Cut Costs While Selling Your Home To Maximise Your Profit

Before entering the real estate market, it may seem to home owners that selling an apartment is equivalent to raking in a pile of cash. However, unless executed well, selling your home could actually lead to a lower profit margin than what you had expected. There are certain things where you can cut costs to realize a higher amount.

Calculate the costs

Simply selling a new apartment in India that you invested in just as its price starts rising may not be a good idea. To acquire a flat in any residential projects in India in your name, have you paid not only a huge chunk of your savings, but also the realtor his fees, stamp and registration fees, loan processing fee (if you have taken a loan to buy the home) and legal consultation fees. While calculating the price of your newly acquired home, you must include these overheads. If the prevailing price will fetch you more than what you have invested after accounting for these costs and short/long-term capital gains tax, then only you should consider selling the property.

Hiring the right realtor

Rather than engaging several realtors who charge you for your time without showing results, you should hire a single realtor who can provide you with good leads within an acceptable time frame. Signing up on property portals is a good idea as these websites usually have contracts for three months, within which if your property does not sell, the amount that you have paid for the service is refunded. You can talk to the officials at these portals directly before signing up. They are very cost effective compared to small time realtors and provide a wider audience for your resale apartment in India.

Do not get unnecessary remodelling work done

Getting the basic repairs done will definitely fetch more for your home, but going overboard will not. What you should not indulge in before selling your home is a modular kitchen or marble flooring for the bathroom or similar pursuits. In all likeliness, the buyer might get them changed to suit his or her liking and your efforts would go to waste.

Also, do not get any changes made to your home when a buyer drops a statement that “I wish a terrace garden was there in your home, I would have definitely considered it”. There is no need for you to get the change made as there is no guarantee that the buyer would actually go for it.

Hold an open home showing

The concept of open home showing is very popular in the West where multiple buyers gather to look at a property as it saves time for both home owners and sellers. You could also try the same trick in order to save time and effort. However, do not call too many people over as you won’t be able to pay attention to all of them equally and the whole event could be mismanaged. It would repel buyers more than attracting them.

Do not get too friendly with any buyer as it would lead you to emotionally deal with the situation which can often compromise your judgement.