If your current property isn’t quite meeting your needs, it may be time to sell your home and find a new property that fits your lifestyle better. Whether you’re going bigger or smaller, urban or rural, here’s what you need to know about selling a house.
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, here are eight steps to 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 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? An ANZ Property Profile Reportdisclaimer could give you an idea of what to expect. The best part? It’s free.
Work out a detailed budget ahead of your next property transaction. Break down the costs of selling your house, as well as upfront costs of buying a new property. Make a funding plan showing you can afford it.
Typical costs incurred in selling a house may include basic maintenance and repair costs, marketing and agent fees, legal fees and lender fees. Many vendors make the mistake of underestimating the costs. Find out more about the typical costs of selling a property so you’ll know what to expect.
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.
Consider a deep clean, basic maintenance like a fresh coat of paint or landscaping and minor repairs to prepare your home for sale. Your real estate agent might be able to help with styling tips or staging to help you present your property in its best light.
5. 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 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 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.
Generally, your real estate agent will manage your promotional campaign. 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. If the offer is acceptable and 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.