We asked our estate agents aka your Leadhome property practitioners to answer your top property-related questions. It’s what we like to call #LeadhomeHomeHacks.
Is there a perfect time to sell?
We wish we could tell you there was, but unfortunately, there is no one-size-fits-all answer as to when to sell. A lot depends on your personal situation. The perfect time to sell is when you are serious about selling. Are you selling to reinvest the proceeds? Are you buying elsewhere? Are you emigrating? Downsizing? The timeline of these other events will give you an idea of when to start the sale process, which can take several months to complete. Whatever your reason for selling, do your research. Speak to a reputable property practitioner. The best ones, like our Leadhome estate agents, will help you assess your situation, by providing you with valuable information and market-related advice so that you may make an informed decision.
If I renovate prior to selling, will this increase the value?
There is a common misconception that you must renovate and upgrade your home to look like new before selling. After all, the more spiffy the place looks, the higher the selling value, right? But this isn’t always true. There is a big difference between fixing material defects, which you should do, and renovating. Defects reduce the selling price of a property as potential buyers are likely to price-fix them into their offer. Renovations, on the other hand, often come down to a matter of taste. The new fixtures and finishings that look appealing and valuable for one person may be ghastly and unsuitable for another. An expert estate agent knows exactly which renovations may add value and which will not.
Listen to our informative podcast on the topic below.
How should I best prepare my property for sale?
Selling a home requires a lot of paperwork, so it’s best to be informed. There are some costs that you as a seller will have to carry up front. If you are preparing to sell, acquaint yourself with what documentation will be required, when and what you’ll need to do to have it in place to ensure the sale goes smoothly. FICA documentation, electrical compliance certification, rates clearance and more will be required at some point. It’s best to familiarise yourself with what costs you’ll have to carry – such as the prepayments for rates and taxes, and levies. But don’t stress, our experienced estate agents will help guide you through this process.
How much is my property worth?
Although there are several self-service online portals that you can use to estimate the value of your home based purely on data surrounding your property, nothing compares to an experienced estate agent physically visiting and inspecting your property. Leadhome offers a free valuation with one of our local area experts. The valuation report you receive once we complete the valuation will include our estimate of the fair value of your home and a proposed figure at which it should be marketed to potential buyers. The valuation we provide combines the best of both worlds – data and physical inspections – and we set the marketing price based on what experience suggests will generate the most interest in your property.
Should I price my property higher to leave room for negotiation?
This might seem really smart, but it often backfires in the long run. A price that is too high could put off otherwise interested buyers from making offers and leave your property on the market for longer than it should be. The longer your property is on the market the less desirable it becomes to potential buyers, who have easy access to valuation reports, suburb trends and general information and who will easily spot an overly inflated price.
So, it’s in your best interests to price your property accurately and competitively from the get-go. During the valuation process, your estate agent will advise you on pricing and will negotiate on your behalf. One of the considerations that goes into determining a competitive price is your property’s value. Take a listen to the podcast below:
Another consideration is to know what comparable properties in the area have been selling for. Another still is to know what other properties are on the market at the same time as yours. It’s important to adopt a realistic approach based on data, to avoid pricing based on sentimental value or other emotional considerations. We know your home means a lot to you, but it’s important to consult your agent to make sure your listing price bracket is spot on.
Book a free valuation with Leadhome Properties now, call us on +27 (0)10 590 3088 or email us: hello@leadhome.co.za
