Helpful tips when Purchasing Property
July 23, 2023
Our Conveyancing Services
July 27, 2023
What to consider when selling your property
Timing
Is this the right time, season and market to sell your home?
Buying your home was a substantial investment and when you sell it you want the process to run smoothly and ultimately to make a profit.
Most homeowners hope that they can sell their homes quickly and make a decent profit, especially if they have owned the property for long enough for it to have appreciated in value.
It would be ideal to be able to sell when market conditions are just right and you are able to get a good financial return, but for most Sellers it is not possible to hang on for the market to improve. When considering the market you should consider whether it is a buyer’s or seller’s market and what the current interest rates are. It is not always possible to sell in a seller’s market but this would obviously be the ideal.
You will be more likely to sell your home with greater ease when the property is in a sought-after location regardless of timing, but if this is not the case, it is worth considering what the best season would be to sell your home. It may be practically easier for buyers to venture out on summer evenings and your home and garden may look its best at this time.
Selling Price
Probably one of the most important factors to consider when selling your home is the price; a correctly priced home will usually sell easily despite the current market conditions.
It is a good idea to do some research into the property values in your area and conduct a comparative market analysis. Buyers can easily find out what other homes in the area have sold by checking property values online. As the Seller, doing similar research will be a useful guideline to help you establish a fair market-related price: one which is not too high or too low.
If your house is priced correctly you should be able to attract a serious buyer within the first few weeks of being on show and to sell your property within a reasonable amount of time.
Conveyancer
As the Seller, you appoint the Conveyancer who will attend to the transfer of your property to the new Buyer.
It is advisable to appoint a Conveyancer early in the process who will advise you on all the aspects of the property transfer process and assist with the sale agreement and any other relevant legal advice.
We at Laubscher Attorneys Incorporated pride ourselves in our excellent service and attention to detail and would be happy to assist you with the entire process. Please CONTACT US to get the process started.
It is important to remember that it is your right to appoint the Conveyancer as you need to be in control of the process and your Conveyancer will ensure that transfer occurs smoothly and that the purchase price, which is of course your money, is actually paid to you!
Preparing your home
Once you have decided that this is the right time to sell and have established a realistic selling price it is a good idea to give your home a facelift if necessary and prepare for the sale.
The first impression of your home is crucial for attracting a buyer, and fixing up the important things will increase the chances of a sale at your chosen selling price. It is worth getting a property professional such as a reliable estate agent to evaluate whether a fix-up is necessary for selling.
Walk around your home and make notes on the big things that need fixing and things that don’t work correctly; it’s often these issues that turn Buyers away.
Many homes require only minor adjustments or repairs before they can be sold.
Your home’s exterior, including the garden, is the first thing a potential Buyer will see when arriving at your home. Hire a gardening service and painters if need be to ensure that the first sight a buyer has of your home is a beautiful one!
Some useful tips when preparing the exterior of your home include:
- Cutting the grass and pulling out weeds;
- Neaten up dead trees and plants or plant new flowers to add some colour;
- Declutter outdoor areas;
- Clean the pool if applicable;
- Clean the windows;
- Repaint the exterior walls, driveway gates and boundary walls if necessary.
Once you have mended all the major issues that will affect your selling price, it is worth paying some attention to the interior of your home.
Sometimes a good spring clean is all that is necessary - dusting, polishing and banishing bad smells. It may be necessary to repaint some sections of the home. Walk through the house as if you were a potential Buyer and inspect all the areas as if it was your first time in the home.
Tidy up and get rid of junk - a clutter-free room appears more spacious and inviting, giving the Buyer the opportunity to create their own identify for the home.
Estate Agent or private sale
Now that your home is ready to be sold you need to decide who is going to market it.
You have the option to either mandate an estate agent or to attend to marketing the home yourself. The right estate agent can really be a huge advantage in selling your home, they will have prospective Buyers lined up and will assist you with all the details of selling your home. That being said however, it is very possible to attend to the sale yourself with your Conveyancer and this will obviously save you having to pay the estate agents commission.
While selling a home privately is a great way to save money, it also means that you will have to do all the hard work yourself. There are many pros and cons to both options, but when selling your first home it is probably advisable to go with a qualified Estate Agent.
The Estate Agent is a property professional and takes on much of the responsibility on your behalf. The Agent will help you with deciding on a selling price, marketing the house, being available for show days, paying advertising costs and negotiating the sale.
As mentioned earlier it is essential to find the right Estate Agent if you do elect this option so be careful and take time selecting your Agent
Marketing
If you have chosen to use an Estate Agent they will take care of all the marketing of your property and arrange show houses and viewings.
If you are selling privately you will need to attend to this yourself, there are numerous websites where you can list your property for sale and get further advice on marketing and selling your home in this way.
Most potential Buyers these days will search online for available homes to buy, so this will be your most useful marketing tool.
When listing your property online, list as much information as possible, including additional features such as oven and hob, under-floor heating etc. Any aspects you find unique to your home may attract a potential Buyer.
Include as many high-quality photographs as you can displaying all the features of your home, the more pictures your property listing has, the more potential it has to attract online hits.
Here are some tips for taking the best possible photos of your home:
- Take pictures on a sunny day, or if the weather is dull, switch on every light in the house and open all the window coverings.
- Don’t photograph a corner of a room. Try stand at the entrance of a room when taking a photograph, as this will give a prospective online Buyer a better idea of the shape and size of a room.
- Make sure your home is neat and tidy inside and out.
- Avoid close-up and angled images
Show House
If you are serious about selling your home, you must be prepared for show days to create a good first impression to potential Buyers.
You want potential Buyers to spend as much time in your home as necessary to enable them to make a decision; these useful tips will help.
- Pleasant scents evoke good emotions; therefore, it is important to keep your home smelling nice. You can do this in various ways, from using scented candles to having a fresh pot of coffee brewing in the kitchen or a slow roast in the oven.
- Bring nature into the home to create a sense of homeliness and evoke a feeling of contentment. Fresh flowers or a bowl of fresh fruit work well for this.
- Keep your home at a moderate temperature, which will encourage potential Buyers to stay longer. Make use of a fireplace or a heater during winter, or an air-conditioner / fan in summer.
- If you have rowdy pets, make sure that they behave or take them out for the day. The purpose of the visit is for a Buyer to view the property as a potential investment and it is a good idea to remove potential distractions from the show house environment.
Offer to Purchase
Once you have successfully found a Buyer who is interested in purchasing your home you will receive an Offer to Purchase.
We can assist with the drafting of the Sale Agreement and checking and advising you on any Offer that you receive, please feel free to CONTACT US for any assistance or advice.
A Buyer makes an offer by submitting a written and signed Offer to Purchase. This offer will show you the price that a potential Buyer is willing to pay for your home and the specific terms of the sale.
This is a stage at which every first-time Seller should proceed with caution as the offer may differ from the asking price. If the offer is less than the asking price, examine the contract to determine the basis for the Buyer submitting the specific offer.
Your Estate Agent, if elected, will go through the contract with you and help you review the contract in order to decide whether to accept it as there is no obligation to do so. If you have not chosen an Estate Agent, you will need to scrutinise the Offer yourself and we are happy to assist in this regard.
After perusing the Offer, you have the following options; either
- Accept and sign the offer; or
- Reject the offer with a counteroffer (specify what price you are willing to accept); or
- Completely reject the offer
Don’t rush into this decision, take your time and be sure before making your choice
Conveyancing Process
Once the offer to purchase has been accepted the agreement will become binding, the Buyer will apply for a mortgage bond if applicable and any other suspensive conditions must be fulfilled.
We will attend to the transfer of the property into the name of the new Buyer and will keep you updated every step of the way.
Congratulations
On registration of transfer, the Buyer will become the owner of the property, and you will receive the Purchase Price!!!
Selling a home can be a very stressful or very rewarding experience depending on how it is approached, and having the right team involved from the outset is a great way to avoid the stress…
Congratulations and good luck!!!
