Any seasoned real estate agent or a property dealer knows that selling a home is often a longer and more complicated affair than buying a home where various factors decide the profit-loss equation. Location, condition of the property, market, transportation, among others. But what are the right signs to sell your home? Let’s find out.
1. When you’re emotionally ready
The time when you believe you have enough savings, investment, and equity tucked away neatly and have a strong, consistent and adequate source of income, you just might be ready to sell your home to look for greener pastures. It also makes sense to clear off any impending debts/loans/ credit card bills to keep your credit ratings high. You might also have to decide whether to hire a professional real estate agent and consider their commission. Your planning should be meticulous so that selling the house should not affect your financial situation negatively.
2. When you have a concrete future plan
Once the house is sold, you’d need to move to another property. Some sellers do a near-simultaneous transaction, selling the old and buying a new home, while some take the advantage of a good deal and move to a rented space temporarily after the sale. Either way, you’d have to figure out definitive next steps as well as plan for moving arrangements. Additionally, you’d have to set aside time and money to spruce up, furnish or decorate the new home. You might have to declutter, get rid of old furniture and appliances, and enlist professional help, like movers and packers, real estate agents, online portals, etc., to plan the shift.
3. When your property has something to offer
You must first evaluate the value of your property and see where it stands with respect to similar ones in the neighborhood. You’ll have to keep your property in the best of condition, spread word of mouth, market your home on different platforms, and list agents to help push the sale. You’ll have to factor in the reasons that your house may not appeal to buyers, e.g. open landfills nearby, illegal slums, distance from public transportation, age of the building, etc., and figure out possible workarounds and solutions.
4. When you’re truly ready for an upgrade/downsizing
If you’re expecting a life-changing event, such as weddings, the birth of a child, or general cohabitation, you’d need to expand. If you’re dissatisfied with single units and want to move to a bustling gated community with multi-family values, or conversely, if you’ve had a bigger space and want to retire to a smaller residence, need to sell to reduce commute hours or any other pressing need, you can consider selling your current residence. Use home appreciation calculators to check the market value and consult the RBI House Price Index.
5. When you’re compliant with home loan policies
You should have generated enough personal equity. If the current property that you’re wanting to sell is purchased on a loan, you’d have to check the legal requirements for selling the house, for instance, some lenders may apply a penalty for selling the house before five years. Besides, there may be extensive paperwork, NOC, and other legalities to prepare for.
6. When you’ve researched local markets
Look for telltale signs of a good or an unfavorable sale in your own area. For instance, did the neighbor’s house sell at a price lower and higher than your asking price, if so, why? Visit nearby properties on sale and get a pulse on what the buyers are currently looking for. It may not be the wisest idea to wait till the market is peaking as per your expectations. Consult a real estate agent for the best strategy, as home appreciation rates may not always be high and could be unlikely to go high in the future. It’s also not pragmatic to sell at a lower price out of fear. The trick is to gather expert opinions from professional sources, forums, and listings while focusing on local market movements.
7. Bonus reason a marketable property
If you know you could get way more than the purchase price of your home owing to an attractive community built features and added amenities like in-house waste management facility, state of the art clubhouse/fitness centre, you’d have more to lure in the buyers. One such asset that adds tremendous value is MyGate, the leading gated community app in India that provides end-to-end communication, payments, and security for gated communities. Buyers can be made aware of benefits like:
1. passcode-based gatekeeping
2. digital payments through multiple gateways
3. safe package delivery
4. online amenities booking
5. domestic help tracking
6. discounted services at home (groceries, medicine, etc.)
7. virtual noticeboard
8. automatic maintenance billing with reminders
9. child safety measures…..to name a few.
Selling a house can be a challenging and exhausting process mentally and emotionally. It has to be made easier by combining thorough research, careful planning, and evidence-based decisions.