Selling your home is a big decision, and can easily transform into a stressful experience if you fall victim to one of these common yet easily made mistakes.
Regardless of whether you’re looking to offload an investment property, downsize into a smaller abode or transition into your dream home, the aim of the game for just about every seller is to get a quick house sale at the best possible price.
However, even in a hot market, this is often easier said than done. Although a poorly planned renovation or an asking price that can only be referred to as cheeky are common mistakes witnessed in the world of real estate, other no no’s are less obvious.
What Not To Do When Selling Your Home
While your house is often your biggest financial asset, making the decision to sell is never easy, particularly if it’s your first property or the home holds sentimental value. Although the real estate market is still running red hot right around the country, there’s still a number of key things to avoid if you want to secure a successful sale.
Overpricing Your Property – Even in today’s market, keep in mind that your property has to compete with other similar properties that are currently listed for sale. If your sale price is too high or unrealistic, it can actually have the reverse effect and turn serious would-be buyers away from your home. To avoid this, be sure to conduct a proper valuation before listing.
The Wrong Agent – The commission paid to a real estate agent is often the largest outlay when it comes to selling a property, so it’s important to pick the right one from the get go. A good real estate agent is often a seller’s secret weapon, but only if you can find one with the right credentials, track record and expertise to match the property that you’re looking to sell.
Skimping On Marketing – Once you’ve done the work to get your home in tip top shape for a sale, you need to turn your attention towards how you plan to market your property. In the digital world we all live in, your property’s photos need to appear on your signboard, brochures, and online – and are crucial for attracting and driving people into making an inspection appointment.
Ignoring Any Repairs – Most potential buyers are looking for a property that they can move into or start renting immediately. If your home has unfinished or neglected repairs like a leaky roof, holes in the wall, squeaking doors, or old paintwork, these factors can scare off many buyers and cost you when it comes to the final sale price.
Hidden Expenses – An enormous mistake that many homeowners tend to forget about when selling property is the medley of expenses linked to the process. The true cost of selling your home involves anything and everything from conveyancer fees, mortgage discharge fees and even the cost of moving to another home.
Overcapitalisation – Many homeowners renovate their properties before selling in the hopes of commanding a higher sale price, but overcapitalisation is a costly mistake when selling your home. Instead, experts indicate that you should allow 10% of your property value for your renovation budgets to avoid eating into your profit margin from the sale.
As a seller, it can be all too easy to fall into the trap of taking the current property boom for granted. Even on a good day, selling your home can be a tricky business to master, especially when everyone seemingly has an opinion on the best way to do so.
Should you be looking to sell your home or purchase a new one, enlisting the services of a free property advisor like ESPA can often be a game changer. As an example, your advisor would likely research the property, local agents, check the zoning, evaluate market conditions, and communicate clearly with you regarding all of your options – but where do you find one?
Take The Stress Out Of Selling Property
As a completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.