Whether you’re looking to downsize, upsize, or are simply in need of a dire change of scenery, there are a number of reasons you might be looking to sell your home. The truth is, knowing how to sell your house successfully can be difficult. Should you use a real estate agent? What are the costs associated with selling your home? When is the perfect time to sell? These considerations are important, and all play a huge role in achieving a successful sale.
The truth is selling your home can be one of the most important financial decisions of your life, but thankfully, it doesn’t have to be one of the most stressful! Today, we share 6 top tips that every homeowner needs to know in the lead-up to settlement day, so read on to find out more!
Selling Your Apartment
1. Understand What It Means To Sell Your Strata Property
When you choose to sell your apartment (aka strata title), it is vital to keep in mind that you are selling one piece in a larger Body Corporate with its own rules, regulations, and expectations. As such, you must keep in mind several important factors to ensure a successful sale. Generally, the contract of sale for a strata property is completely different from that of a Torrens title property, and using the wrong format will void the contract completely. Furthermore, it is important to keep in mind that prospective buyers will not want to get involved in a body corporate that mismanages finances and/or wastes money.
To ensure that this is not the case (and to provide assurance to potential buyers), we recommend collecting and providing detailed reports on the finance and operation of your body corporate prior to making the decision to sell. The truth is, all of this information can quickly become overwhelming and entirely confusing. As such, the best thing you can do to avoid potential confusion or delays is to consult with your body corporate strata group as soon as you make the decision to sell.
2. Research The Current Status Of The Property Market
At the end of the day, no one wants to make a loss on the sale of an apartment. This is why doing some in-depth research on the current status of the property market in your area is vital. There are numerous websites that can offer suburb specific market reports and you can also get a formal valuation from a qualified valuer, though this will incur a fee. However, we believe that the costs outweigh the benefit as you will be much better equipped to know exactly what to expect for your property based on the current market. Ideally, you’ll want to sell your apartment at a profit, but on the flip side, asking for too high a price may result in your property sitting on the market for months.
Moral of the story:
While you may never be able to perfectly time the market so that you sell at the peak, it can be incredibly helpful to be fully aware of the market climate to understand what you may be able to sell for and whether it’s the right time to do so.
3. Sell It Yourself Or Hire A Real Estate Agent?
Another key decision to make when selling your partner is whether you will be undertaking the task yourself or delegating it to a real estate agent. Many people choose to sell without a real estate agent in order to avoid a realtor’s fee. By acting as your own agent, you effectively cut out fees and commissions that would otherwise subtract from your profit. However, one of the downsides of selling your apartment yourself is that even if you have the experience and the resources to do it alone, doing so can be expensive and really, really time-consuming.
On the flipside, real estate agents sell properties for a living and their wealth of experience can be invaluable. A good agent will also be able to offer helpful recommendations on how to improve the appeal and presentation of your home to achieve the best sales results. They will also have insight into your local area, including trends and demands for the styles and features most popular with buyers in the current market. At the end of the day, there is no right or wrong answer and the decision falls entirely upon your personal preferences. Be sure to do your research and weigh out the pros and cons before making your final decision.
Learn more about selling your property without a real estate agent here.
4. Consider Making Upgrades & Improvements
If you are looking to sell your apartment for a decent profit, making quick and affordable upgrades to your home is a great way to increase your resale value. This is especially helpful within a highly competitive market, where it is always a good idea to ensure that your house is well-prepared and looking its best. Be sure to make upgrades that will appeal to a wide array of buyers in order to increase the chances of selling your apartment at an attractive price.
Some simple upgrades and renovations include splashing on a new coat of paint, updating lighting fixtures, replacing worn carpets, cosmetic upgrades to the kitchen/bathroom, and getting your plumbing and electricals checked. However, with that said, it is important to ensure that you strike a fine balance between getting your home ready for sale and overcapitalising with upgrades that won’t see a return on your investment. Generally, the ideal renovation budget should be about 10% of your home’s value if you are looking to sell.
Explore the 5 most profitable improvements to make before selling your home in this article.
5. Prepare Your Budget
First and foremost, it is important to understand that selling your home is an expensive process and there are no two ways around it. In addition to realtor fees (should you choose to use an agent), you will have to take into account how much you will need to produce mailouts and brochures, place advertisements in local newspapers, and list them on major real estate sites. On top of this, you will need to hire a conveyancer or solicitor to compile a vendor statement and there will also be costs associated with the settlement of the property, such as mortgage discharge fees. If you are selling your property for a profit, you will also need to consider capital gains tax.
To ensure that you haven’t bitten off more than you can chew, it is imperative that you prepare your budget well in advance to avoid any nasty surprises. Find out more about the costs associated with selling your apartment here.
6. Prepare Your Home For Open House
Last but not least, now that your home is in tip-top condition, it is time to show it off to potential buyers. Open houses are a great way to show your home to the widest number of potential buyers and can help you sell your home faster and fetch a better price. To prepare your home for its grand showcase, it is important to ensure that it looks as presentable as possible. This means cleaning up, getting rid of junk or clutter, and styling your home to a tee. Depending on your personal preference, you may also want to consider professional home staging. At the end of the day, potential buyers want to see a home they feel like they can move into. Make sure you follow this inspection day guide to cover every base when it comes to cleaning and setting up for the open home.
And there you have it — 6 must-know tips and tricks for anyone who is looking to sell their apartment in 2023. With a little planning and know-how, you’ll be well on your way to making the sale of your dreams. All the best!
Do you have your own experience in selling an apartment or property? We’d love to hear more about it, so be sure to leave your thoughts in the comments section below!