Tag: home sale

4 surprising obstacles you may face when selling a luxury home

4 surprising obstacles you may face when selling a luxury home

Even though homeownership is significantly easier than what we’re led to believe, there are actually some surprising challenges when it comes to selling a home, too. Buying a house is hard; but surprise, surprise, so is getting rid of one. Initially, selling a luxury home seems like something that’s exciting and quite a straightforward process, right? After all, isn’t it a seller’s market out there?

However, it can come with a few unexpected hurdles. The high price tag and exclusivity mean that the challenges involved are often quite different from selling a standard property. So no, it’s not exactly the cakewalk a lot of people make it out to be. With all that said, here are some unexpected obstacles you may encounter when putting a high-end home on the market.

It’s about attracting the right buyers

One of the biggest challenges when selling a luxury home is finding the right buyers. While the property itself may be spectacular, luxury buyers are often more selective and take longer to commit to a purchase. Unlike the run-of-the-mill homebuyer, they’re not just looking for a place to live – they’re after something that aligns with their lifestyle.

Plus, there’s always the chance of people ‘bargain shopping’ and hoping to cheekily underbid in hopes you’ll accept it (basically, people who aren’t looking for something that aligns with their lifestyle).

So, it’s important to understand the unique needs of this market. For the most part, luxury buyers want more than just stunning architecture or expensive finishes. They care about things like privacy, security and proximity to prestigious schools or amenities. Usually, the pool of potential buyers is smaller, which can mean longer waiting times to sell. It’s not exactly ideal, so patience truly is going to be a virtue here.

Needing clearance certificates

When selling a high-value home, there’s more to contemplate than just the price tag. You may face additional legal requirements, especially if you’re selling in a country that requires specific certificates or clearances.

For example, if you’re based in Australia, you’re going to need to get a CGT clearance certificate if you’re selling a property that’s valued over a certain threshold. It’s a big deal because, without it, there could be delays in the sale or, worse, issues with tax compliance. It’s a step that many sellers may not anticipate, which is understandable, but you can’t skip this either.

Staging expectations and high-end marketing

You must keep in mind that luxury homes require more than a quick and simple tidy-up before an open house event. For the most part, staging can be a significant investment, especially when dealing with high-end properties where potential buyers expect perfection.

Basically, you can’t DIY this. You’ll need a professional home stager and a real estate agency that specialise in luxury homes so they can offer luxury-based marketing strategies. It’s glaringly obvious when something has been DIYed, so don’t make that pitfall.

Navigating complex offers

The negotiation process for a luxury home sale can be more complicated than anticipated. In the majority of cases, luxury buyers have complex financial situations, and deals can involve cash offers, international buyers or even unusual contingencies.

Some buyers may have specific requests regarding furnishings or property improvements that could add extra layers of detail to negotiations. Sellers need to be prepared to navigate these complexities, often relying on the help of experienced real estate agents or legal advisors.

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Prepare your home for the best possible sale

Prepare your home for the best possible sale

Are you thinking about selling your home? Then you’ll want to make sure that you sell your home for the best price and sell it quickly. A delay with your sale could mean that you miss out on buying your dream property, and no one wants that kind of disappointment. So, are some of the steps that you can take to prepare your home for the best possible outcome, from curb appeal and fixes to great photography.

Improve the curb appeal

One of the first things you need to think about is the curb appeal of your property. Curb appeal gives the first impression that buyers will get of your home – a lack of it could stop them from even entering the property. It’s important to explore ways that you can enhance your home’s curb appeal.

For instance, you could focus on enhancing your garden with attractive potted plants. Or you may want to keep your lawn as neatly mown as possible. These are excellent options which can make your garden appear larger and grander overall. You could also employ professional painters to ensure that your home looks fresh and well maintained both outside and in before you decide to sell.

Tackle the right fixes

Next, you should make sure that you’re thinking about how to complete all those niggly repair jobs around your home. This could include little tasks like filling in holes in the walls left when you take artwork away or something bigger like fixing the roof.

You may think that buyers aren’t going to notice if there’s an issue with your roof, but this isn’t the case. The roof is one of the first things they’ll take notice of because buyers are aware that this is one of the most expensive issues to fix with a property. If you’re worried about this, then you may want to consider getting a professional contractor to complete any necessary work for you.

It’s also well worth replacing old or worn-out locks. What seems normal to you may seem dangerous or careless to a prospective buyer. Find an emergency locksmith that you can trust. Around The Clock Locks won’t charge call-out fees, and they have over 20 years of experience.

Modern features

Another option would be to add modern features to your home. This is going to make your property more attractive to many buyers. For instance, you could install a heat induction hob in your kitchen. As well as looking incredible, induction hobs only heat the base of the pan or pot that you’re using, not the cooker surface. As such, they’re fantastic energy savers and the safe choice for an eco-friendly property.

Photography

Finally, once, you’ve completed the right changes to your property, you then need to think about how to market your home. There are lots of ways to do this, but arguably the best step will be to use photography. Home photography will be used in everything from a paper brochure for your home to an online listing of the property. You can use the photographs taken by the estate agent. Alternatively, you can do it yourself, or hire a professional photographer if you’re not happy with the images the estate agent has provided.

We hope this helps you understand some of the key steps that you can take to prepare your home for a successful sale in the future.

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Should you include appliances when selling your home?

Should you include appliances when selling your home?credit

When you’re hoping to put your home up for sale, there are a number of different questions you may have running through your head. How much is your property worth? When do you want to move? But also, what are you actually going to include in the listing? Although this may seem like quite a simple question, many sellers are thinking the exact same thing. Technically, you can take anything that isn’t permanently attached to the property, which includes your kitchen appliances. Here’s more information about whether you should or shouldn’t include appliances when you’re selling your home or going live with your property listing.

Repair and maintain your appliances before listing

If you’re thinking about listing your home with your kitchen appliances, it is important to maintain and repair them beforehand. Many buyers will lower their offer or completely lose interest in your home if there are broken appliances. Now would be the perfect opportunity to learn how to use dishwasher cleaner and maintain your washing machine effectively so that you can ensure your appliances are all in good working order.

It would also be wise to get a plumber out to check and service any appliances connected to water lines, such as refrigerators with ice makers and dishwashers, to prevent any issues during home inspections. This proactive step can avoid potential roadblocks to selling your home and might even increase its appeal and value to prospective buyers. Repairs and maintenance can be essential in showcasing your home in the best light.

Washers and dryers can stay or go

In general, it is normal for kitchen appliances to come with the property, which is why it’s important to maintain your dishwasher and keep your fridge freezer in excellent condition. However, laundry appliances fall in the middle when it comes to keeping them or taking them with you. Only around half of sellers take their washers and dryers with them so it’s completely up to you whether it’s beneficial to your new property or not. Many people choose to leave their washers and dryers where they are because appliances like this can become damaged during the moving process. More often than not it’s safer to keep them in the property you are selling.

Matching kitchen appliances

Buyers generally look for certain things when they’re looking to invest in a property. One of the high priorities for home buyers is having stylish and matching kitchen appliances. If you’re due to upgrade your kitchen appliances soon before you sell your property, you should always try and purchase matching equipment whenever possible. Choosing the same type of finish and style will help the kitchen to appear more aesthetically pleasing to the buyer. On a similar note, choosing the same brand for all of your appliances such as your fridge, oven, microwave and cooker will also add a level of consistency which is always extremely appealing to buyers on the property market.

With these points in mind, you can make an individual decision that suits your personal circumstances. On the plus side, new and well-maintained appliances can attract buyers to your home, however you can list your home for a more competitive price if you take your appliances with you. All in all, it’s worth asking for some advice from a local estate agent to see what would be expected in the area you’re looking to sell.

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Legal requirements when selling a property

Legal requirements when selling a property

As a home-owner with a property that you wish to sell, you hope for the transaction to go through smoothly with the minimum of fuss, bother or extra costs. However, the law stipulates aspects that require your compliance to avoid prosecution. This guide will help you to keep on the right side of the law, outlining the legal requirements when selling a property.

Contract

The estate agent or conveyancer may assist you with drawing up the contract to sell a property. When the buyer makes an offer, it cannot come directly to the seller, but must be made via the estate agent if the latter has been hired to sell the property. If the sale is private, then the buyer would make an offer to the seller. This can be done informally, e.g., via a phone call.

In Wales and England, an offer may be subject to change prior to the signing of a legal transfer contract document. A subject to contract offer allows the buyer to decrease the price they are prepared to pay if any faults come to light before signing. If you live in Scotland, you’ll need to check the legal requirements, as the laws differ from the rest of the UK.

Energy performance certificates

The seller of a property must get an Energy Performance Certificate (EPC). This also applies to an owner renting a property or a newly built home. This certificate will remain valid for a full decade or until one of the above conditions occurs again (sale or rental, new dwelling built on the property).

An EPC declares the amount of energy a property uses and its average costs for energy. It also contains guidelines on ways to conserve energy and thus reduce costs. The property is rated from A to G (most to least efficient energy use).

Scottish landlords and sellers need to have the certificate displayed on the property, ideally in the cupboard that contains the meter.

EICR certificate

Another certificate related to energy that you’re not legally required to get, but that would reassure the buyer, is an EICR test. This will test electrical safety in your home. The EICR report checks the electrical installation in your home. An EICR will provide information on any defects that must be fixed before the certificate can be given.

Property title deeds

The property title deeds provide details of all the previous owners of a property. This documentation will have to be presented when you’re selling your home. HM Land Registry can assist if you don’t have the document on hand.

Property Information form (TA6)

The property information form is lengthy to complete, so you should start early. It must provide details of your tenant agreements if there are tenants and it’s a rental property. You need to share any warranties & guarantees to do with the house such as damp proofing work If you’ve had any problems or disputes with your neighbours, you have to include these as well as the boundaries of the property.

Fittings and Contents form (TA10)

This form is compiled by room or area. It lists anything that the seller is leaving behind that forms part of the sale. This could include appliances, carpets, curtains & other window dressings and light fittings. The outdoor areas must be covered too.

Possible documentation required

If any doors or windows have been replaced after 2002, you’ll need a FENSA certificate. A gas safety certificate is needed if the boiler has been changed from the original. You’ll also have to demonstrate that any extensions made to the property followed correct processes.

With all your ducks in a row, selling your property is a breeze.

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