Are you considering selling property in NSW?
We’ve formulated a quick guide to selling property – everything you need to know and consider, right here.
Know your “why”.
Why are you selling?
– Have you outgrown your home?
– Do you want to move into a better area or closer to work/school?
– Is your home getting too old and you simply want an upgrade?
– Are you downsizing?
Knowing your “why” will help with the research phase of your selling journey.
– How much do you need for your next purchase?
– How much are homes in your area selling for?
– Is it a buyer’s or a seller’s market?
– How much competition is out there?
A quick internet search will help answer some of these questions. Meeting with a handful of agents and making some initial enquires is also beneficial.
Once you decide to sell your property, you will need to choose a solicitor.
It’s a good idea to let your solicitor know about your intention to sell even before you appoint a real estate agent.
Legally, your residential property cannot be marketed for sale without a draft contract in place. Your solicitor will need to organise searches and enquiries to finalise the contract, which does take time.
When deciding on a solicitor, make sure you get an accurate quote on what the conveyancing cost will be. Some searches and enquiries are mandatory and sellers are sometimes not told about these hidden costs.
A cheap upfront price can end up being much less competitive once all the added extras are taken into account.
Don’t settle for a generic price. Each property is different and may require more or fewer enquiries than another type of property.
Now it’s time to choose an agent.
We recommend you meet with multiple agents. It’s certainly not a “one size fits all” decision.
Different agents charge different commission and deliver a different level of service. Some agents specialise in rural property, others in luxury properties.
It’s important you choose the right one for you.
Factor in all expenses.
It’s important to factor in all possible costs to selling property.
We’ve discussed agent’s fees and legal fees, but there may also be:
– cleaning costs;
– home loan refinancing;
– capital gains tax.
The list goes on. Speaking to a financial advisor may be beneficial to you.
Are you selling to purchase another property?
Consider the timing. Should you purchase first or sell first? If you sell first, where will you live?
If you are selling to buy, our free ebook “A Complete Buyers Guide to Purchasing Property in New South Wales” is a must read.
Can you increase the value of your home?
It’s important to remember not to over-capitalise when selling property. But there could be some inexpensive things you could do around your home.
Minor improvements could increase the value, make it stand out from the competition or seal the deal for a prospective purchaser.
This blog titled “5 things to fix before putting your home on the market” has some great ideas.
Another thing to consider is the option of renting your current property, rather than selling.
This blog “how to choose between renting or selling your previous family home” is a great read. Always consider speaking to your financial advisor.
Did you know?
Prior to being admitted as a Solicitor, Patrick Sheridan practised as a Commercial Real Estate Agent and Registered Real Estate Valuer.
Patrick’s extensive experience in real estate management, leasing, sales and investment analysis places him in a unique position to provide commercial and legal advice based on his unique experience and knowledge.
Are you considering selling property in NSW? Give our team a call.