Selling? 5 Things NOT to do!
Selling your home can be an overwhelming, daunting and emotional process, adding up all things you need to take into consideration…the list just keeps on growing!
Whether it’s time to put your property on the market, or time to act on those repairs that have been looming , is it time to start researching agents? We have some simple tips on what NOT to do when selling your home, which could help you avoid any unnecessary hiccups and simplify the selling process…..
Don't try to hide anything that needs replacing or fixing. This is particularly important for serious problems such as water damage and structural damage. Even though these might not be visible at first glance, inspections will be conducted and any issues will eventually be found or reported.
A second set of eyes will notice things around your home that you may have stopped noticing over time. Ask a friend over for a ‘friend-spection’. For a simple coffee and a chat, they can provide honest feedback about what could be freshened up or perhaps changed around. Before the buyers start inspecting your home, paint the walls, finish the tiling & check the plumbing before prospective buyers see these flaws during an inspection and put the house in the ‘too hard’ category. Fixing obvious problems will increase the chances of getting an offer, or multiple offers—on the home.
Overcapitalisation is investing too much of your hard earned money into your ideal renovation where you may not recoup this outlay when it comes time to sell the property.
Depending on the market you are selling in, renovations that may not add value to your property can include pools, luxury fittings, dedicated library or media rooms, wine cellars etc. If your property sits in the median value category, buyers will be mainly looking for a well maintained, clean, tidy & functional home, and any overcapitalised renovations could see you making a loss.
Some simple points to keep in mind when renovating are:
- Get a valuation done by a professional
- Consider your neighbourhood
- Stick to the budget
- Don’t make it personal-what suits you may not suit others
- Be strategic
- Go green-money spent on solar, plants or outdoor living, for example, is money well invested
Don’t… fail to research your Agents
It is absolutely crucial that you research your Real estate agents, they all have different strengths and weaknesses and can be a valuable resource in your quest to get the best possible price for your home—after all, that’s what you’re paying them for. Aside from helping you set a fair listing price, they can also offer suggestions about staging, repairs, cleaning, and street appeal that will definitely pay off if you take them seriously.
Choosing the cheapest agent, or relying on one recommendation without researching others can land you in trouble. You might end up with an agent that isn't experienced or doesn't understand how to market to your target market. Do your research and pick an agency that meets all your needs, rather than choosing the cheapest. Things to look for include concise knowledge of your local market, your selling situation, your property type and proven experience selling similar properties to yours.
Don’t…price your home wrong
It’s normal to want top dollar for your house—but pricing your home too high can cause the listing to go stale. And once a house has been on the market for several months, buyers will think there’s something wrong with it and decrease the chance of a sale, which forces you to drop the asking price to seek interest. Make sure your agent explains their reasons and provides statistical evidence to support their price estimates so that you can gain a better understanding of recent sales in the area and be able to gauge how your local market is currently performing.
It pays to be realistic from the start about what buyers will be willing to pay for your property.
Don’t… forget the styling of the property
A stylists task is to view the home & determine the ultimate way it can be improved in order to deliver the vendor the maximum return. Remember that their vision may be different to yours and it is a crucial time to be open to change or something a little different. It’s not about hiding the flaws, but simply highlighting the homes features-rather than having the buyers leaving the inspection with the weaknesses as their last impression.
Allow prospective buyers to visualise themselves living in your space by setting the stage-declutter, stick to neutral pallets, and avoid things that may distract the buyer from the most important thing-the space itself!
You can take care of a lot of these jobs yourself, but if you are looking to take it to the next level & gain a competitive market, definitely consider engaging a professional. They will ensure your home stands out from the others which will in turn attract the right buyers to your property.