8 Tips when selling real estate.

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More often than not when the decision to sell has been reached, the first thing most people do is get straight onto a real estate agent to have the property listed.
What some sellers fail to realise is there are potentially many items that need addressing prior to the ‘FOR SALE’ sign going up.
For example, are there any unfinished projects or non-approved alterations that could jeopardise an easy sale?
By simply following the tips below you can greatly improve a clean transaction with the new purchases and reduce the level of stress during this already stressful period.

Tip 1 – Pre-Sale inspectioninspection report 1
Obtain a Pre-Sale Inspection Report from a suitably qualified Building Inspector prior to placing your property on the market. The report will assist you in identifying any areas that require attention, prior to the sale.
The report may also assist a potential purchaser as they may be requiring a ‘Pre-Purchase inspection report’ and can be used by you to outline what has been rectified as a result of the report.
It has been the case where a purchaser has sought a reduction in the purchase price, because of a defect. This could amounting to twice if not more the value of fixing a defect in advance. So opt to fix it first. It may not be as big a job as you think and it will improve the sale outcome.

Tip 2 – Council approvals
Cross check the “as constructed” building against the “as approved” plans on council records.
Make sure you are not trying to sell misdemeanour’s in the form of non-approved works such as additions or renovations. The purchaser will be checking this as a part of their Pre-Purchase checks. There has been some debate in the past as to what requires council approval and what doesn’t. To learn more about this ‘CLICK HERE’
If you are unable to do this for yourself engage the Building Inspector to include this as part of his/her report.
If you do find there is non-approved building or alteration works within your property seek advice from a Building Surveyor, Building Designer or Architect. They can assist in providing all the documentation you need and seeing all council approvals are brought up-to-date.

Tip 3 – Paperwork
Have all relevant documentation, certificates, approvals and a ‘copy of title’ on hand. If your engaging an agent to sell on your behalf, this will assist them when preparing to list your property ‘FOR SALE’.

Tip 4 – Presentation
Presentation is the key when selling a property. To attract the right buyer and achieve the right price ensure the property presents well. For a few $$$, engage the services of an Interior Designer to assist you with minor pre-sale makeover ideas. This small investment will pay big dividends when your prospective purchaser gets that first glimpse of their future dream home.

Tip 5 – Be realistic
To establish a realistic sale price, do your homework. Prior to listing your property for sale, consider the services of an independent property valuer. Independent Property valuers are unbiased when providing a valuation and can give you an accurate property value which will become the foundation for the negotiation table when setting a sale price or discussing property value with your agent.

Tip 6 – Talk to your existing lender
If you have a mortgage, contact your existing lender and check all the current loan details.
Check that the sale figure you wish to achieve will clear the debt. Allow within this figure approximately 5% additional for costs associated with the sale.
Are there cross securities?
If you own more than one property your lender may have cross securities over these properties. To release the security on the property you intend to sell may slow down the process, so it’s a good idea to get the process started early.

Tip 7 – List ‘FOR SALE’
With everything in place you should now be ready to sell your property. There are a few ways you may with to list your property.

Private sale – Advertising through a ‘for sale’ column in print or on-line means you are the contact person for all prospective purchases. Engaging the services of a conveyancing professional at the beginning of the process will ensure an easy transition from ‘FOR SALE’ to ‘SOLD’.for sale 1

Real Estate Agent – If you choose to engage a Real estate agent, to sell on your behalf, be selective. There are many agents to choose from, all have the knowledge and know-how to look after the selling process for you. Some agents specialise in certain types of real estate. Select the one that is right for you, based on experience, location and value for money.

Tip 8 – Time
Where possible, don’t limit the time you have to prepare your property for sale. All too often, sellers have had a contract to sell in place before finding they have not addressed any un-approved works, which places stress on them, those who they engage to rectify the oversight and of course the purchaser.

 

HAPPY SELLING.

Comments

  1. I want to get my real estate sold. It makes sense that I would want to have the home inspected! That way I can know for sure that the home is nice enough to be sold for full price.

  2. Great list of tips. It’s always good to adjust your price to be realistic. Taking comparisons from 5 to 10 different properties with a close proximity to one another with similar features would distinguish the rough guide of your price.

  3. I’m trying to get some real estate sold. It makes sense that I would want to have the land surveyed. That way I can ensure that I market it accurately!

  4. I really want to say this I enjoyed this whole article it looks like some tricky method or the circumstance made it. It’s really a nice and helpful piece of info.

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