Financial Planning and Analysis

The top five factors to remember when selling your home 

09-02-2020 08:58 AM

Speak to the experts, and they’ll tell you moving home is one of the most stressful life events you can go through. However, moving home can be made considerably less stressful if you follow these simple guidelines.
 
Appreciate the real market value of your home
 
By far, the most common reason for a house not selling is the owner not appreciating the true value of their home. Remember, a buyer will take a more impartial view and will only be willing to pay the real market worth. The most common reasons for overvaluation are:

  • Thinking that a high valuation will lead to more room to negotiate. Actually, in most cases, the opposite is true as a more reasonable asking price will increase the number of viewings – and thereby increase the chances of a bidding war between potential buyers.
  • Overestimating the value of renovations or other upgrades you might have made in the hope of increasing the value of your house.
  • Misinterpreting local market data. For example, confusing asking price with realized sold prices or using blanket values rather than considering specific factors such as location and nearby
 
Use every available sales channel
 
The Internet has completely transformed home-buying and there are now multiple sites and resources available to increase the marketing and promotion of your house. Sticking local used to be the only option, but there is an increasing number of national and international property sites that, in theory, can promote your home to a far larger audience. Also, consider using more advanced tech like 3D images, visualizations, 360 video and walk throughs to present an even better impression of your house.
 
Make the right first impression
 
The saying goes, ‘first impressions count,’ but nowhere is this more evident than when you’re trying to sell your house. When you have viewings, be sure to thoroughly clean everywhere to give the best overall feel for your property. Also, consider adding lighting to create a welcoming atmosphere and a sense of stillness and comfort. Many people also recommend freshly brewing coffee or making bread as the aromas can help instill a sense of calm in viewers. At the very least, make sure there’s an immediately warm and welcoming feel when a prospective buyer enters your home. A good first impression can go a very long way when it comes to selling your house.
 
If you notice defects or faults, chances are the prospective buyer will too
 
Before putting your house up for sale, go around and look for all those little ‘to-do’ DIY jobs you never quite got around to completing, including blistered paint, cracked porcelain, rubbed carpets, etc. If you’re able to see these things, you can be sure prospective buyers will too. Small renovation jobs can dramatically increase the resale potential and attractiveness of your home.
 
Also, if you think it will add sufficient value, you could consider doing some minor (or major) renovations or home alteration work, such as fitting a new kitchen/bathroom or perhaps adding a loft extension. For larger projects, bringing in the expertise of a design build remodeling company will pay dividends and will help you achieve your goals far quicker than doing the work yourself. Making improvements to your home can often add to its resale value, particularly if you’re able to add an extra bedroom.
 
Be accommodating and available
 
Having strangers enter and inspect your home is disconcerting at the best of times, but it’s an essential part of making a sale, so be accommodating and welcoming. You should also be as available as possible or, alternatively, consider using an agent to sell your house. Many people aren’t comfortable dealing with questions from buyers, so using a third-party sales rep can be an effective solution for avoiding awkward situations.

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