Whether you have dreams of owning your own home or acquiring a property for investment purposes, there are many things that you will need to know to realise your real estate expectations. Buying a property is most likely to be the most expensive one-time purchase any of us will make in our lifetimes. It’s also a financial commitment which is usually long-term since some mortgages last up to 30 years. Even if you are lucky enough to already own a home, then you may be thinking of upgrading to a larger property. In this case, you will need to do your research carefully and decide what it is you are wanting in this transition from your present home to the new.
Factors of Selling
There are many factors which you need to consider, before you decide to put the property on the market.
- The first of these factors will be the market itself. Is this an appropriate time to sell in order realise the asking price? It may be, as is the case right now, that consumer confidence has dipped a little as well as availability of financing. Banks are not dishing out 100 percent loans to everyone anymore.
- Another factor to consider will be the time of year. If you are indeed wanting to sell your house during the summer months, it will be rather optimistic to expect a rush of prospective buyers in December or January as this is the time when most families are on their summer holidays. Even the clientele who are not sunning themselves on a beach somewhere, it’s not guaranteed they will want to be trawling around a stranger’s house with 3 small children attached as the mercury rises.
- That said, if you are selling in the summer, it will be important to source the right real estate agents to affect a reasonable chance of selling your property in a timely manner. Do some research as to their success factors and don’t just assume that the most expensive and plush offices are the best. Many times, you will find that a good real estate agent can be found online and are just as effective as walking into the high street. Also make sure you’re finding one that has expertise in your area, like a real estate agent in Cambridge who specialises in homes there.
In terms of hoping to sell in the summer, there other aspects which you as a homeowner will need to consider. One of these is appearance. People tend to notice the scruffy driveways or uncut grass during the summer months as this is the time when people can linger outside without freezing to death. Be prepared, tidy up and trim what needs to be trimmed. Gardens are a huge focal point in any property and this in turn equates to a major selling point. Having a showcase garden with outdoor furniture on display will only heighten to add to the welcoming ambience.
Let them see that this is a place they can feel at home. This will also mean a lot of decluttering and making many of your personal items a little less visible. A potential buyer wants to be able to visualise and imagine it being their home. This will require the property to be somewhat neutral. If the paint on your walls leaves a lot to be desired, then go out and buy some inoffensive emulsion and start brushing!
A good point to note is that properties tend to sell for a higher asking price in the summer than they do in the winter. This should be kept in mind and further justifying the points above.
Option after Sale
Now say you are lucky and you manage to sell your home after the first handful of viewings. Great right? Well this is a fantastic result but what if you haven’t secured your next home or the home owners are not yet able to complete on the deal. A situation like this will potentially leave you without a roof over your head. However, there are options to consider if you ever find yourself in this predicament.
Firstly, there is the option of moving in with family members if you have a good enough relationship. No? Ok, well that leaves the next and probably more feasible option of sourcing a short-term rental property. This is clearly going to cost you money but not nearly as much as the cost for the same duration in a very average hotel room.
The best way to acquire a short-term rental property would be to approach your local Wellington rental property management company and peruse what’s available immediately. Most reputable landlords will hopefully use some form of rental property manager in Wellington whereby any deposit you put down will ultimately be safe. This mean that you will get it refunded to you at the end of agreement assuming there are no damages. Always make sure you take a couple of pictures of the state of the place before and after.
You should only really have to rent a property during the property transition phase as a last resort. It would be hoped that your property solicitor and the whole team of Auckland conveyancing lawyers in general have done their jobs efficiently to avoid this situation.
Even if you don’t have to move into temporary accommodation, during the transition phase, you will also want to try to avoid same day completions or completions on a Friday. The latter could potentially leave you with the problem of having to wait till the following Monday before any funds get released into your bank account.
Most property solicitors in Auckland and all over NZ will want to make sure everything runs as smoothly as possible and it’s important to maintain dialogue with them.
Other notes to think about
If you’ll be selling your property after you’ve already moved out, make sure you’re considering the safety of the property. Installing home alarms in Wellington is a good idea to prevent any damage or illegal activity on the property.
For investment property owners, especially those who own apartment buildings or townhouses, look into who you’re potentially selling to. You may need to sell specifically to a body corporate administration, depending on local legal and financial obligations.
In addition to all the above, one of the most important things is that you always try to stay calm and focused. Buying and selling homes are not the most pleasurable experiences in the world but with forward planning and patience, you will find that you can achieve what you want to achieve. Know your target market and choose your optimum time. This hopefully will mean you are clutching the keys to your new home before you know it.