10 mistakes to Avoid when Selling your House
Real estate is without a doubt, one of the best options for investment out there. In the recent past though, the landscape of this market has changed significantly. It is incredibly competitive out there seeing as how today there is no shortage of houses listed for sale. Which means that if you are planning on selling your home anytime soon, you need to brush up on what you should not do. In a sea of other options out there, the slightest mistake could send you into obscurity.
Take a look at this useful list of tips for home-sellers. It could help you secure a sale.
1. ASKING A PRICE THAT IS TOO HIGH:
Time and again, many sellers have made the mistake of asking a price that is far too high. Yes a house is an asset, and yes it is meant to appreciate in value, but this does not mean that you can put on any price you want. A good guide is to look at what the general prices are in the market at the time of sale. This allows you to go for something more realistic. You can use a House Price Index like the one managed by Lanka Property Web to get an idea of the house prices in your area.
2. IGNORING PROFESSIONAL ADVICE:
This is not to say that selling a house is such a Herculean feat that you cannot do it yourself. It means that you should find an agent / broker or someone on a similar professional capacity come and evaluate your house. They will be able to give you a near accurate prediction about how much you can sell it for, and what the condition of your house is.
3. HALF-BAKED MARKETING:
Many assume that marketing is something reserved for companies and big corporations. Not true. Marketing is something we all use on a daily basis whether we are aware of it or not. When you meet someone new, when you are trying to secure that job, you are marketing all the while. So why ignore it here? Make sure you take high-quality pictures of the house and its characteristics. Accompany these with a good description of the property, highlighting its values and publish across property websites and newspapers to get maximum coverage.
4. SELLING YOUR HOUSE ONLY LOCALLY:
Gone are the days when things were confined within your small community. Thanks to the Internet the world is now a global village, so why shouldn’t you take advantage of that? The tuk-tuk driver down the road will be able to get you some potential buyers, but why limit yourself? Perhaps there’s an expat in Melbourne or a foreigner in Moscow both of whom are interested in buying your property. Promote your property online to reach a wider audience. And it won’t cost you anything; there are some free options like social media and websites like LankaPropertyWeb.com to reach a global audience.
5. NOT FIXING YOUR HOUSE UP:
Make sure your house is in impeccable condition when buyers come by to view it. Even if your home is new, there will be a few things that would need to be polished up. If there are any problems, make sure you have them fixed. You could sell it as it is, but ultimately you will be the one losing out since you will have to sell it for a lesser amount. A seller that pays attention to every little detail is one who will always have the better end of the bargain.
6. LEAVING IT IN YOUR TASTE:
A home is a place for you to be yourself, and is in fact an expression of you and your personality. When you have to sell it though, you will need to look from a more generic perspective. Paint colour for example is one. Though you might have liked the abstract multi-coloured look, any potential buyers might not. Make an effort to transform it into something that gives off a great first impression, one where your buyer will feel at home right away.
7. UNDERSELLING IT:
Just as much as overpricing your home is a mistake, so is underpricing it. This is again a mistake you can make if you are not aware of what the market is currently like, and if you do not seek professional help. You cannot just guess numbers. You need to methodically plan it out so that at the end of the day, you are up on the deal.
8. EMOTIONAL ATTACHMENTS:
You are entitled to some emotions boiling over, because after all it is your house. You have created many memories and considered it your haven for a while. Now though, you need to pull-up your socks and cast those emotions aside. They can seriously get in the way of a sensible negotiation which is a waste. Think of yourself as a seller rather than a homeowner at this point. It should make it a little easier.
9. HIDING PROBLEMS:
This again ties back to fixing issues in your home prior to listing it for sale. Some people assume that simply covering up the problems will make them go away. It is a ‘surface’ solution though, and you run the risk of being caught out when home inspections are carried out. Why paint yourself in a bad light when you can make a good impression?
10. ABSENCE OF LEGAL BACKING:
You must get a lawyer on-board. Legal advice is critical especially in this day and age when fraud and con artists are rife. You need to ensure that all documentation including contracts and other paperwork are complete and accurate which can be hard to do on your own. You will be risking a lot down the line by choosing to forego this, so even if it costs more in legal fees, do it.
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