If you are planning to sell your property you could find the whole idea a bit daunting. Yes, we all want our properties to sell at a good price and we want that to happen relatively quickly, but in the rush to sell it is possible to make some very costly mistakes. Here are some of the most common mistakes to avoid when you put your property on the market.
- Setting the price too high: Don’t only go with the agent who offers you the best valuation! It may well mean that you are dealing with an agent who is not very experienced or not very up to date with property values in the area. Have the valuation done by an expert agent who knows the area, and has a solid track record, and is more in touch with local property values. It is essential that the property is priced at fair market value before it will attract the right buyers.
- Turning down the first offer: While it could be seen as common practice to negotiate on an offer, turning down an offer when it comes your way with the hope that you’ll get a higher price is not always a good thing. The longer a property remains on the market the less offers you will get, so rather price the home realistically and seriously consider any offers made with an open mind.
- Not disclosing faults or problems with the property: Nowadays people are a lot more savvy when it comes to buying property and they understand the importance of having the property inspected by professionals before making an offer. If they are interested in buying and find out that you have neglected to inform them of problems that their inspector then turns up, they will lose faith in you, there will be mistrust, and the likelihood is that they will not put in an offer.
- Selling up before you are ready: If you are selling your home you must take into consideration that it could be an emotional thing to sell, and you have to ensure that you are selling for all the right reasons. Just jumping in and putting your home on the market before you are ready to move could be very stressful and you may end up regretting it later. Rather take the time to discuss it with family or friends to find out if you are selling for the right reasons.
- Performing an over-renovation: If you really think that some kind of upgrading is necessary, remember that you are only going to get value from certain upgrades, and usually the kitchen and the bathrooms are the only places where you should spend money. Don’t spend a fortune on modern fixtures and fittings throughout, they will not bring you the return on the investment you are looking for. Remember that the money you spend on renovations will not automatically translate into a price that will pay for the renovations. Stay within the worth of your neighbourhood!