Selling your home is easier said than done. There are many factors to take into consideration, and you must have knowledge and experience in every phase of the selling process to guarantee a positive outcome. Are you aware that you must have each and every document about your home in your possession? And this is only one of many parts of your preparations…
Of course, everyone has the right to sell his or her own property, but be sure you tackle any problems before it is too late.
So today, this article by ShBarcelona will focus on 10 risks of selling your own property.
Related article: Neighbourhoods with Increased Property Prices
Table of Contents
What to remember when selling your own home
1 Setting the right price is not easy
If you don’t have any previous experience selling properties, you might be focusing on the wrong (irrelevant or inaccurate) data when setting your price. This can eventually cause delays or complications during the sales process.
The state your property is in, recent renovations and – this may sound strange in Barcelona – whether there is heating for those cold winter days, are also important elements when setting a price.
2 Trusting inaccurate or biased data
This type of data could consist of, for example, the value of real estate objects in your neighbourhood, the maximum price for your home, or real estate prices that have been influenced by the latest news, indicating the number of mortgages is on the rise again.
3 A correct interpretation of data to know the real estate market
If data shows that more mortgages were granted last quarter, compared to the previous one, then this is not a piece of information to trust blindly. If it concerns the same quarter every year here, data might not be as relevant as you thought.
4 Don’t forget personal circumstances
It all depends on your personal situation whether you have all the time in the world to sell your home, or whether you are in a hurry to get that appointment with the notary to transfer the property.
If a speedy process is needed, your price should be more realistic and competitive. If time is not an issue, you can wait to see if someone is interested in buying your property at a slightly higher price.
5 Paperwork and legalities
Do not underestimate any of the paperwork that is required to sell your house, or the specific laws when selling a property. You do not want to commit a crime or make mistakes, as these could have serious legal or financial consequences.
6 Time for viewings
Many people are unaware of the many viewings that are needed before you actually sell a home. If you work hard every day of the week, you might not have the time, nor the energy, to happily show people your property.
Related article: 8 Advantages of Using a Real Estate Agency
7 First impressions last
It only takes a few minutes of your precious time to place an add online to sell your home, but don’t act to hasty! Focus on the visual aspects of your add, like taking good quality photos that truly represent your property, as showing your home’s best and most honest features will result in selling it faster and – probably also – at a better price.
8 Showcasing your home
If you want to sell your property, then you must make sure it is in perfect condition every time potential buyers cross the threshold for a viewing.
Don’t cut any corners and take care of a clean and tidy home, a house that smells fresh and nice, and doesn’t leave too many personal items in plain sight, like toothbrushes or medication on the bathroom sink.
9 Be careful who you let into your home
It is important to be aware that putting your house up for sale is not just an invitation for potential buyers to come and check out your property. It also attracts, unfortunately, people who are interested for entirely different reasons, like the valuables you have inside your home.
10 Skills to sell a property
Selling your home also requires several commercial skills, like informing potential buyers of the property’s characteristics (without too many personal stories), answering their questions on specific architectural elements and installations, or handling negotiations once you have received the first offer.
Would you be able to sell your own property? What do you think is most important?