Must-Dos for First Time Home Sellers

If you have moved houses more than once, trading your previous house for a new one, you already know the challenges involved in both, buying and selling a house. If you are a first-time seller, beware these pitfalls, for selling a house can pose challenges you did not see coming.

Prepare your home for the sale

First impressions count a great deal with homebuyers purchasing resale properties. A fresh coat of paint, minor repairs to fix leaky faucets and pipes, broken doors and windows, and peeled plaster. Major repairs like fixing damaged flooring, walls and seepage points improve the look and feel of the property and reflect positively on your ownership and care.

Pay special attention to bathrooms and kitchen as they are important factors in determining the saleability and price of your house. In damaged condition, these areas reduce the attractiveness of the property in terms of physical condition and aesthetic. Buyers tend to calculate the burden of potential repair costs and discount these from the sale price.

All things considered, a well-kept, presentable property increases its appeal and sale price. Repair costs can be justifiably added on as premium to the market price.

Advertise effectively

Make sure you advertise your property on multiple online platforms. Spread the word among friends and family, and post your sale details on social media as well. Online advertising gives your sale property greater reach in terms of being viewed by a greater number of people and cover across a larger footprint than you can physically cover.

When advertising on online platforms, make sure you post clear, high-quality photos of your house. Use a professional camera or hire a photographer for the job. It will be worth the price considering the greater share of eyeballs well-taken photos will get you. Describe the property as accurately and with as much detail as you necessary, and highlight features like power back up, clubhouse, garden, open space and such amenities where available.

Price your property right

Follow market trends and back it up with your own research when deciding the sale price. Research current trends – is it a good time to sell, is your location in demand, do other properties in the neighbourhood fetch a premium, what is the current sale price in your building, complex or immediate neighbourhood? Ask yourself these questions and do the research and legwork it takes to determine the right price for your property.

Do your best to get the price right the first time you list. Overpricing or underpricing will make it difficult to optimise sale value. While underpricing will lower your returns, overpricing, especially when the market sentiment is low, will make it difficult to find buyers our put your property out of reach for most. You may, consequently, end up spending considerable time and effort, and undertake multiple price revisions in pursuit of the right price and buyer.

Engage a broker

If you find yourself without the time or inclination to take the trouble of showing your house to every interested party, or prefer the human touch instead of online transactions, hire a broker or agency. Identify a good broker or agency through your own thorough research.

A good broker can handhold you through every step of the process. The broker will not only save you a time and effort, but also help with negotiations, paper work, legalities and finer nuances of the transaction.

Stay on top of paperwork

Firstly, make sure you are aware of the paperwork and formalities involved in the sale of property. A variety of documents from the original seller or developer, and civic, legal and housing society authorities, such as letter of allotment, sale deed, approved building plan and occupation certificate, housing society share certificate, no-objection certificate and letter committing no outstanding dues are all crucial documents.

Keep this paperwork handy to avoid unpleasant surprises, and ensure that the deal closes faster and smoother. In addition to sale documents, keep proof of prior purchases, property tax receipts and major installations and utilities in the house. If the property is under mortgage at the time of sale, speak to your bank in advance about documents and procedures involved in the sale and mortgage transfer if you are moving to a mortgaged property, or the buyer seeks finance to purchase your property. It is also advisable to decide your payment terms with the buyer beforehand.

While you’re here, we suggest more insightful reading, latest news and research-oriented stories like  Month in Review: Record-Breaking October for Real Estate, Did COVID Hit India’s Housing Market? You’ll be Surprised., Statsplained! What Homebuyers Preferred in 2021.