Top 5 Mistakes To Avoid When Selling Your Home

Close up of a wooden house model and for sale sign

02 Dec Top 5 Mistakes To Avoid When Selling Your Home

It can be hard to know where to start when selling a property, especially if this is your first time selling. To help you steer clear of some of the problems that could trip you up, here are our top 5 mistakes to avoid when selling your home.

1. Setting an unrealistic price

One of the most important decisions when selling a property is setting the sale price. For many home buyers, price isn’t always the deciding factor but it’s the easiest ways to filter out properties when researching online. Pricing your property too high could cut out a significant chunk of these interested buyers. It makes more sense to go in with a realistic sale price right from the start.

Here are some things that could help you determine the right sale price:

  • Online property insight tools such as Trade Me, One Roof and homes.co.nz allow you to view rateable values (RVs), recent property sales across New Zealand, as well an estimate of your home’s current value.
  • Real estate agent appraisals are helpful in getting a finger-on-the-pulse evaluation of your home’s worth. With first-hand experience of the local market, agents are well-placed to provide you with a realistic idea of how much you could achieve.
  • A professional property valuer can conduct a detailed inspection of your home and provide you with a comprehensive appraisal of what your home is worth in the current market.

2. Skimping on marketing

No one wants to spend more than they have to when selling a home, but cutting the marketing budget isn’t a solution to help save on costs. An effective marketing campaign will expose your property to a far-reaching audience and help drum up demand for your home. The more demand, the greater your chances of reaching your desired sale price. Which is why it’s fair to say that skimping on your marketing budget is not a worthwhile cost-saver.

3. Hiding problems and issues

Whether you’re selling your home privately or through an agent, not disclosing issues could land you in serious trouble. It’s best to be honest and up-front, and disclose issues such as watertightness, flooding, or unconsented alterations. And if you are planning on renovating or repairing any issues in your home before you sell, you may want to consider a home improvement loan to help cover the costs.

4. Not preparing your property for sale

First impressions count most when it comes to selling a home so it’s worth investing the time and money into getting your home looking its best. Here are some tips to help get your home ready for viewings:

  • Declutter and pack away personal possessions to help buyers imagine themselves living there.
  • Repaint tired walls and ceilings to create a blank, clean canvas.
  • Open windows and doors to air out the home and get rid of bad smells.
  • Do a deep clean including carpets, walls and skirting boards.
  • Pack away old items of furniture.
  • Invest in home staging for a more professional style.
  • Repair or replace any broken items.
  • Tidy the garden and front of house to improve curb appeal.

5. Not budgeting for costs

Selling a home doesn’t come cheap and there are certain costs that are often overlooked. Here are some of the most important ones:

  • Real estate agent fees
  • Legal fees
  • Marketing costs
  • Moving expenses
  • Repairs and renovations

And, if you decide to buy your new home before you’ve sold your current one, talk to Max Mortgages about bridging finance to cover both mortgages until your existing home is sold. With bridging finance, you avoid the stress of trying to match up settlement dates.

A team of experts on your side

When it comes to selling a property, it pays to have a team of experts on your side. Get financial advice from an experienced Mortgage Adviser like those at Max Mortgages before you start the process of selling your home. Along with advice about mortgage refinancing and getting the most suitable home loans NZ wide, the team of Mortgage Advisers at Max Mortgages can talk you through your options for bridging finance.

Contact a Mortgage Adviser

 

Find this article helpful? Don’t forget to like it or share it on Facebook.