It may look easy, but selling your house is definitely not going to be a walk in the park. It can be time-consuming and exhausting. It can also be very stressful, especially if you are doing this for the first time.
You see, this endeavour is not as simple as creating an ad in a property portal and finding a buyer in a week or two. Even before you can advertise your property, you need to accomplish several tasks first.
So, what are the things you need to do before selling your property?
Check Market Conditions
If you are not in a rush to sell your house, you may want to check what the market conditions are first.
Why do you need to do this? It is primarily to know if it is a good time to put your house on the market.
The best time to sell is during what’s called a seller’s market.
“What is a seller’s market?” you may ask.
It is a market condition wherein there is a high demand for houses, but supply is limited. During this time, it is not unusual for home prices to go up as competition amongst buyers intensifies.
What usually happens is that, since houses are scarce, several buyers may end up wanting the same property. This leads to a bidding war that can drive up the price of your house. This is why, during this market condition, it is easy to sell at a price you want or even higher.
Another advantage of selling during a seller’s market is that houses rarely sit on the market too long. For as long as your house is in tiptop condition, you do not have to worry about not being able to find a buyer.
The opposite of a seller’s market is a buyer’s market. This is when there is an abundance of house supply, but buyers are very few.
It can be very challenging to sell a property during a buyer’s market. Knowing that they have the leverage, buyers do not think twice about negotiating for a lower price. They are also not afraid to wait a while before making an offer.
In fact, oftentimes, buyers take their sweet time during this market condition. They tend to be very meticulous when inspecting homes that they notice even minor defects.
Selling during a buyer’s market is not the best move, especially if you want to get a good offer and dispose your property quickly.
However, if you can no longer wait for conditions to become favourable, you can try to put your house on the market. Just make sure you employ strategies to improve your chances of closing a deal.
Consider the Season
In relation to market conditions, you may also want to take into consideration the season. While you can sell your house any time of the year, the recommendation is to avoid doing so during winter, particularly during the month of December.
The real estate industry is said to be on a seasonal slowdown in winter. Buying a house is not a priority for most people. In fact, many go on vacations this time of the year. Also, people are preoccupied with the Holidays. Lastly, the weather is too cold, thereby discouraging homebuyers from attending open houses.
Hence, if you sell in winter, chances are high that you won’t get that much inquiries. It may take a while for you to get an offer – probably wait until after the new year begins.
In terms of season, the best time to sell a house is during spring and autumn. The weather conditions during these seasons is pleasant. So, homebuyers are more likely to go out and view houses. Plus, achieving that irresistible curb appeal is easy, especially in spring.
Yet, just like market conditions, seasons should not dictate whether you’ll sell your house or not. Your decision should be based on your circumstances or needs. If you have to sell your house and it is winter, you can do so. All you have to do is plan and get the right people to help you.
Hire a Professional Real Estate Agent
One of the most important things you need to do before advertising your property is to hire a professional real estate agent.
Nowadays, many homeowners believe that they can do without an agent. They think that just because there is a proliferation of online property portals that they can easily sell their house on their own.
Advertising is just one of the many things you need to do when selling a house. This is where property portals are helpful.
However, these sites won’t be able to help you with the arduous tasks like showing the house, preparing the paperwork and negotiating with buyers.
Unless you are certain that you have the time to handle the other tasks, it is best that you hire professionals.
Experienced real estate agents do more than just advertise properties and look for buyers. They can help determine the right selling price for your property as well as identify improvements you can do to increase your home’s market value.
These agents can vet offers to protect you from getting embroiled with unscrupulous buyers. Moreover, they can negotiate with homebuyers, ensuring that you get nothing less than your asking price.
Professional real estate agents can help you from start to finish. They can make the entire selling process less taxing and more enjoyable for you.
More importantly, they can ensure that you achieve your goal – sell your house at a good price and in a short span of time.
So, never think twice about hiring professionals to do the job. After all, it is not difficult to find one these days.
Just make sure that you pick a trusted real estate agent in Ireland, one with a proven track record of successfully selling houses. It is also important that the agent is known for rendering first-rate customer service.
Keep in mind:
You’d be working with the real estate agent for at least a month. Hence, it is important for you to have a good partnership with your agent.
Set Your Asking Price
Determining your asking price is not a matter of simply thinking of the amount you want. There is a process you should observe to accomplish this task.
The first step here is for your property to be surveyed to determine its total area and boundaries. This information is necessary to come up with the accurate value of your property.
The next step is the appraisal. Here, you’ll find out the market value of your house.
Various factors are considered to compute a property’s value. In addition to your total land area and home’s condition, its location and the market value of properties in your neighbourhood are also taken into account.
There are surveyors and valuation experts who can help you accomplish the aforementioned tasks. Your real estate agent may also be able to assist you.
It is best to let experts do the survey and appraisal to ensure that accurate information is acquired.
Now – for the selling price:
It is imperative that you set the price right at the onset.
The strategy of setting a high asking price then lowering it later on won’t do you any good. In fact, drastically lowering the price midway through the sale can make buyers think that there is something wrong with your property.
One last thing:
Do not forget to factor in your expenses when coming up with a selling price.
Reports show that the cost of selling a house in Ireland ranges from 1.2% to 4% of the property’s total value. This covers expenses for renovations, taxes and professional fees for the agent and solicitor amongst others.
Hire a Solicitor
The solicitor takes care of all the legal matters related to selling a house. He is responsible for preparing all documents needed for the sale.
Many homeowners make the mistake of hiring a solicitor after getting an offer. Never do this!
Deals can fall apart because of potential delays in paperwork, according to reports.
Contrary to popular belief, obtaining documents needed for the sale of a property does not always happen quickly. For houses still under mortgage, the release of title deeds may take three to four weeks! It can even be longer if there are problems with documents.
These seemingly minute issues can drag on for months and prevent you from closing a sale.
You do not have to worry about such problems if you start preparing the documents early on. This is why you cannot delay hiring a solicitor.
Prepare All Requirements
Aside from the title deeds, you have to prepare other documents to sell your house. One of them is a Building Energy Rating (BER) certificate.
This document shows the energy performance of your house. Getting a BER certificate is compulsory for anyone who intends to sell or rent out their property. Furthermore, it is mandatory that this rating is indicated on all your advertising materials.
To know your home’s energy rating, an assessment must be done by a SEAI-registered BER assessor. After the evaluation is completed, you would be given a report containing your BER certificate as well as recommendations on how you can improve your home’s energy performance.
Other documents you may need to prepare are title map, NPPR certificate, planning documentation and Iris PPS tax numbers.
You can talk to your real estate agent and solicitor to identify what documents you have to obtain in order to sell your property.
Fix Your House
Only put your house on the market if it is in tiptop condition!
What does this mean?
Unless you are willing to sell at a low price, never put your property on sale if it has major damage like a mould issue or gaping hole on the wall.
Damages, no matter how small, can negatively impact your property’s value as well as its chance of getting sold quickly.
What if your house has no major problems? Well, you should still try to improve its appearance.
It is highly recommended that you make minor renovations to your house before selling it. This is to improve the appearance of your property and consequently, attract the interest of buyers.
Here’s the deal:
You do not have to do a major home renovation and spend a lot just to prepare your home for selling. Simply repainting your walls can already go a long way. You can also just work on key areas instead of targeting all the rooms in the house.
When it comes to selling a house, the kitchen and the bathroom are what buyers pay attention to. Hence, these rooms should be your priority when renovating.
Again, there is no need to completely overhaul these areas. In the kitchen, for example, painting the cabinetry and changing the handles can already significantly increase your property’s value.
Create Advertising Materials
If you have an agent, then you do not have to worry about this task. Nowadays, most real estate companies take care of the creation or preparation of advertising materials. Some enterprises already include the advertising cost in their fee, while others charge it separately.
For the materials, what is most important are the photos of your house. In fact, they are so valuable that agents opt to hire professional photographers these days.
The rooms and the entire house are staged before the photos are taken. This is done to make them more appealing to buyers.
Staging, as experts say, allow potential homebuyers to see how they can utilise a space. It can even help them see themselves living or staying in that room.
Just how valuable are well-captured home photos?
According to a report, homebuyers on property portals do not pay attention to listings without photos. They also do not like those with low-quality pictures.
What gets their attention are listings with high resolution images. Furthermore, the number of photos matter. Potential homebuyers are more likely to visit a property if it has at least six photos.
So, in case the task of preparing photos falls on your lap, make sure you do not scrimp. Hire a professional photographer to ensure that you get high-quality, well-captured photos.
With proper preparation and an experienced real estate agent by your side, selling your house can be a hassle-free and rewarding endeavour.
Are you planning to sell your house in Ireland? Our trusted real estate agents can help you with preparations! Call us now at 014959020!