Property Sale Preparation Tips
Work out Your Goal
Before you embark on the sale of your apartment you really should identify what it is you hope to achieve by selling. This does not mean the price alone, price is obviously important but you have to remember that there are other factors that will make or break the success of the sales process. These factors will also provide an indication as to whether the price target is feasible. The identification of your price target is discussed in the next step.
Identify and write down why it is you want to sell the property - begin by creating a broad list, just write all the points that come to your mind as reasons for wanting to sell. Then create another list and write down what it is, you want to achieve by selling. Ask yourself what is you want, that you don't get from your current property.
Now try and order the importance of each point from these lists, it will give you a clearer written view, of why it is you really are selling. Be as honest with yourself as you can - be it financial, family, lifestyle, convenience, health, work or retirement whatever the underlying motivating factors may be, you need to identify these, you are creating a sales goal by their identification and a comparison of these with your position during the sale process will keep you on track as to why you're selling and what you want to achieve.
Many people make the mistake of selling without a clear view of where they're heading, they may have a certain price they want to achieve but just as important, is to know the benefits you are acquiring from the sale that are additional to any financial gain.
Identify the Realistic Property Value
If you live in a built up city then you should be able to visit and monitor local property sales quite readily. Rate notices can act as a guide but they are not normally very reliable and should not be used. Many people will rely on the agent opinions for their assessment and many people look at the advertised sale prices of similar property on the net or in papers.
If you truly want to position yourself in control of the sale you must identify the sale price by some stealth, do not rely on agent opinions (alone) as they are trying to win your business, it's their services and fees that you should be focussing on when in discussion with them. Many agents may be correct on their price assessment but how are you to judge their honesty or accuracy if you don't already know the value yourself.
Without an accurate understanding of your property's value you give away your position of control, leading to a lack of confidence during the sales process.
You must be strict when assessing similarities between sold property and your own. Two similar family properties of same accommodation style and land size will not compare in value between a quite court and main road location. Timber homes and brick homes have different perceived values and these perceived values also vary between locations.
Identify Finance Positions
If you are like most people and have a mortgage, it's important to know what the closing costs of the finance are. If you are going to carry over the loan to another purchase identify the costs of doing so with your lender. If you are taking out a new loan establish the upfront and ongoing costs of doing so.
Identify the Benefits that Sold You when you Purchased
When it comes to selling the apartment whether you use an agent or do it your self, it is a lot easier to identify the reasons for your purchase at this time than once the sales process is underway. Think back to when you made the purchase list the points that were of greatest impression or benefit to you and also on a separate list itemise the points in property you viewed that you didn't like or saw as disadvantages over the one you chose.
Research the Legal Process - Use government & industry resources
Know your rights and responsibilities as a seller there are a set of standard courtesy procedures like giving the apartment a good clean and the lawns a mow. But there are other responsibilities and rights that you have in victoria 'Consumer Affairs' provides a booklet on these and apart from ensuring your relations with the buyer are preserved, you will also benefit by the knowledge of industry procedure. Having a knowledge of industry procedure should also aid you in your choice of agent.
Collect Paperwork - Rates, title dimensions any body corporate fees or past building permits.
It is a good idea to put together in a folder all legal documentation pertaining to the property. While at this point you will not likely have chosen a solicitor to prepare a "Vendors Statement" commonly referred to as a section 32 statement in Victoria, which contains this information in legal form.
The idea of collating the latest council rates, water rates, energy bills, body corporate statements (if applicable), recent building permits, mortgage documents and any other notices served relating to the property is to prepare you for both answering agent questions which they use to help assess the property's value and also for when it does come time to give a solicitor your business you will have the files ready speeding up the process at that point.
Prepare to Present the Apartment - Write a List of Things To Do
This is one of the most important tasks you will undertake during the "successful" process of selling your apartment, it can not be neglected - if you care about getting the best price.
- Make the front door look new, paint and repair fly wire if required.
- Wash all of the windows.
- Put bright light bulbs in all fixtures.
- Clean out all closets and cabinets.
- Repair all leaky taps.
- Caulk bathtubs, showers, and sinks.
- Remove excess furniture.
- Keep beds made and clothes picked up.
- Put dirty dishes in the dishwasher.
Important Note: Work out your likely future schedule of lifestyle activities don't neglect your hobbies, important dates and need for quiet time. It would be beneficail to work out wit the agent appropriate inspection times that reduce the interruptions that come with having your apartment for sale.
Research Removalists
This is something you should consider doing before you put the property on the market, not as most do - once it is sold. If you wait until the property is sold your preferred choice of removalist may not be able to provide the service in the time required if you happen to sell with a short settlement. The other benefit of getting the removalist organised early is that you may be able to do so with more bargaining power than if you were under time pressures.
Many removalists also offer storage services that sometimes are discounted to win your business. This may be an ideal way to store furnishings that are congesting the current appearance of your home.
Remember, the more room and space (without being sparse) for potential buyers to visualise their own style of comfort, the more appealing the property will be.
Change of Address
Go back to your folder of property documents summarise the contact details of all the authorities you will need to contact to disconnect services in your name.
Start collecting, the contact details of each bill, subscription and service that sends you mail. Once the property is unconditionally sold, use this list as a reference of those contacts to update your new address details with. Consider using a postal redirection service as a safeguard for those contacts missed or of infrequent contact.
