A must-have checklist for a first time home seller
Where do I start if I want to sell my property?
Selling your home (or investment property) can seem pretty daunting when you first start thinking about it.
At Elanora Realty, we genuinely understand that a lot of work goes into researching and actually making the decision to sell. So, with that in mind, we wanted to make life a bit easier for you by preparing this quick checklist to get you started.
Step 1: Deciding to sell
The decision to sell is about more than finances and convenience, there is also an emotional element that can make it difficult to reach a decision. It’s also very important to choose the right agent who has in-depth knowledge and experience selling in your local area.
What are your goals?
At Elanora Realty, we want to get to know our sellers to understand the emotional elements as well as the practical aspects like whether this is a good time to sell and the type and value of the property that you own. Or, if you are looking to purchase again and in what location.
We see our job at this stage as providing the best and most up to date information so that you, the seller, can make the right personal decision. We also give advice on what to do to present your property’s best features to obtain the highest price.
Step 2: Property Preparation – Getting your property ready to sell
Clean thoroughly and don’t be shy to invest in professional cleaners (especially if your property has been tenanted) as they can take the pressure off and really make your home sparkle. Buyers will always scrutinise kitchens, bathrooms and wet areas so pay particular attention to these.
Step 3: Research, research, research.
Potential buyers will know the local real estate market inside-out, after a few months of house-hunting. As a seller, it’s important that you are just as familiar with local market sales.
Step 4: Choosing the right real estate agent
Suggestions from family and friends are a good place to start when it comes to choosing an agent but always make sure you have at least two appraisals with information on how they intend to advertise and sell your home.
Step 5: Choose a legal representative
It’s best to choose a legal person from the very start. By choosing an independent legal representative – a solicitor or conveyancer you will have access to all the legal advice that you need during the course of selling and also when a contract of sale is presented.
Step 6: Consider all your costs
There are a number of other costs to consider in your overall budget. Don’t forget to include:
- Marketing, photography, online portals
- Body corporate disclosures, title searches
- Moving and / or storage costs
- Necessary repairs that are required prior to selling
- Legal fees. Obtain quotes for a selling conveyance
Step 7: Decide on your contract and settlement terms
Make sure you let your agent know what terms you would prefer such as time frame for selling and settlement date. Settlement periods can vary from 30 days to 90 days or longer. Deciding on your settlement date is a matter of balancing your financial needs with your capacity to buy your next property. When you decide to accept an offer, you can negotiate terms and timings to suit both you and the buyer.
Final Tip: Do I need to pay stamp duty when I sell?
Many sellers mistakenly think they need to pay stamp duty as part of the process of selling. However, the good news is you don’t need to pay stamp duty as a seller, only as a buyer. Win!
Looking for a bit more info? Check out our complete home sellers guide eBook.
