As someone who’s been in real estate for quite a while, certain things are obvious to me. Things that would help you sell. Things that would prevent you from selling.
But for most home owners, these same things may not come as naturally to you as they do for me.
So, that’s what this article is about!
Five things that most home owners overlook… which can cost you a lot of money, or prevent the sale of their house entirely.
After all, first impression counts. A lot.
But weirdly enough, this is something that many home owners overlook. I’ve helped many home owners sell their houses, and many of them overlook this part. But if you were the potential home buyer, would you want to buy a house with clothes strewn on the floor and stains on the seats?
Just like how showroom flats have some of best decor around, you need to spruce up your home to make it look nice and feel good. You don’t necessarily need an expensive looking place, but it definitely needs to be at least neat, tidy and presentable.
If not, you may not pass the “first impression test”.
1. Presentation of unit
Sometimes, you may receive an offer that seems pretty lucrative.
The offer to purchase your house may be twice the amount that you paid for your unit… but even so, it might not be in your best interests.
That’s why before you take the leap, do a little research first.
Is that the standard rate for houses in your area? After selling, would you be able to find a house suitable for your family?
Would you be better off keeping your home, especially if it’s located in a fast-growing estate, so your unit price can appreciate even more in future?
It’s important to weigh the pros and cons before making your final decision, especially if you have a family. Don’t be blinded by the fast cash. If you do, you may lose out in the end.
2. “Cash-out-quick” landmines
Are you aware of the current trends of the property market?
Are you aware of the trends of MOP cluster?
Do you have knowledge of which periods are better to sell?
If you know what works and what doesn’t, you shouldn’t have an issue. However, most home owners are not equipped with the relevant information.
Without the info, you could be walking into a money-draining trap
This is an extension of the “bad timing” mistake.
Typically, this happens when home owners are uncertain about what to do in an unpredictable housing market. They’re frozen in place, unable to buy or sell.
So, they wait… and wait… and wait. Hoping for a “clear indicator” that may never come. It’s dangerous to wait too long, especially if a recession is looming around the corner. And when it hits, the valuation of your unit is only going to go in one direction. Down.
4. The “wait and see” dilemma
This is the final part of dealing with real estate… and one of the most important.
When it comes to negotiating price, it’s important to have knowledge of the current market and what units are valued at. That way, you won’t end up losing tens or even hundreds of thousands (especially if you’re looking at private property).
Unless you can negotiate the right price, you could be making your buyer a very lucky man…at your expense!
5. Price Negotiations
If you’ve read this far, you may already know the key to selling your house at the right time, right price and with the right methods.
What you need is: knowledge about property in Singapore.
You could get relevant information by talking to real estate investors, or browsing property websites and books. However, it could take months or even years to accumulate the knowledge… and the experience to go with it.
But there’s an alternative!
Another way that takes up a fraction of the time needed to learn the trade yourself. And it is to speak to an experienced real estate consultant who specializes in your estate.
In the years that I’ve been in my real estate career, I’ve realized that I can make a lot of money… by helping my clients make a lot as well, through excellent property decisions. That’s the win-win scenario!