5 Costly Mistakes Home Sellers Make

After selling their apartments, home sellers may often ask themselves, "Where did things go wrong?" This could result from home sales gone awry.

Home sellers, like all human beings, pay a huge price for their mistakes. But, many such mistakes are entirely avoidable. To begin with, you must have a clear plan before you sell your home. This would help you clinch the deal at the right time, at a price higher than you had expected. 

Here are certain mistakes you must avoid at any cost:

Not hiring a real estate agent

Real estate agents have a list of potential buyers who might be keen on buying your home. Hiring an agent will raise the prospects of finding the right buyer. As they have been in the business for long, they would help you price your home and negotiate with buyers. You should always hire a real estate agent who operates in your neighborhood. But, make sure that your agent has an online presence too. This would prevent your prospects from getting limited by the locality in which your property is located.

Pricing It Wrong

Sellers often feel that they have maintained their property well, and that it should command a fortune. However, buyers and other sellers in the neighborhood might feel differently about your apartment. Over-pricing or under-pricing your home is perhaps the most fatal mistake you could make while selling. If your home is overpriced, all your other tactics might fail. If your home is under-priced, you would not get what you deserve.

Before you price your home, visit the other for-sale homes in your neighborhood. You should price your home only after you have compared the price with the prices of comparable homes in the same locality.

Not Making Yourself Available

As a seller, you must make yourself available to buyers on phone and email at reasonable hours of the day. Make your schedule flexible so that you can show them your home. While walking prospective buyers through your home, draw attention to its special features.

If it is difficult to balance your job with meeting the demands of buyers, you can hand over the keys to your agent. But, ensure that your home and valuable belongings are safe.

Not Timing The Sale Right

If your timing is poor, you have much to lose. For instance, if you are selling an under-construction project in India, the tax norms that apply to it are different from the tax norms that apply to ready to move in apartments. If your home is three years or more old, long term capital gains taxes will be levied on it. But if you have held it for a lesser period, short term capital gains taxes would apply. Hire a reputed real estate solicitor to look into such matters.

Not Maintaining It Well

To you, leaky taps and peeling wallpapers may seem minor issues, but home buyers may disagree. No home buyer wants to spend the first few weeks renovating their new home. So, you must ensure that the fixtures and fittings in your apartment are in shape. Your home would command a higher price if everything is in perfect shape.