Selling a house can be a major undertaking, mainly because it involves one of your most prized possessions. You surely have many emotions and memories associated with the structure that has sheltered and protected you for so long. And you have invested a lot in it too, financially. So, even though you have decided to move on or upgrade to a new home, selling your old house is not a cakewalk. Apart from the fact that you want to get good money for it, there is a lot of paperwork involved. And all the legalities or formalities need to be done right, in order to avoid any kind of hassle during or after the completion of the sale.
Most important things to consider while selling a house?
Reason to sell your property
There are a number of reasons why you may have decided to sell your house. One of the reasons might be that you require a lump sum amount of money and soon. Another reason might be that you have outgrown the space and need to move to a bigger accommodation. Yet another reason might be the urge to live in a better locality and enjoy a better lifestyle. And the list goes on. So, you need to understand whether your reason is reasonable enough to take such a big decision or not.
Can you afford a bigger property?
Are you selling a house to move to a bigger one or one in a posh locality? Then you need to consider whether you can go for it without creating a financial crunch. It is suggested to understand the cost involved in the process. Next, seek assistance from a loan officer to understand the mortgage you can pull off and how much you will be required to pay each month for the instalments.
Property evaluation for an appropriate price
This is one of the most crucial points when it comes to selling a property. There are many agents who might try to seal the deal in favour of the buyer in order to complete their sales target. In that case, you, the seller, stand to lose. This is the reason why it is important to do your homework before looking for a buyer. Get your property evaluation done from a trusted place to know what it is truly worth so that you don’t end up selling a house for less. It is recommended to get it evaluated from more than one place. You can make use of online property valuation calculators to accomplish this task. It is also a good idea to look around and check the price at which similar properties in your area are being sold.
Can you manage the task on your own or By and Agent
This is something you should keep in mind if you are wondering how to sell property profitably. If you have enough knowledge about the field and can spare adequate time to look for a buyer and complete all the formalities, then you can manage the task on your own. However, it is recommended to seek professional assistance in this regard as managing the whole thing on your own can be quite overwhelming. Besides, even a small mistake on your part can work against you.
Things to Do Before Selling a Property
As you try to figure out how to sell property, you must know what all you should do before selling it in order to ensure a smooth experience and strike a profitable deal. Here’s a look at everything you must do:
Make your property beautifully presentable
This one is essential while buying and selling a property but is often overlooked. Your property may be worth crores of rupees, but if it is not maintained well, it wouldn’t look as attractive and this can be a major turn off for buyers. Thus, it is suggested to clean up your property and fix any problems that may be there before you bring home a buyer. To begin with, fix cracks and seepage issues on the walls. Next, paint the walls, preferably with light hues, to make the place look neat and spacious. Don’t forget to fix leakages, conduct a pest control and repair other issues. However, do not overspend on it.
Clear the dues
One of the precautions while selling a property is to clear the dues in order to attract buyers easily. This includes clearing property tax, maintenance charges, and electricity and power bills. If you have taken a loan against the property, then we suggest clearing that as well. However, the mortgage can also be paid after you receive a lump sum from the buyer.
Do a background check on the buyer
If you want to ensure a fair deal, then you ought to find a genuine buyer. It is critical to do a thorough background check of the buyer before signing the deal with them. Do not just try to verify their credentials through different sources at your end. Instead, go ahead and seek help from a professional to accomplish this task.
Collate all the essential documents
Many documents are required at the time of selling a property. These include sale deed, lease deed, previous ownership documents, property tax receipts and no objection certificate for selling property, to name a few. It is suggested that you collate all these documents and prepare a file that can be shared with the buyer.
Identify the market
Before you go ahead and put your house on sale, it is important to know whether you are diving into a seller’s market or buyer’s market. A seller’s market is one where the supply of property is less, and the demand is more. In such a scenario, you can expect to sell your house at a comparatively better price and within a period of 2 – 4 months. On the other hand, when the supply of property is far greater than its demand then it is referred to as a buyer’s market. You may not be able to sell house online or offline at your desired rate if you choose to sell it in the buyer’s market. Moreover, it may take more than six months to finalise the deal.
Therefore, if you are not in a hurry to sell your property, then try and wait for the seller’s market.
What Should You Do While Selling a House?
When you are finally ready for selling a house, here are a few points you must follow:
Bank on the high selling points
Every property has some key selling points. It may be a modular kitchen, a beautiful backyard, a massive pool, a spacious terrace, sea view, park view or anything for that matter. You need to identify these points and highlight them while selling a property. They play a key role in cracking the deal as they make your place stand out among the rest.
Choose the right platform
It is important to choose the right platform to market your house. In today’s digital age, you have the option to easily sell house online. You can leverage social media and online forums to reach out to the buyers as well. A little research will help you identify where your potential buyers spend their time online. You can use those platforms to advertise your property.
Don’t ignore word of mouth
Word of mouth is one of the best ways to invite buyers. You can spread the word among your friends, neighbours and colleagues and request them to share the news further. This is a good way to reach trusted buyers for selling a house.
Post high quality images and videos
In order to market your property effectively, you should take high resolution images and post them on your chosen platforms, share them in your friends’ circle and send them to your broker. This will help in generating buyers’ interest in your property. It is also a good idea to create an attractive video if you wish to sell house online. This will help grab the right attention.
It is important to negotiate well in order to strike a lucrative deal. While negotiating, you can lay stress on the positive points of your house. For instance, you can talk about the uninterrupted power and water supply, Vaastu compliance, friendly neighbours, good ventilation and other similar points. You can also share information about the neighbourhood facilities. This may include a mention about the nearby schools, markets, temples, parks and hospitals. The presence of such places adds value while selling a property.