Simple tips for selling your property
Unless you’re a real estate agent by profession, selling a house can be a stressful exercise. Here are a few points to consider if you’re thinking of selling property:
TimingIs it the right time to sell? You would need to do a bit of research about the economy and specifically the property market. You also need to consider the best time of the year to attract buyers.
PriceLook at actual sales in your area – What were the features of the houses? How long were they on the market? At what price did they sell? Remember if your price is too high, you will have difficulty selling. The longer the property is on the market, the more cautious buyers are. If the price is too low, you lose out.
Estate agentYou have 2 options: you can sell property privately or via an estate agent. If you sell via an estate agent, you will have to pay agent’s commission - approximately 7.5% of the listing price, but this is negotiable. The estate agent will market your property, find a buyer and attend to all the paperwork on your behalf.
Offer to purchaseA buyer will make you a written offer either via an estate agent or privately. You will need to consider the offer and accept if you’re happy with it. Take your time to read the document carefully before you sign it. The offer will either be “subject to the sale of the buyer’s existing property”, or a “cash sale”. If it is a “subject to” sale, then there is usually a date by when the buyer’s existing property must have been sold.
Additional costs for sellerYou will be required to produce an electrical compliance certificate and in some areas, a beetle certificate. Be warned – if it’s been a while since you’ve had any electrical work done, it could be costly if you need to do improvements to the electrical system. It may be a good idea to get an opinion on the electrical work before you agree on a selling price.
Property attorneyWhile these tips will give you a basic framework, consulting with a conveyancing attorney is always the best way to get proper advice.