You hear all this advice about selling your home and it can get quite overwhelming. Not to mention, parting company with your beloved home can be an emotional time. Once you’re ready to take the plunge, there are a few things you’ll need to do to set yourself up for success.
Follow this checklist to help ensure you’re as prepared as possible.
1. Do your research
Timing can make a big difference when it comes to buying and selling a property. To help decide whether you should start moving straight away, it’s important to understand what’s happening with the market in your area.
A good place to start is knowing the market value of your home. Find a local agent to give you a free sales appraisal to help you determine an estimated value for your home in the current market. The’’ll also be able to educate you on the current real estate market climate and be able to give you advice on the steps involved in selling your house and even buying your next one.
2. Give your house a makeover
Making small changes to your home can make a big difference to your selling price. Cleaning your house and making sure any outside areas are well maintained are both fundamental, especially if it’s to be put on display for open inspections. De-cluttering and placing your personal items in storage will also help buyers visualise how their life will fit into your home.
There are some larger jobs you can do to freshen up the place too. A coat of paint for the inside can help your home look newer and more attractive to prospective buyers. If you want to make some more significant improvements you may want to consider if there is any equity in your home so that you can afford to make the changes you want by borrowing on that equity.
Just keep in mind you don’t want to overcapitalise – that is, spend more on improving or renovating your home than what it adds to the property’s resale value.
3. Decide on your asking price and type of sale
Your agent can explain what is happening in your suburb in terms of sales, and you can also have your home valued by an independent expert to confirm what the agent and your property report is telling you.
Depending on the property type and location, and the conditions of the market you’re selling in, a private treaty sale or auction may be the better way to sell your home. Speak with your agent to find out what the advantages and disadvantages of both sale types could be.
4. Prepare the contract of sale and settlement date
You’ll need to engage a lawyer or conveyancer to help prepare the contract of sale, which will include the settlement date and all other conditions of the sale. This is a legally binding document, so make sure you’re across all the content and fine print before signing anything.
5. Find your new home
Whether you’re going to buy or rent your next home, you’ll want to lock in somewhere pretty quickly. You could engage a buyer’s agent or deal with the selling agent who can make offers on new properties on your behalf.
Selling doesn’t have to be stressful if you take some time to prepare in advance of the sale process. Research and knowing the current sales market will go along way to helping you achieve the right price for your property and quick sale. If you’d like to find out more about selling your home, download our Guide to Selling here.