Risks In Selling Secondary Real Estate Property

Do you want to sell your house? Go out on the road, look at the house, go inside and ask yourself if I want to go into it, if I want to live in it – do I want it ?“Wanting a house” is how a lot of houses are bought. 

Pre-sale preparation of a house

Each buyer knows what he or she wants to buy and knows his selection criteria and knows the price; but everything changes when the buyer “wants a house”. Fabulous light in the hall – and the presence of a garage is no longer so important. Truth! Let buyers want your home. Loose, renovate and create a mood.

Preparing the house for sale outside

You need to make your home welcoming and inviting. The best outside perspective – ask a friend, your agent, about his view of the house. And be sure to:

  • wash all paths and sidewalks
  • trim bushes and lawns, remove weeds
  • remove unnecessary and dirty decorative figurines and other things dear to your heart, most likely they will attract unnecessary attention
  • if trees close the house or do not let light through the windows – think about removing them
  • tidy up the front door (check the door handle, replace the old rug)
  • wash the house, mold and dirt on the siding of the house will cause unpleasant sensations for buyers!
  • repair any lingering deterioration and place some fresh potted plants
  • make sure the house number is attractive and clearly visible from the road

If you are selling an apartment, take care of the cleanliness of the entrance and courtyard. Perhaps you will wash the floors and walls of the entrance yourself. You may pay the cleaning lady, but do everything so that the buyers who come to see your product do not wrinkle from dirt, dead flies on the floor and an unbearable smell …

Preparing the house for sale from the inside

Unload your home

Practice shows that empty houses stay on the market longer, waiting for sale, than houses with furniture. If this is not a foreclosure – do not rush to completely empty the house of furniture for display to buyers. Let the Soul be in it. But, over time, even a well-thought-out design becomes overgrown with unnecessary (albeit cute) details. For example, the sofa does not match the furniture (but dad adores it). Remove the storage box and take out all unnecessary furniture and unnecessary interior details. First, the House should look open, airy and delightful! And, secondly, with a small amount of furniture, it is easier to make repairs. Remove all imperfect details – worn-out carpets have no place in a home for sale. Also, remove from the eyes of the buyer things that you would not want to sell for anything, because the negative answer to the buyer’s question: “

Bathroom

  • tile: tile joints (this is called tile re-grouting or grout cleaning) clean and simply wash the tiles
  • if there are stains or rust on the bathtub, renovate
  • consider replacing toilets, washbasins, if they differ in color or are in poor condition
  • chrome plated parts of sanitary ware polished and polished
  • wash glass shower and bath doors with lime dissolving detergent
  • fresh towels, curtains and rugs
  • instead of half-empty shampoos, personal toothbrushes and tubes of toothpaste (hide everything). Place a mini spa basket in the bathroom (small rolled towels, scented candles. Create a mood to spend time in the bathroom.

Kitchen

  • wood cabinets are cleaned and rubbed with oil (for example, orange oil). if the office is very old and “shabby” – you can order (it is better not to take it yourself) their repainting. Replace handles – new handles sometimes change the look of the whole kitchen beyond recognition (about $ 3-5 / pc)
  • clean all the tiles and tile joints (if there are cracks and potholes on the tiles, restoration and repainting of the tiles may be needed)
  • if the faucet and washbasin are worn out, replace
  • plumbing and appliances (refrigerator, stove, dishwasher) – everything should shine like new, well, or be new 🙂
  • put a bowl of bright fruit and put a colorful cookbook  

Create the mood of your home

  • The scent of your home. Take care of the smell. Ideally, it should smell clean and fresh. Eliminate the causes of unpleasant odors and ventilate the home frequently. Place fresh flowers and bake a cake.
  • Details. Place some stylish accents – a statue, a few books in the right place, even a blanket thrown in the right place can create style. Let everyone know that home owners have taste. Draw attention to merit. Find and highlight the virtues of your home. Fireplace. Great, you need to hang a bright accent on it – a ball of thread or put a purple elephant on it.
  • Light. Open curtains and blinds, fill the house with light and air.

In addition to real shows, the photo presentation of your House is very important. Ask your realtor for professional photo services, because even a stylish, clean and bright house can be shown badly.

Some common risk in selling a secondary real estate

I this section of the post I will tell you some risks that are common when selling secondary real estate and how to safely exchange an old apartment for housing in a new building at minimal cost.

And if there are no questions with the purchase under the preschool educational institution, the sale of an old apartment without the involvement of a professional agent takes a lot of time and effort, and in some cases it can even result in significant financial losses. What is the difficulty of selling “secondary housing”

Most of the transactions in the secondary real estate market are complex. This is a whole chain of sales and subsequent purchases. These are deals with apartments in which there may be minor children among the owners, deals with housing that was purchased with the help of subsidies or mortgages and is still pledged by the bank.

The correct appraisal of real estate is also important: you need not sell cheap and at the same time not to overcharge the price so that the sale does not stretch out for several years. In addition, when selling an apartment on your own, questions of legal security and paymen seet security always arise. It is not so difficult to find a buyer, how to carry out a deal correctly afterward.

The main risks

In case of legal errors in the execution of documents, the transaction may be invalidated. The same result awaits the seller when submitting an incomplete package of documents. At the same time, you will not be able to return the funds spent in the registration process.

Financial risks. 

If you choose the wrong payment method and incorrectly register this clause in the contract, the buyer may simply not pay for the purchase after the transfer of ownership.

Tax costs. 

In some cases, they can be excluded with a competent approach to the deal. For example, if the apartment being sold is owned for longer than the minimum tenure period (depending on the situation, 3 or 5 years), no income tax will be charged. Sometimes it is more profitable to postpone the purchase for a couple of months in order to save on personal income tax.

Possibility of claims regarding the quality of the sold apartment. The buyer has the right to present a claim within the required time frame from the date of transfer of rights, even if he previously accepted a home that does not comply with the terms of the contract. In this case, the seller may be required to pay monetary compensation or even terminate the transaction.

How to avoid risks

The easiest way to ensure the security of the transaction and save time is to contact real estate agents. As a rule, specialists are ready to offer a full range of services – to find an apartment, prepare documents, register property, and take from 3 to 6% of the contract value for their work. 

Features of buying and selling a room and a share in a mortgage

How decent, the conscientious, and responsible person your tenant is, you will understand after meeting: the first rent payments, household issues, periodic meetings, and telephone conversations.

But some information about the future tenant can and should be found out in advance, even before the delivery of housing to him. Figured out where to get the information you need.

Conclusion

services of professional are highly required during the sale of a house to minimise the risk and legal errors that are common during the sale of properties.The professional or real estate agent if engaged for the sale will do the necessary appraisal of an apartment, its pre-sale preparation, advertising placement, search for a successful sale.

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