You’ve decided it’s time to sell your home. You want to upgrade to a bigger property, a better location and/or somewhere with more desirable features.
Where do you start?
Start thinking about whether you want to buy or sell first. If you’d prefer to buy your next home before selling your current home, bridging finance may be an option while searching for your next home.
Either way, there are eight chronological steps in the process of selling your current home:
1. Decide to do it
The first step is always making a firm decision to sell your home to buy another better suited to your financial, geographic and/or lifestyle needs.
Sometimes this takes years of contemplation. Sometimes a decision to sell is made soon after a life-changing event.
2. Make a budget
It is important to have a clear view of your financial position. What’s your house worth? How much money do you need to buy your next home?
Work out a detailed budget ahead of your next property transaction. Break down the costs of selling your house, as well as buying costs. Make a funding plan showing you can afford it.
3. Get your home prepared
Buyers often decide if they are interested in a property within minutes of first sighting. Make sure your home’s first impression is positive by getting it looking its best before it goes to market.
For detail on how to do this, go to 5 steps for getting your home ready for sale.
4. Engage an agent
Choosing a real estate agent to promote and sell your home is one of a vendor’s biggest decisions. A hard-working agent may produce a stronger sale result.
You may consider asking a number of different agents to appraise your home before appointing your representative. It could for instance be worthwhile looking into each agent’s recent sale results, reputation, marketing plan, proposed method of sale and if your personalities are compatible.
5. Engage a legal representative
Selling your home is a legally binding transaction. Most vendors engage a legal representative with experience in property conveyancing to work on their behalf. This person may provide assistance in reviewing the sale contract and reviewing buyers’ written offers.
6. Get building/pest inspections and valuations
If you are selling your home at auction, it is an unconditional method of sale, therefore prospective buyers may bid with greater confidence if they can review building and/or pest inspection reports ahead of the auction.
Independent valuation reports to support your home’s advertised price may also boost buyer demand.
7. Tell the world
The more people who know your home is for sale, the better its chance of finding a new owner. It’s time to launch your promotional campaign with gusto.
Popular real estate media include portal video links and print advertisements, street billboards and agency window signage.
8. Negotiate a sale
Your home has found its market. Your agent presents a written offer on the contract at or above your desired sale price. If you have already bought your next home you may seek a short settlement period so you can move as quickly as possible. If you plan to buy after selling, you may opt to negotiate a longer, 90-day-plus settlement period.