Speed Up The Sale
A handy guide to ensure that the sale of your property does not become a long-drawn process.
Selling a house in a sluggish real estate market can be frustrating. All your efforts to meet the perfect buyer willing to pay the right price may not yield the desired result. Here are a few points to keep in mind to speed up the process of selling your house, while retaining your share of the profi t.
The price of the property is what attracts or deters the buyer. So, pricing it right is important. Look at other properties available for sale in the same area, ask around, and then come up with an asking price.
Overpricing or under-pricing a property can delay the selling process to a great extent. "It is best to avoid overpricing, since the property may then take longer to sell or fail to fi nd a buyer, thereby infl ating one's overall costs, including maintenance," says Vineet Relia, Managing Director, SARE Homes. "The fastest way to fi nd a buyer is to sell at a 5 per cent discount vis-à-vis the market price - a fact often apt in the case of property purchased through a loan," adds Relia.
Offering a discount may not seem lucrative, but it would only be a notional loss, since holding on longer to a property entails ongoing maintenance costs, which will undercut the higher price one receives by selling the property six months later or a year down the line.
PATCH IT UP
If the house is old, it is best to have it painted and refurbished to garner a better price. Painting the house, getting the broken cupboards repaired or changed, if needed, will add value to your property. Also, more buyers will be attracted to the property if it is in a ready-to-move-in state. But do not overspend on renovation as it will add up to the cost of the house without offering much value to it. Just the basic repair work should help.
GET GOOD AGENTS
Agents have a better grasp of the market and have a network that will help in selling a home faster. "Do not fall for the property dealers' yarn that telling too many will undercut the price of your house. They do this simply to increase their chances of selling your house," says Relia.
Consulting with brokers who work in the same area will give one an understanding of the price that other homes are being sold at. But you should be wary of who you are dealing with; do not trust an agent blindly. Under no circumstances should you hand over any original documents or even photocopies, unless the situation demands so (in the case of photocopies). "If a sale is materialising, insist on meeting the customer directly so that there is transparency for both the buyer and the seller. Often, buyers and sellers both come to grief when dealing via unscrupulous agents," says Relia. TIME IT RIGHT
It is important to be mindful of the health of the market. In the current market, it could take between six months and a year to sell a house. Properties sell faster and attract better premiums during a boom cycle. The right time is best decided as per one's circumstances and needs. "An under-construction property will attract a lower premium, while a readyfor-possession home would sell at a higher rate," says Relia. Holding on to a property till it is ready may not make sense if there is a home loan taken, since each successive month will entail additional EMIs; and waiting in a down market could run the risk of lower rates at a later date. KEEP DOCUMENTS READY
All the documentation/ papers of the house should be in order before you embark on selling. If the buyer avails a home loan, the lender's legal department does a thorough check of all the paper work; missing papers can cause the sale to be delayed or denied.