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- Selling your home? Avoid these five common mistakes
Selling your home? Avoid these five common mistakes
December 30, 2015
When it comes to selling your home, there are certain tricks of the trade that can help you achieve a swift sale at the right price.
However, there are also some costly mistakes that can set you back. Whether you’re a first-time seller or a seasoned homeowner, be sure to avoid these five common mistakes when listing your property…
Listing at the wrong price
One sure way to stall a sale is putting your property on the market at the wrong price. Choose a figure that’s too high, and you’ll struggle to find buyers who will justify the asking price. List it too low, and buyers may be off put and see this as a red flag, not to mention you also risk losing profit as a seller. A number of things go into valuing a home, such as recent sales of similar properties in the area, the local average, local market conditions, the condition of the property and more. Having a valuation carried out by a professional can help you get it right the first time to better the chances of you receiving an asking-price offer.
Ignoring the importance of kerb appeal
Your property should be appealing to potential buyers, and this means creating the right impression from the start. You should ensure your home is in sellable condition, and that any structural or maintenance issues are addressed. Then you’ll need to set about staging the property by de-cluttering and cleaning. Aim to create a neutral décor scheme inside, and ensure leaves are raked up, bins are put away and any painting that needs to be done on windows and doors is carried out. Failing to take into consideration issues of maintenance, repairs, redecoration and staging means these are not budgeted for, something that can leave you financially out of pocket and eat into your bottom line substantially.
Selling without an estate agency
Instructing an estate agent to handle the sale of your house is crucial, even for experienced homeowners who have navigated the process before. While forgoing the estate agency fees may seem like you’re saving money, this could be a false economy and end up costing you substantially in the long run. Working with an estate agent can assist with everything from marketing to negotiation, legalities, minimising your financial risk, and even just plain old-fashioned hand holding. “For sale by owner” may seem like an attractive option, but there’s no substitute for the experience and peace of mind that the right estate agent can bring.
Not researching the local market
Estate agents have access to information about the current housing market in their local area, along with future projections from experts. This information can help you determine things like buyer demographic, average prices and how long properties tend to stay on the market, all of which can help you effectively advertise your property for a fast sale at the right price. Flying blind, going with a gut feeling or simply pricing your property based on the profit you’d like to make is unlikely to provide you with results.
Every house has a history, and it’s important to be honest about this when presenting it to the market. If you have had issues with damp or mold for example, a surveyor will be able to determine this. These and other issues can potentially affect a sale and even cause buyers to back out, and so honesty is the best policy when selling your home.