Are You a Smart Seller? The 6 Costly Pitfalls to Avoid When You Sell Your Home

By in , , ,
Are You a Smart Seller? The 6 Costly Pitfalls to Avoid When You Sell Your Home

Selling your home is not easy.

Large amounts of time, money and patience are required.

Expectations run high – your home is probably your biggest asset.

Whether you are selling your first home or your fifth, read on to learn how to avoid some of the costly pitfalls that come with selling a home.

1.Remove Emotion from the Selling Process

Ask yourself – am I ready to sell?

A home is more than four walls. It’s where our children grow up, where we celebrate and grieve, and where we express ourselves and our individuality.

If you are truly ready to begin a new chapter, you will be able to emotionally detach from your home and to view the sale as a business transaction.

Engaging a property staging service can help. Presenting your home neutrally furnished and decorated will help you start to see if through the eyes of a potential buyer.

Why is it important to remove emotion from the sale process?

You will see your property for its true flaws (and advantages).

This allows you as the buyer to be open to the advice of a real estate professional when it comes marketing your property and pricing it realistically.

2.Choose the Right Way to Sell

 Will you be entrusting a real estate agent to sell your home?

Real estate agents work in a competitive industry. When you’re ready to sell, you will have to field a barrage of endless sales pitches.

How do you go about choosing the right agent, when they all claim to be experts in the game?

Read our guide on how to choose the right real estate agent.

Thinking about selling your home yourself?

There are pros and cons to this course of action. Decide for yourself whether this approach is right for you.

Real estate agents – understandably – will always advise against the ‘for sale by owner’ approach.

That doesn’t mean that selling your home without an agent is a bad idea –but be informed about the risks and responsibilities before you proceed.

Smart Seller Image 2 - Are You a Smart Seller? The 6 Costly Pitfalls to Avoid When You Sell Your Home

3.Be Realistic About Price

Knowing the true market value of your property is essential. It will:

  • help you set a realistic price range
  • let you determine how much equity you have in the property
  • dictate what you can afford to buy once your property is sold
  • provide guidance on what options you have to improve the property’s marketability

How do I find out what my property is worth?

You can carry out your own market research online (more about this below), or arrange a professional appraisal of your property.

Doing your own online market research

This involves looking at other properties in your area that are similar to your own and making a note of their sold price – not the sale price.

Real estate listing platforms can also provide this information.

A general online can give an approximate value of your property based on the median sale price of recent sales in your suburb.

4.Know the Market and Potential Buyers

If you have lived in your home for a long time – ten years or more – you may be in for a surprise when it comes to buyer demographics for your area.

Ask an agent what attracts buyers to your area and what they want in a home.

Is your area suited to families ?

Perhaps high-density development has increased, making it attractive to singles and young professionals.

Transport and road links, proximity to health and education, and a choice of sporting and entertainment facilities all attract different buyers.

5.Present Your Home to Its Best Advantage

Smart Seller Image 3 - Are You a Smart Seller? The 6 Costly Pitfalls to Avoid When You Sell Your Home

Once upon a time, it was enough to mow the lawn and clear the kids’ toys before potential buyers came through.

Not any more.

A quick look at online real estate platforms reveals that most properties – all sizes and types – have been professionally staged before being presented for sale.

What are the advantages of having your property professionally staged?

1.A stylist can bring a degree of professional remove, free of any emotional detachment.

2.A good stylist will know what buyers in your area are looking for, and the latest style and colour trends. These can be used to appeal to a certain demographic of buyer or present your home in a neutral light in order to appeal to as many potential buyers as possibYou can read more about the advantages of engaging this service.

If property styling is not within your budget, there is an abundance of inspiration and resources available online for sellers to do it themselves.

6.Know Your Legal Obligations

As a property vendor in Victoria, there are a number of ‘material facts’ that must be disclosed when you sell your property.

A material fact is important information about your property which may influence a potential buyer’s decision.

You can find the full list here, but some examples of material facts include:

  • Termite infestations, combustible cladding, structural defects, asbestos or land contamination of the land
  • Flood or bushfire events
  • Building work done without the required building permit
  • That the property has been the scene of a serious crime such as a homicide or drug activity

Selling an owner-built house

You must declare any renovations or building works in an Owner Builder (137b) Defects Report if you are selling your home within 6.5 years of their completion.

Providing this report as part of your Section 32 documentation is a statutory obligation. Not having it can potentially jeopardise a sale.

The same goes for having a contract of sale.

Have this prepared by a licensed conveyancer. A contract that is not professionally prepared can result in a sale potentially being voided.

Of course, engaging a qualified and reliable inspection company to carry out a vendor report or Owner Builder Defects (137b) Report is also crucial.

That’s where we come in.

Get in touch and we will take you through the inspection process and answer any questions you may have about being an owner builder.

Ready to book?

Call us on 1300 071 283 or ask for a free quote  on an OB report or any of our other residential building inspections.