Are you planning to sell your house and don’t know where to begin? For starters, the seller should ensure that the home is fully functional and presentable. Here’s a checklist of things to keep in mind:
> House renovation: Resale properties tend to have a 'used' look and feel and must be renewed as far as possible to make them attractive for buyers. A lived-in home is subject to wear and tear. The seller should ensure that flooring is in good shape, leaking taps are replaced, rickety doors /windows are repaired or replaced, wall cracks filled in and a fresh coat of paint is applied. This may mean spending some money on the property but it is necessary to create interest for the property.
> Proper documentation: The property must have a clear, marketable title free of litigation. “The seller should ensure that all documents related to the property are put together in an organised manner. This ensures speedy transactions once the buyer and seller agree to move ahead with the sale,” says Prashant Thakur, Director & Head – Research, Anarock Property Consultants.
> Settlement of dues: The seller must ensure that all statutory dues like property tax, society maintenance dues, etc. are paid up and there are no outstanding statutory payments. If there is an outstanding home loan, there needs to be a statement from the bank clearly indicating the outstanding amount.
> Marketable price: The seller must research the marketable price of the property to arrive at a fair price. “Often, a property remains unsold for long as the price expectation is unrealistic. Ascertain how comparable homes in the same building and location are priced and set the price competitively,” adds Prashant.
> Property listing: Adequate communication to inform the market at large that a property is available for sale is important. An online listing must contain relevant information and advantages of the property and location, and the physical and social infrastructure in the area.
> Property consultant /broker: “In a highly competitive market where there are countless resale properties available, availing services of a reliable property consultant can prove useful in increasing chances of a sale,” says Prashant. Good brokers can help you sell, because they can really convince and a broker also helps in negotiating which is very difficult for a buyer and seller to do, says real estate broker Gregory Pacheco.
> Guideline value: “You need to know the property guideline value (government value) of your place that will determine the price in some sense though there is always a correct market value for each and every property, which one needs to find out,” says Gregory. Property guideline value is the estimated market value of the property as per the records maintained by the government.
> Transparency: Make sure that once a potential client comes in to see the place that the seller welcomes them, reassures them in terms of documentation etc. and explains the work done and costs incurred to keep the place in sound condition. It's critical that the buyers feel comfortable with the person selling. “Most importantly, the seller needs to be transparent and give the right information on the place being sold from day 1. This is because if there is transparency, the buyer feels a sense of honesty coming from the seller which makes it easier for the sale to happen,” Gregory adds.