Selling a home, whatever the circumstances, is certainly a momentous decision. Naturally, this comes with many emotions, considerations, and processes. As a result, it’s certainly not always easy to keep your emotions to the side–especially if this is your first time selling a home.
Below, we’ll provide some expert advice that hopefully helps you to make a decision that benefits you in the long run!
The Emotional Bond of a Home
Even when you’ve lived in a home for a short period of time or half your life, an emotional attachment is always going to happen. Whether it’s where you’ve grown up, raised kids, or a place that belonged to a family member, there’s a certain connection that’s not always easy to let go of.
A home is a place filled with memories and experiences. While you don’t have to separate or distant yourself from them, it’s important that they don’t cloud your decision making throughout the selling process.
In the following sections, we’ve highlighted some things to keep in mind!
Get an Appraisal
Did you know that between May to June, there were a total of 38,236 new listings in Australia and more than 40,000 properties sold in the same period? (Source: Property Update).
As a seller, you need to at least have an idea of where you stand and a ballpark figure of how much the property is likely to be worth. With so many properties being put to market and sold, industry expertise is required to really gauge your home’s true value.
We’ve noted all this to say that getting an appraisal from a selling agent is always the right thing to do. Once arranged, an agent will inspect the property and ‘appraise’ it to develop an estimate of its likely market value. Best of all, this service is often provided free of charge!
At this point, the agent may either recommend strategies to increase its value, such as renovations or property styling, or let you know that no major changes are needed and it’s ready to be listed.
If you’re an investor or landlord, always ensure that either the property manager or agent has been in contact with the tenant to let them know when the appraisal is going to take place.
Evaluate Your Circumstances
Are you looking to sell a home and move interstate? Has the market slowed? Do you need to find a new home first? Did the home previously belong to a now deceased relative? Many homeowners have to deal with their own set of unique circumstances, which is why it’s wise to take some time to really evaluate the situation.
In this sense, you can always rely on the advice of your chosen agent/agents. If they believe renovations will help to raise the value by a substantial amount, really take their words into consideration. Of course, this also depends on your own financial standing and personal circumstance.
Set Up a Timeframe
Again, this will depend on your personal circumstances. Even if you have limited time, however, setting a time, setting up a clear timeframe is very important. Another key part of this is establishing a consensus with anyone else that also owns the property–whether they’re your partner, sibling, or another member of the family.
While getting everyone on board isn’t always easy, it can provide some clarity and help to take the emotional side out of the equation. Whatever the case, it’s best to establish a realistic timeframe of when the property can be listed, inspected, sold and finally, settled by both the seller and buyer.
Look Into Comparable Sales
Remember, what you personally believe a home is worth may not be in line with the current market. So, make sure to look into comparable sales in the area, as well as properties of a similar size, style, and age.
Maybe you live in an area that was once considered less desirable, and is now one of the most sought-after suburbs in your city. Whatever the case, approach the situation in a logical manner rather than running off gut feelings or beliefs.
Of course, your real estate agent should have an in-depth knowledge of the local market, trends, and demographics. Once again, you can lean on them for expert advice.
Want to chat with local real estate agents on the Sunshine Coast? Contact We Do Property today and experience the difference!
Weigh Up Potential Maintenance or Renovations
Letting go of your emotional attachment to a home isn’t easy, let alone when renovations or remodelling are on the cards. However, it’s important to recognise that once the property is sold, you’ll be moving on, both in a literal and a figurative sense.
While renovations can sometimes seem like a roadblock, they could really add substantial value to buyers and ultimately help to drive up the price higher than would’ve expected! Whether it’s new flooring, landscaping, or even property styling, it’s definitely worth weighing up all of the available options.
Depersonalise the Home
If emotional bonds are particularly strong and you’re finding it difficult to let go, there are ways to counteract this. One option is to do your best to depersonalise the home. This could be achieved through removing aspects that hold a certain sentimental value or represent treasured memories.
Of course, this shouldn’t include aspects that detract from the property’s value to buyers. Overall, this should be a balanced process. There’s no sense devaluing the home too much purely based on emotion.
A good way to remove personal connections while also improving the appeal of your home is property styling. Here, a professional stylist will make adjustments to the interior decor, such as new furniture and artwork, to make the home more appealing to potential buyers.
For as much as we hold our homes dear, keep in mind that real estate transactions are still business rather than personal.
Considering Your Selling Options
After the appraisal and other earlier steps are finalised, your next major decision is the method of sale. This is one situation where it is very important to keep a level head. While the prospect of an auction is very appealing to some, the reverse is true for others.
At this point, listen to the advice of your agent, as well as think about which approach you are comfortable with. Try to stay level headed and make sure to start an open discussion with your partner, relatives or anyone else that might also own the property with you.
Remember, just because one seller prefers a private sale, that doesn’t mean it will work for you either. Lean on professionals for advice and always take some time to consider all of the different selling options available to you!
Could You Hold Onto the Property?
In some cases, the mere prospect of a quick payout could actually cloud your judgement. As a result, you may fail to meet all of your various obligations or miss a crucial step. With this in mind, it can sometimes be beneficial to hold onto the property for a little longer.
Sometimes, waiting for the market to pick up a little bit could increase the final price, or align better with your own personal timeline.
Get Expert Advice from the We Do Property Team
Selling a home in or near the Sunshine Coast? We Do Property is always ready to lend a helping hand. Our agents are friendly, dedicated, and know the ins and outs of the local property market.
We have real estate agents in Alexandra Headland, Kawana Island, and various other corners of the Sunshine Coast. Our services cover all aspects of the selling process, including a free market appraisal!
Contact us now for an obligation-free consultation and discover how we can help you achieve property success. Let’s chat about your next adventure.
