credentials through various sources. Instead, seek the assistance of a professional to complete this task.

4. Collect all the essential documents
When selling a house, a lot of paperwork is required. There are sale deeds, lease deeds, previous ownership records, property tax receipts, and a no-objection certificate for selling property. Gather all these documents and create a file that the buyer may easily access.

5. Identify the market
It is crucial to know if you are in a seller’s market or a buyer’s market before placing your house on sale. A seller’s market is one in which there is a limited supply and high demand for property. In this case, you can anticipate selling your home for a higher price and in a shorter time frame of two to four months.

On the other hand, the buyer’s market occurs when the supply of property is significantly larger than the demand. If you choose to sell your home in a buyer’s market, you may not be able to get the price you want online or offline. Furthermore, the purchase could take longer than six months to complete.

Therefore, if you are not in a hurry to sell your property, try and wait for the seller’s market.

What should you do while selling a house?

1. Bank on the high selling points
Every property has some key selling points. It might be a modular kitchen, a beautiful garden, a large pool, a spacious terrace, a sea view, a park view, or anything else. When selling a home, you must identify and emphasize these features. They are crucial in closing the purchase since they make your location stand out.

2. Choose the right platform
It is critical to select the right platform for marketing your home. These days, you can sell your home quickly and easily online. You may also reach out to buyers through social media and online platforms. You may find out where your target buyers spend their time online by doing some research. You can advertise your property on those platforms.

3. Do not ignore the word of mouth
One of the most effective strategies to attract buyers is word of mouth. You can inform your friends, neighbors, and coworkers about the situation and ask them to spread the word. It is an excellent technique to connect with reliable purchasers when selling a home.

Precautions while selling property

1. Do not fall for false promises
Several real estate organizations and brokers make false promises to buyers, to juggle money. When you try to sell a house online, you are more likely to encounter such scammers. Avoid such people at all costs, or you will waste time and money. Before finalizing an agency or broker, you should conduct a complete background check.

2. Do not trust blindly
A lot of money is involved in buying and selling a property. As a result, you must be vigilant during the procedure. Even if you are selling the house to a friend or colleague, you should not put your trust in them completely. Before signing any documents, make sure you read them well and understand all the provisions. Also, spell out the payment terms and stick to them.

3. Do not set an unrealistic price
Another thing to remember is that choosing an unrealistic price for your property can get you into problems. You might not be able to find a legitimate buyer, and you will end up wasting your time. Similarly, do not sell your home for a low price, whether online or offline. To realize the exact value of your property, you must negotiate with the buyer.

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