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10 Mistakes to avoid while selling your house

10 Mistakes to avoid while selling your house

Selling your house appears to be quite an easy-process. After all, you own it and would sell it only if the market rate is going well. But there are a few mistakes that people often tend to make while selling their house to buy either a newer, bigger one or if they plan to relocate due to other compulsions. Even in this seemingly simple transaction, there are a few points that need to be remembered as thumb rules. Here is a list of 10 mistakes to avoid if you planning to sell your house:

  1. Overpricing Your House
  2. A house becomes a home only when someone lives in it, so the value of your house will obviously seem a lot more to you because of the emotions that you have invested, and the fond memories that you cherish. But that’s not how a marketplace works.

    If you price your home more than it’s worth, either because of some emotive reason, or because of any other factors, there’s a high possibility that it won’t attract any buyers. If you are insistent to sell it off quickly then a property won’t find buyers won’t work in your favour. If after months, it’s still lying and you come across a buyer who’s proactively bargaining, you may be inclined to reduce the price as your biggest priority is to sell it.

    Either way, you will have to engage in prolonged haggling, or reduce the price significantly, or wait till you find someone willing to offer what you originally demanded. In order to avoid such a situation, it’s better to have the price of your house evaluated by a few property dealers and then decide the price accordingly. More than the design or the interior furnishing, the location of the house plays a role. A professional real estate guy can help in both determining the price and in ensuring that you don’t lose out in negotiations.

  3. Less Publicity
  4. Widely publicize the fact that you are selling your house. Use internet forums, social media platforms, real estate websites, classified pages in local newspapers etc. Also post as many pictures of your house, as you can. Buyers are at times wary of properties that don’t have images attached. A picture speaks a thousand words and a good image of your house will be self-descriptive in itself.  Increasing the number of people who come across the fact that your house is ‘for sale’ will increase the chances of it being sold. Merely conveying the information via a select few channels will result in a lower reach.

  5. Hiding Stuff
  6. There are times when sellers tend to hide some parts that require repair, or something that’s malfunctioning. It’s not at all an advisable approach. These problems will be revealed once the potential buyer comes to inspect the property before the final decision. It will reflect badly on the seller and there could be disagreements on the price quoted. The best way to avoid landing in this situation is to either inform the buyer beforehand and fix the price accordingly or get the repairs done before you put up your house for sale.

  7. Being Uninsured
  8. It’s important to keep the property insured in case of any mishaps or legal tangles. Many times, people miss out on it as they think it’s not needed. But timely review of insurance coverage and removing any potential hazards near your house, is crucial.

  9. Unprepared House
  10. It’s not just a bright picture or a good locality that attracts the buyers, organizing your house in a way as to appeal to potential buyers also ensures that it will be sold quickly. If the house is de-cluttered and without any cracks, stains and paleness, it will attract more buyers. You can rearrange your furniture, discard old stuff that’s lying around for years and prepare it in a way that the buyer would be pleased at first sight.

  11. Real-Estate Agent Selection
  12. There are cases of real estate agents fleecing sellers by underpricing the house. In order to avoid such a situation and to ensure that the agent will work hard to get you a best deal, verify the credentials, ask people and do a basic fact-finding about the track-record of the agent. Don’t just hire anyone just because he promises you a price that’s higher than you think your house is worth.

  13. House Visit
  14. After you have posted about the house selling online or informed the broker, it’s best to not restrict the days and time when the real-estate agent can bring prospective buyers for a visit. Be open and flexible about the availability. Limiting the time and days in a week when someone can visit it would mean less prospective buyers.

  15. Proper Financial Assessment
  16. Before you decide to sell your house, assess your financial situation and calculate all expenses that you will likely incur. It’s better to calculate income, loan, assets, tax, liability, and miscellaneous expenses before selling the house. Since there are taxes on sale of properties as well, it’s necessary to keep that in consideration as well and then determine how much will you get. In case of any pending loan, it’s good to seek advice from a financial expert.

  17. Calculate Thoroughly
  18. While the highest offer is usually the best offer, but not always so. There may be a few other factors like the mode of payment or other contingencies. There could be a buyer who’s paying more but also wants you to bear expenses of additional repair, paint etc., and another buyer who’s paying slightly less but who says he will get all the repairs done himself. It’s important to do the math and figure out the total cost.

  19. Knowing the art of the deal
  20. Buyers will press hard for discounts, or any renovations that they want. While the agent will help, you will have to discuss and negotiate calmly with the buyer and at times agree to few of their demands. Avoid being uncompromising and be all ears to whatever point the buyer raises.

Conclusion :

Selling a house is often a turning point in life and the start of a new phase in career, personal life. Just the condition and the locality of the house aren’t enough to fetch a good price, there are few other things that need to be followed both before proceeding with selling posts and when negotiations are undergoing.

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