16 May 2023
Top Tips For First-Time Sellers
Growth is a factor that impacts every aspect of our lives. As we get older, wiser and more experienced, our needs and wants tend to change. The homes we live in often reflect our changing desires. Your first-ever property may have suited your needs in the past, but there's a chance you've outgrown it or will do so in the future.
When this happens, you'll be putting your home on the market as a first-time seller. Having no previous experience in the sales process, you might be wondering where to even begin. Here's what you should know about selling your first home and how you can make the process as streamlined and stress-free as possible.
- Determine your reasons
Determining your primary reason for selling your home matters, as it impacts the outcome you'll want to achieve from the sale. Your reasons can impact everything from your property's selling price and by when you need to sell it, to what you do with the money you'll earn. If you own a property outright, you can choose to pocket what you receive from the sale once you've paid any applicable loans, fees, or taxes to use as you wish. Alternatively, you could use the money to put down a deposit on another financed property.
An example of an urgent sales situation is receiving an urgent and lucrative job offer from abroad. In this situation, you may want to sell your property slightly below its market value for a quicker sale and faster access to liquid cash to use toward your relocation. On the other hand, you may be planning to start a family in the future but are still getting your finances and affairs in order. In this case, you can take time to find the perfect buyer and be more selective with the offers you receive.
- Determine your property value
Your next step will be to evaluate your property's value, as it's likely this has changed since you first purchased it. You can consult a third-party business offering property evaluations or work with an estate agent to do this. A comprehensive property evaluation can include a market analysis so that you set a realistic price for your property that's in line with inflation and other homes in your area. The Estate Agent can also advise you if there's anything you can do to improve your property for sale. For example, they may suggest you knock down a wall between your bedroom wall and bathroom to form an en-suite bathroom or add an awning to cover any cars parked outside.
- Find an agent
Using an agent to facilitate your property sale can save you time and effort by tasking them with the more complex tasks involved in selling your home. They usually do this in exchange for a percentage commission on the final sale price. In some cases, agents can facilitate your property evaluation, recommend how to improve your property for sale, and stage it for potential buyers.
When choosing an agent, make sure they comply with the Property Practitioners Act. You can also take a look at their social media reviews to see how others have found working with them.
To determine what level of support an agent can provide you and if this aligns with the percentage they expect to receive from the sale, you can ask them certain questions. These questions include if they have a track record of selling properties in your area, their ability to select the right target audience for your property, and the ability to market your home to others. The right agent should also be able to tell you how many homes they've sold, how long these homes have sat on the market, and how often they're able to get sellers their requested listing price.
- Make your home compliant
Having your home in top condition will prepare it for sale. Making your home suitable for sale includes ensuring it's in good working order and has been externally certified by a professional as fully functional. As well as being a legal requirement, having all the relevant compliance certificates can also prevent you from encountering sales delays or issues further down the line. You can acquire compliance certificates for your home's entomology, electrical, gas, plumbing, and electric fence systems.
- Stage your property
Once you find an agent to help sell your property, they can prepare it for visitors and open days. This includes removing clutter, improving your home's aesthetics, and visualizing what others see when they view your home for the first time. Improvements can include repainting walls; ensuring any garden space, plants, and flowers are neatly trimmed and pruned, or replacing any chipped or stained flooring. Don't forget about the outside of your property, as this is what buyers will see first.
You can consider having a professional stage your home, which is when they bring in decorations and accessories to make your home as attractive as possible and give possible buyers an idea of how they could make your home their own. Staging activities can include removing all of your personal items from view (like medication or family photos) and having a professional photographer capture your home for listing online on property sales websites.
- Make your next move
Once your property is sold, you may want to purchase another one immediately or some way down the line. Seeking assistance with this from a professional is suggested, as they can often help you secure the best package for your needs and financial situation. SA Home Loans can talk you through the options available to you and help you find the best path going forward. For more information, contact our team today at 0860 2 4 6 8 10.