Mistakes to Avoid While Selling Property In India
Half the battle of selling property in India is anticipating problems before they are available up. Selling a house is a serious life milestone, and it is often complex once you consider all of the steps involved: preparing and property listing; making repairs; finding a buyer; navigating the closing process finally moving into your next place. The consequences of an error can impact your finances and most significantly, your peace-of-mind. We understand the challenges many of our customers face, especially in slower markets. These are a number of the foremost common mistakes you ought to avoid when selling a home.
Selling property in India a house comes with some big fees, most notably an inventory agent’s commission, which may easily run within the tens of thousands of dollars. It’s no wonder some homeowners want to plug and sell their homes on their own! But the (for sale by owner) (FSBO) route is more complex than many are prepared to tackle. Let us discover the most common mistakes homeowners make when trying to sell a property without an agent so you can avoid them and have a more successful experience.
Before attempting to sell your home, be aware that FSBO homes typically bring less profit to the seller than homes that are listed and sold by a real estate agent because those pros have a larger network, better advertising and, a stronger sense of market value. The National Association of Realtors (NAR) claims that not only do FSBO houses sell for less than similar homes but also they can also remain on the market for a longer time before they sell.
2.Underestimating the costs of selling.
The total cost to sell a home can amount to much more than the 5-6% in agent commissions most people expect to pay. When you account for closing costs, repairs, and other concessions to the buyer, the costs of selling can be closer to 10% of the sale price.
For example, if you progress into your new home before selling your old one, you’ll need to rent a short-lived place or buy both mortgages also as other carrying costs.
Also Read: How To Prepare Your Home For Sale
3.Selling an unrealistic price.
The price you want and what the market will pay can be very two different things. You might hear the term Fair market price, which refers to how a house is valued when both the customer and seller are reasonably intimate with the property and neither is under any pressure to shop for or sell.
You may have a general idea of what proportion your home might be worth supported homes with similar sizes and features that have sold near you. These comparable sales are what many real estate agents use to suggest a listing price. The challenge is that no two comparable sales are the same so you would need to account for each difference between home features to be accurate. This is often called making adjustments because it is quite taxing to do it manually.
4.Choosing the wrong agent to sell your property.
If you select to figure with a true realtor, confirm you decide on an agent who has your best interests at the bottom. Some agents charge a flat fee, while others charge a percentage of the sales price, usually 5 percent. Sellers can negotiate the commission.
You may also ask potential agents about:
- Their marketing plan for your home
- Whether they require you to sign a contract with them and for how long
- Their negotiation style
- How often they plan to communicate with you
- If they need any current listings which may compete with yours
At the top of the day, you would like the house selling process to be as smooth and painless as possible. Thinking about all the items which will fail could be overwhelming, but remember that knowledge is power. Now that you are aware of some common mistakes to avoid when selling your home, you can be more confident when something does not go as planned.
Also Read: Process Of Selling a House In India