Selling a house can be a monumental task. Despite the advances in virtual fora and online platforms where you can simply post the best of your house pictures and the choicest of details, the downside is that there are several others doing this too. Homebuyers have access to numerous real estate based websites where nearly countless properties are listed. The buyers are bombarded with choices and your listed property could simply be scrolled away at the click of a button. Your house as immovable as it is has got to keep the prospective buyer’s eyes from moving away!
The one thing going for you is the homebuyer’s need for a house and if your house fulfills the criteria, they may very well spare it another glance. That is where the posted pictures and details of the house come in handy. It is not every day that people come up with brilliant quotes like “A picture speaks a thousand words!” In some cases, appearances need to be kept. This article seeks to provide some tips to get that house of yours sold and provide some answers to some important questions.
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How do I sell a good house?
Your house is a valuable asset that if sold in the right way and at the right price can yield the funds that can be invested in other lucrative assets or can be used to purchase a new house itself.
- For the initiation of this transaction, you need to make all the homebuyers out there aware of the fact that your house is on sale!
- Registering and posting your house on various property websites is a good start. Select the ones carefully that have heavy traffic of homebuyer users.
- Hire a good photographer if possible to take the best pictures possible of your little Heaven on Earth to make it look as attractive as possible.
- Make sure to provide all the details, especially the best ones related to the characteristics, features and other benefits that come with the house like a parking space, swimming pool etc. to attract buyers to your house like bees to a flower. Also, mention the value you expect for your property with the price per square feet.
- Your house may require a makeover. A little fixing, repairing and modification to make the house presentable can go a long way when wooing prospective homebuyers.
- However, the changes made should not only be cosmetic but should be made to better the house overall.
- You can hire a real estate agent who can get in touch with prospective homebuyers and get them interested in your house.
- An estate agent will also help you negotiate a good price for your house.
- An estate agent may charge a considerable commission but his/her services are useful if you are selling your house for the first time as inexperience may cost you.
- If you choose not to hire an agent then make sure you get your research done to the last and finest of details. Find out where your property stands in the market to determine the price. Since you do not have the services of an agent at your disposal, advertising your property is in your hands.
- You can start with social media. If you are an active social media user you may have a number of connections that you can use to get the news out about your house on sale. You can also seek references from your kith and kin about prospective homebuyers.
- When it comes to the main transaction, an effort to keep all the required documentation in order goes a long way to shorten the duration of the sale of the property process.
- A receptive attitude instead of a confrontational one can also help you in the negotiation stage of the transaction as it can effectively prevent the emergence of contentious points.
- When it comes to disclosure about the history and problems of the house, you may be tempted to cover up these details and in extreme cases even fabricate material. It is strictly advised that you do not do this because this may be construed as fraud or cheating and there are provisions under the Indian Penal Code, 1860 to punish these offenses.
- Once you have completed the transaction with the buyer ensure you have a foolproof sale agreement drafted that contains the details of the property and the transaction, the details of the buyer and seller, the price so on and so forth. Once you complete the registration process effectively transferring ownership of the property and all the rights therein and have received your consideration for the property, you have successfully completed the sale of the property.
What to fix before selling a house?
Before selling your house, you need to ensure that your house is in the best possible condition to ensure the resale of property is smoothly done.
- Painting the house gives it a good appearance and in the process ensures that any superficial defects in the walls are detected and possibly even removed. This attracts buyers who will turn interested to buy your property.
- Fixing the exterior look of the house is very important because the sight of prospective buyers happens to fall on the exterior of the house first. If the impression made is not a favorable one, buyers may be discouraged from buying the house.
- The kitchen and bathrooms are significant portions of the house that require fixing in case of faulty plumbing and some serious cleaning to be done if needed. A renovation of these portions should only be undertaken if you believe you can recover the money from the sale. However, thorough cleaning and minor repairs can go a long way to making a good impression on buyers.
- Also, fixing of lighting and electrical wiring needs to be undertaken if you find it too worn out or faulty. Electricity is one of the most important facilities used in a modern household.
- Fixing minor things like squeaky doors, cracks in doors, locks etc. should also be done. In case of an inspection done by buyers, they should not be deterred from buying a house by these small but noticeable defects.
What should you not fix when selling a house?
These are the things that you should not fix when selling a house. And yes they can make a major difference.
- Redoing the entire kitchen or renovating the entire space may not be required. Your kitchen may seem like it belongs to another age, but these days homebuyers are interested in taking an active part in the remodeling of the house and especially the kitchen to suit their utilitarian and aesthetic requirements.
- A major renovation is another bad move. As an extension of the first point, homebuyers have certain dreams and emotions attached to the first house they seek to buy. They might want to do the house their own way. Also, a major renovation may be a financially expensive move.
- Also, if you have decided to paint your house, you do not need to go out of your way and pick the flavor of the season! As the term suggests, the flavor (trend) lasts only for a season and then moves over to give way to another. Let the homebuyers be in charge of interior designing. Do not make any kind of renovation that isn’t visible to the buyer. For example: Replacing water pump, electrical wiring, flooring, etc.
What are the various marketing techniques and documents to be kept?
Various marketing strategies include:
- You have to identify your target market.
- Prepare a budget for marketing activities
- Using social media and online portals to promote the sale of the property.
- Engaging efficient real estate brokers and publishing the sale of the property in real estate magazines.
- Engaging in price-per-click form of advertisement.
- Using television, radio, and newspapers for advertisement purposes.
Various documents needed for real estate transaction:
- Sales and title document
- Sanctioned plan
- Commencement and Completion Certificate
- Possession and Occupancy Certificate
- The property Link documents and the Mother deed
- Khata Certificate
- Mutation Certificate
- Encumbrance Certificate
- Latest Tax Receipts
Selling a house is a time consuming and tiring process. It requires a great deal of patience and a little of all that you have learned in life to fulfill this mission. But, if the sale is successful, the rewards are substantial that allows you to invest the proceeds in other investment options that may yield handsome returns or purchase a new house.
Therefore, take a good measure of effort to ensure the success of the sale of your residential property. Measures like minor improvements, fixing of small defects and thorough cleaning can make a good impression. Understand the mentality of the homebuyer from your past experience as a homebuyer if possible. Establishing rapport with a prospective buyer can help create a win-win situation for both sides.
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