Almost everybody who sells real estate comes to the market sooner or later. Most of them have unrealistic expectations. You may suffer heavily than others while selling real estate properties if you don’t follow the established rules & regulations. You can also experience disillusionment in the industry if there is no proper homework done before selling your property. In order to gain the maximum benefits in real estate deals, you need to contemplate some important questions yourself. Have a look at some of them.
What Should be the Cost of My Property?
In order to sell your apartment quickly and profitably, you need to evaluate its price as accurately as possible. It is a significant step to make a deal. But, it is a very difficult job because of the involvement of an accurate statistical picture prevailing in the market. You can contact experienced realtors to calculate the cost of your property easily. Those who are not ready to go to a real estate agency must perform the property cost evaluation task carefully.
Always keep in mind that the value of your property is largely determined by the standard of living around it. The richer your neighbors are, the more expensive your property will be. Also, legal cleanliness, residence area, location, the technical condition of the property, engineering networks (heating, electricity, gas, plumbing, sewage, Internet), Infrastructure around the house (driveways, shops, schools, kindergartens, hospitals, etc,)- all affect the cost of your house greatly. Keep all these factors in mind to sell your property at a profitable price tag.
Documents Needed for Selling Real Estate Property
In order to sell a property, you need to present the following documents before buyers:
Letter of allotment
This document is necessary to confirm the allotment of the property to you from the relevant authority.
Sale Deed
It is a contract which confirms the transfer of ownership from the seller to the buyer. The seller facilitates the transfer of goods to the buyer along with all the accessories and documents. The buyer promises to pay a certain amount for the purchased property.
Sanctioned Plan Certificate
Get a copy of the approved building plan and occupation certificate issued by the government agencies.
The absence of property tax arrears
Every property owner is required to pay taxes for it at the right time. If he doesn’t do so, there may be a large debt against their property. So, before selling your house, you need to show the certificate that indicates the absence of property tax arrears.
Sale Agreement
It is made by the buyer and seller in which they agree on the main terms and conditions of the transfer of property.
Should I Repair My Property Before Selling it?
Always keep in mind that not all potential buyers are ready to repair the house immediately after purchase. It is unfeasible for those who buy an apartment at the same time as selling their own, as well as, for those who have invested in all their savings in the purchase of real estate and got into debt. In such cases, people prefer apartments in which they can enter immediately.
So, it’s your responsibility to make your property seem highly profitable for potential buyers. Always remember that selling an apartment is a rather complicated process as buyers are always picky and will reject the offer if your real estate property is not ready. So, check all water supply devices and eliminate all possible leaks and their consequences.
Also, clean rust stains, dark fungus stains, and mildew treat with antiseptic solutions, dry and paint. Fix visible problems with pipes & erase spots on the ceiling if you have ever been flooded by the neighbors.
If the redecoration was carried out more than 3-4 years ago, it’s better to repaint the wall. Wallpapers do not have to be of high quality and expensive- the budget paper is perfect. It is better to choose light neutral colors (beige, light grey, sand) without a large bright pattern to make your apartment will look more spacious and lighter. If the flooring is very old, upgrade it before selling.
How Must It Cost to Sell My Real Estate Property?
Selling your real estate property can be an expensive affair. There are different factors involved in it. Some of them are:
| Expense Details | Cost to Sell Your House |
| Realtor’s commission | 6% |
| Staging home preparation costs | 1% |
| Seller concessions | 1% to 3% |
| Repair costs | It is based on the inspection and the actual condition of your house. |
| Closing costs | 1%-3% |
| Total Cost | An average of 10% of the selling cost |
Should I Use a Real Estate Agent to Sell My property?
A real estate agent acts as an intermediary between a seller and a buyer. They participate in a transaction at the request of one or both parties to the sale and helps them make a mutually profitable deal quickly. No mandatory participation of a realtor is required in the transaction. If you need an assistant in selling your property, hire a real estate agency. If you consider yourself a literate person, you can do it yourself. But, be careful while choosing a real estate agency as many fraudsters are in the market with a sole intention to deceive people and mint money through fraudulent activities.
The Role & responsibilities of a Real Estate agent or Company
To check the legal status of the house, helps the seller to collect the necessary documents for the sale of the property, carries out the assessment and pre-sale preparation, makes the terms and conditions of the sale agreement as per the existing law, supervise the transfer of one party to another, controls the transaction of funds.
Advantages
They save precious time and energy. They make all arrangements required for the sale of the property, they reduce legal risks, full compliance with legal nuances with regard to the sale of a property, individual approach and protection of the client’s interest in the best way.
Disadvantages
Services of a real estate agent or company are expensive. Generally, they ask for the 5% as fees for the transition made between the buyer and seller. It is a big amount for many people, sometimes, the services of real estate agencies are not as good as expected. There are many real estate agents who are not authorized to perform the task. Such a person can land you in legal troubles or case a great financial loss by making incorrect recommendations when you sell your property.
How Does a Home Inspection Work?
When you tend to sell your property, buyers request a home inspection. With this move, they check your claims, explore the features of your house, and decide whether they should buy it or not. Keep your house up-to-date and give the buyer inspector access to the home to conclude the deal quickly.
Final Words
Selling a real estate property is a complicated and painstaking process. As all sellers want to sell their properties with the maximum profit margins, they need to conduct some preparatory works in advance. This will help them to showcase their property to buyers with full confidence, answer critical questions, and make a transaction quickly. Best of Luck!
