It is crucial to take the time to plan and strategize when you are thinking about getting ready to sell your property. Here’s a comprehensive guide to help you prepare for a successful sale.
When getting ready to sell, consider the following:
Current Market Value
Before starting the selling process, gather insights into your property’s current market value:
- Research, research, research. This can be done online, or consult a property valuer, or seek opinions from local real estate agents. The market is dynamic at the moment, and the heart value of your home is not necessarily the head value.
- Understand both the advantages and risks of selling before or after buying a new property. The least risky is to sell your home first, and then buy a new property. Alternatively if you have found your dream home and not yet sold your home, talk to our advisers who could help you through a bridging finance loan.
- Determine if there are any time constraints and consult a lawyer for deceased estates or properties held in a trust, since this might have an impact on when to sell.
- Choose the best time of year to sell, considering factors like weather and property features. The four seasons in New Zealand are somewhat consistent and dramatic.
- Understand the potential impact of seasons on the property’s marketability.
- Theory is that Spring is generally a better “selling season” in New Zealand.
Communication with Your Support Team
- Regularly communicate with real estate agents, valuers, and lawyers.
- Discuss any concerns, questions, or recommendations throughout the selling process.
Continuous Monitoring and Finetune your Strategy Accordingly
- A dynamic market changes quickly, so keep an eye on the market during the selling process, since a couple of weeks can make a difference.
- Be open to adjusting and finetuning your strategy based on market trends and feedback.
Adopting the Right Selling Strategy When Getting Ready
Selling with a Licensed Real Estate Agent:
- They have skills and knowledge of your local market. Utilise this an use a local licensed agent.
- Generally you pay for advertising or marketing fees up front, and the commission is on settlement.
- You manage the sale process independently without paying a commission.
- Tasks include advertising, arranging open homes, and conducting negotitations personally.
Selling through Online Agencies:
- Explore different online agencies who offer marketing and/or legal documentation for a fee.
- Some agencies require upfront payments.
Finally, before deciding on any of the selling strategies, make sure you understand the terms and conditions of the chosen selling method.
Determining the Property Value
Knowing the current value of your property is crucial. Your home value can be ascertained through:
- Checking the GV/CV from the local council.
- Additionally, consider the sales prices of homes in the area that have similar attributes to your home. i.e. try not to compare a 4 bedroom house with a pool to a 3 bedroom apartment.
- Get a market appraisal from a real estate agent in the area.
- Opt to pay for property valuation by a registered valuer.
Consider Property Value Influencers
- Transportation Hub Proximity – Properties in close proximity to transportation hubs may experience an increase in value. The convenience of easy access can make a property more desireable to potential buyers.
- Improved Infrastrucutre – similary, properties close to a new highway exit or entry points become more accessible and therefore appeals to potential buyers or renters who place value on convenient transportation options.
- Economic and Business Growth – Improved connectivity atrract more businesses, services and other amenities. In turn, commercial and retail devlopments may spring up, contributing to increased job opportunities. This increases the diserability of the porperty and therefore the demand and a potential boost in property values.
- The Reduced Commuting Times become attractive to individuals how place shorter community time high on the priority list.
- Change in Community Dynamics – an increase of commuters and visitors could lead to changes in the commuity dynmacs. Some residents would appreciate the increased vibrancy and activity, however, the possible noise or congestion may be of concern to other potential buyers.
- Real Estate Potential Investment – investors may view new and developing areas as opportunities for real estate investment, anticipating future appreciation in property values as a result of ongoijng development and increased deman.
- Potential for Higher Taxes – as values increase, so to may the property taxes. Be aware of potential changes in tax assessments.
Consider what to Do to Get the Best Price
Careful consideration is required in budgeting to determine priorities and what tasks to avoid, so the essential question emerges: are major renovations worth pursuing, or should you opt for low-cost improvements, that yield greater value for a smaller investment, as outlined below?:
Major Renovations and Budgeting
- Consider major renovations carefully – sometimes the investment might not yield the return.
- Get advice from valuers or agents, before undertaking significant work.
- Focus on low-cost activities such as decluttering, cleaning, and minor repairs.
- Enhance street appeal by ensuring the property’s tidiness and inviting atmosphere. Cut your neighbours front lawn if you have to!
- Communicate openly with your tenant when selling an investment property. You do not want to lose both the sale and the tenant.
Get the Best Return on Minimal Investment
Regardless of the selling strategy you adopt, here are the most important “not negotiables” which do not need to cost an arm and a leg when getting ready to sell:
- Remove items that you do not use. “Less is more” rings true in this situation.
- Consider off-site storage if within your means.
- Tidy and organize cupboards, implying a well-maintained home.
- Use the opportunity to sell or discard unwanted items. You are likely to get rid of them when you move anyway!
2. Deep Cleaning
- Clean everything thoroughly; consider professional cleaning services.
- Carpets should be professionally cleaned for a significant impact, especially if you have had pets indoors.
- Professional window washing companies do an excellent job to clean those windows you just cannot reach.
- Keeping it clean is easier than the initial deep clean.
- Remove personal items such as family photo’s on the walls.
- Consider professional staging. Research shows that staged homes generally sell easier than those not staged.
- Paint over bold colours or dated wallpaper to appeal to a broader audience.
- Attend open homes to gather insights on effective presentation.
4. Street Appeal
- A simple house wash can make a world of difference to street appeal.
- Mow the lawns, weed gardens, and declutter the section.
- Ensure fences, and the front gate are in good condition.
- Consider a fresh coat of paint for the front door and add a pot plant for colour.
5. Touch-ups and Repairs
- Prioritize fixing issues like leaks, damaged walls, and broken drains.
- Have necessary documentation for property changes and improvements.
- Address smaller tasks like dripping taps, cracked windows, and lights not working.
6. Informing Tenants
- If the property is tenanted, inform tenants early about the selling process.
- Obtain necessary permissions for photography, open homes, and marketing.
- Consider tenant conditions regarding property access.
So, when getting ready to sell your property, careful planning, consideration of various factors, and strategic decision-making are all parts of the process. By understanding the market, determining the property’s current value, and making thoughtful preparations, you increase your chances of a successful sale. Whether opting for a licensed agent, private sale, or online agency, staying informed and seeking professional advice is key to a smooth and profitable selling experience. Implementing these steps will not only enhance your property’s appeal but also increase the likelihood of a successful and lucrative sale.
The successful sale leads to your ability to finance your dream home. Talk to Platinum Mortgages – we work with you, for you, to make this a reality.