Buying and selling real estate can be a complicated process. Between the different types of properties, the terms that you need to understand, and all of the processes that need to be followed – it can seem like an overwhelming task. However, there are many resources available for those who want to buy or sell property in order to help make things easier like selling things on big basket.
We will break down a few common points to give you an understanding of what you need to know before diving headfirst, we also suggest that you seek about professional advice and when it comes to property and real estate, depending on your purpose (buying/selling) a property valuer is the person you want in your corner, the place to start when you require expert advice and direction on any property related requirements such as pre-purchase or pre-sale valuation, especially when it comes to your financial standing.
Property at the end of the day will be one of the biggest assets you will own, so it’s important that you do your research and have all the required information and knowledge to get you on the right path. The most common question asked! What are some things that you need to consider when buying and selling real estate?
When it comes to purchasing a property, there is no one size fits all approach because every homebuyer has different needs and priorities in mind just like everyone has different genres for movies. Many would prefer to rent, but there are others who couldn’t imagine not owning their own home. For those who can’t quite afford buying property yet, renting might be the best option which has some advantages as well! If you’re looking for a place of your own and don’t want to spend all of your time maintaining it on top of having to pay a mortgage, renting might be the way to go.
When it comes to selling property, there are some things that you need to consider as well. First and foremost, try not to schedule an open house on Sundays because most people aren’t available then, generally speaking, Saturday is the best day to hold an open house because most people are available during the weekend. Also, try not holding too many back-to-back viewings because that might be overwhelming for potential buyers who want to take their time!
What is important when buying or selling property? When it comes to purchasing real estate, there are some things that are essential. First and foremost, you will need a down payment in order to purchase property – which is usually 20% of the total amount that you want to spend on it! If you have poor credit or haven’t established yourself financially yet, this might be difficult so try not stressing about it too much. Also, when purchasing real estate make sure you check what utilities are included it can save a lot of money!
When selling property there are many reasons a property stays on the market without finding the right buyer. There are somethings you can control and some things you can’t. These are 5 important factors that you need to consider as a home seller that you can control that will help ensure you have a successful sale of your property with a return on your investment.
Price, when priced correctly every house will sell, this is the most important factor, keep in mind every house is “sellable” a property valuation can help you determine what the current market value is of the property within the market to help you determine the true value to sell your property for.
Availability, the supply, and demand, being show ready and prepared for potential buyers will maximise your chances of selling. Buyers are particular and know what they are looking for, make sure a have showings that are during the week and even weekends this will increase your chances of selling.
Marketing, buyers need to be able to find your listings, but to also be captivated by it. With the digital word we live in today there are multiple platforms that buyers are searching through to find a property. It’s important that you have professional images that are high quality and show all the aspects of the property.
Show ready, presentation is everything, first impressions count. Ask yourself why would a buyer choose a lower quality home? Loaded with upgrades, cluttered and darkness. Taking the time to prepare your property, giving a deep clean and upgrades can make a property look brand new, it’s the little things that count and by doing these small improvements to your property will not only add value to the property price but will increase the chances of selling the property faster at a higher price to get a good return on your investment.
It’s important as a home buyer or seller to have an understanding of the current market, what factors are involved in the decision of a property and the true value of the subject property.
When buying a property, this is an investment and knowing that you are purchasing the property at the right amount is important, as we mentioned before seeking advice from a property valuer is essential for these reasons, a property valuer is a certified professional that conducts property valuations to determine the true market value of a property. As a buyer interested in a property a pre-purchase valuation service would benefit you as this will give your insight into the condition of the property, the true value which can help with negotiating prices in sale as well as the market conditions that have come into play when calculating the value.
On the other hand if you have decided it’s time to sell your property, a pre-sale valuation service is the tool for you, this report will also determine the true current market value of the property, which will help you determine what price your property will sell for and will give you an idea of how the property has increased over time since the last sale as well as knowing if you will get a good return on your investment. The pre-sale valuation will also detail the market sales around the area, property conditions and any external factors that have come into play in the calculation of the true value.
No matter your property related purpose, a valuation company can find a service tailored to your requirements to give you the best outcome for your future finances as well as investments in property. Remember property is one of the biggest assets you will own so its important you have all the understanding and knowledge to help make all the informed decisions for the future.
James Clarke is a Senior Property Valuer with a specialised skillset tailored towards litigation and settlement valuations. James has over two decades of experience conducting property valuations for all purposes and uses this expertise to create career development programs for our team of valuers at Vals NSW. In addition to this, he has presented at various industry conferences and tertiary education events.
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