No matter what you are selling, whether it is a single residential dwelling, condominium, commercial or mixed use property or undeveloped land, there are ten things you need to consider before you put your property on the market:
Be realistic – Do your homework before you decide on your final asking price. External factors and current property market trends will impact your asking price. This is particularly important if you are planning on using the proceeds to finance a new property, as the asking price must reflect your immediate financial requirements.
Ask yourself why are you selling – Understand that your reason for selling may impact the price. For instance, if you are selling because you no longer find the neighbouring surroundings desirable, buyers may have the same reaction, which in turn will affect the price. Alternatively you may need to liquidate the asset, in which case you may have to accept a lower offer.
Invest in a professional valuation– A neutral third party assessment will ensure nothing is overlooked.
Confirm your boundaries – A potential purchaser will want to know exactly what they are buying, if the boundaries of your property are not clearly and physically identified you will need to engage a surveyor to establish your official property boundaries.
Confirm the location of your Deeds – if your property is debt free, be certain you know the exact location of your Deeds, this is particularly relevant if selling property bequeathed to you in a Will or as part of a family Trust. If the Deeds are with a bank or an other mortgage broker then you must apprise them of your intent to sell and ensure there are no other outstanding liens on the property.
Discuss your next move with a Realtor – If your reason for selling is to purchase another house, your realtor will ensure that you are not in a position whereby your house is sold and you have no where to move; or whereby the sale of your house falls through, but you are still committed to buying a new house.
Understand your legal obligations – If the sale of your property is contingent on existing tenancies, the prospective purchaser has the right to see the relevant lease agreement(s).
Do not hide problems -They will be detected in the end and may significantly impact the sale and/or the asking price.
Provide ample notice of any planned balloon payments – If you plan to use the sale of the property to pay off an existing mortgage, or other loans be certain to advise your bank well in advance. Most require three months notice of your intent to repay in advance of the agreed deadline, otherwise penalties will be imposed.
Work with a professional – Dale Young Properties will ensure that you realize a maximum return on your investment.