Whether it’s your family home or an investment property, selling is a major life event that often comes with a combination of excitement and apprehension. Approaching the process with confidence and a clear understanding of the journey ahead is crucial to a smooth sales experience.
Preparing your property
Potential buyers need the opportunity to imagine their own lives in the house, and their ability to do that can be hindered if the space is cluttered with another family’s photos and knick knacks. Take the time to declutter and depersonalise each room to create a neutral canvas that will appeal to potential buyers. Also consider making minor repairs and cosmetic updates to maximise appeal and market value. We know we shouldn’t judge a book by its cover, but in the property world, first impressions are everything!
Hiring a conveyancer
Appointing a trusted and experienced conveyancer before listing your property is one of the most important steps when selling your property. Transferring ownership of a property comes with many intricate legal processes and procedures that require set up, well before the sale occurs. This includes preparing essential documents, such as the Section 32 and Contract of Sale, ensuring the property and sale is compliant with Victoria’s everchanging property laws, liaising with the buyer’s conveyancer, and safeguarding your interests every step of the way. If you are yet to decide on a real estate agent, we can also provide trustworthy recommendations for Cranbourne and surrounding areas.
Valuing the property
Working with an experienced property valuer is vital to determine the accurate listing price for your property. They will be able to consider all factors, including location, property size, condition and recent sales in the area when setting the asking price. Again, we can recommend some highly experienced property valuers!
Marketing and showing your property
Once your home is ready to be shown, it’s time to market it to potential buyers. Your real estate agent will create a comprehensive marketing plan that may include professional photography, virtual tours, online listings, open houses and targeted advertising. A good agent will take advantage of social media platforms and online listing sites, such as Domain and Realestate.com.au, to generate interest among interested buyers. When it comes to inspections, ensure your home is clean and tidy and be as flexible as you can with showing times to accommodate the busy schedules of prospective buyers. A good agent will take you through this, though!
Negotiating offers
When you receive an offer on your home, it’s time to enter the negotiation phase. Your real estate agent will help you evaluate each offer and negotiate the terms and conditions on your behalf. It’s important that you take the time to consider the contingencies of the contract, not just the price, such as settlement period and the finance options of the potential buyer. You need to be completely happy with the conditions of sale before you sign the dotted line!
Accepting an offer
Once you’ve agreed on an offer, it’s time to accept it and sign the contract. Your conveyancer will guide you through the paperwork and ensure everything is in order before the contract becomes legally binding. Be sure to review the contract carefully and seek clarification on any terms or conditions you don’t understand. At this stage, your conveyancer will also secure the deposit for you. If you have a mortgage on the property, let your bank know you’re selling the property. It’s also important to note that, in Victoria, buyers are at most times legally entitled to a 3-day cooling off period after signing the contract.
Preparing for settlement
The settlement date is when the buyer becomes the official owner of the home by paying you the balance of the purchase price. Just because the dotted line has been signed, doesn’t mean your responsibilities to the house are behind you. Prior to the agreed settlement date, you are required to keep the property in the same condition and state of repair. The purchaser is entitled to a pre-settlement inspection of the property, to ensure that the property is in the same condition as at the time the contract was exchanged. The real estate agent will organise a time for this to occur, within the week prior to settlement. You are also required to pay all rates on the property until settlement. Your conveyancer and real estate agent will coordinate between parties to ensure this part of the process is smooth.
Once the keys are handed over, it’s time for you to celebrate such a significant milestone! Whether you’re moving to a new suburb or starting a new chapter in your life, selling your home is a major achievement worth celebrating.
