People are often in for a surprise when they decide to sell their homes. The decision to sell can be time-intensive, demanding and emotionally taxing for many homeowners. Less-than-ideal scenarios might pop up while making a sale. You must always be well-prepared and be aware of the common mistakes you might commit while pitching your deal to potential buyers.
So, to make it easier for you, we have curated a list of 8 mistakes that you must steer clear of while selling your home-
Being emotional
Selling your house can be emotional, especially if it is your first residence. People often experience trouble keeping their emotions in check and face difficulty saying goodbye. Hence, distance yourself from the emotional aspects of your house. Prepare for the scrutiny you will face once your home is for sale. You must think like a salesperson and make a deal from an entire financial perspective. It can be a tedious process. But the chances of having a better and smooth transaction will be higher if you approach the sale of your house as a business deal rather than from an emotional state.
Not employing a real estate agent
The idea of selling your home without the assistance of a real estate agent can be tempting to many house owners because it saves commission. However, not hiring a real estate agent to sell your house is probably not a great idea, especially if you have no experience. A good agent will have more experience in the negotiation of home sales. Their in-depth knowledge of market value and contacts helps speed up the process. Experienced real estate agents know the local markets. They do more than just negotiations. Agents can leverage multiple offers to get the best deal.
Reducing expenses on listing photos
These days many buyers look for residences on online platforms. Hence cutting costs on photography is a terrible mistake. The absence of high-quality visuals of your home can reduce the buyers’ interest. Poor photos of your home reduce the chances of purchase. Clear and crisp photos must be taken in broad daylight without any reflections. Photos taken from a wide angle will give potential buyers an idea about the sizes of rooms. Video tours or a 360-degree view can further help you in enhancing your home sales.
Fixing unrealistic prices
The selling price you want and the market value of the residential properties in Mumbai can be two different things. Hence setting up an unrealistic price for your property is a mistake you should avoid at all costs. Over-priced homes do not sell immediately. Remember, potential buyers will always be aware of the market value. The key to a successful sale of homes is setting the right asking price. In addition, you must always be ready for negotiations. According to many surveys, underpricing your home can be an efficient strategy. It can generate extra interest in your listing. You can always refuse if the offer is too low or below your preference.
Hiding major problems
If you think you can make a sale of your property by hiding problems, then you are wrong. As a seller, you must be honest about the complications with potential buyers, even if these problems are not visible to the naked eye. Even after the sale, you could face a lawsuit if the buyer comes to know that you were aware of these problems and hid them conveniently for your benefit. Hence, the correct step is to disclose the details of the problems. Either fix the problem before making the sale and price the property accordingly. Otherwise, offer the buyer credit to repair the problem.
Initiating sales without proper preparation
These days home buyers expect ready-to-move-in conditions. The buyers want to picture themselves in the apartment they are moving in. Hence, the chances of immediate sale will be less if the property is unclean and cluttered. Buyers will be easily distracted if the house on sale is a mess. The first step while decluttering is to remove unwanted things from your property. Secondly, remove large-sized furniture that dwarfs the room as soon as possible. Closets and decor exhibiting the owner’s details should be cleared before buyers pay a visit.
Being unavailable and limiting showings
When a house is up for sale in the real estate market, you should always be available for contact. You cannot give inconsistent details to buyers because it will create an appalling impression. If you are preoccupied, then you must communicate accordingly with those who have an interest in sales. Moreover, if you limit tours of the sellable property, then the chances of immediate sale will be less. Even though selling your house can bring disruptions to your daily schedule, you must always keep it as a topmost priority. To avoid such disruptions, it is recommended to hire real estate agents because, in your absence, they can continue with sales.
Not having a proper and legal insurance policy
A common mistake people indulge while making home sales is not having a homeowners insurance policy. Having a homeowner insurance policy offers protection in case of legal trouble. For example, the potential buyer might get injured while visiting the property. This injury can lead to them suing you for damages. You could be held liable for the accidents caused on your property. Hence having a homeowner insurance policy is a safe step. Additionally, the chances of selling your home will increase if you have a home insurance policy. Without good home insurance, finding buyers is difficult. An insurance policy offering liability coverage, dwelling and content coverage is ideal home insurance that an owner must take before initiating a sale.