Selling Property on Own Terms

Advantages and disadvantages of selling property privately- There are some people who decide to sell their property privately without the aid of the real estate agent. For others skills, resource and experience of the real estate agent is worthy of the commission that needs to be paid. One should think about the pros and cons of selling the property before making the final decision. The biggest advantage in selling a property privately, is that one doesn’t have to pay any real estate agent commission. One sometimes saves up to thousands of dollars. The private seller can be in control of the sale and negotiation process with the potential buyer. The real estate agent sells everyday and therefore they are aware of market conditions and have proficient negotiation skills. One can sell the property in their own terms, but the process is time consuming and may even be complicated.

The following are some of the steps that should be followed when selling the home for yourself. Enlisted by Premium Adelaide home builders, they are stated below:

• Repair all the minor needs to make the property for saleable. This includes mending leakage and others.

• Determine what should be left in the property

• Evaluate the market price of the property

• Setting the sale price

• Advertising the property

• Preparing the background information for the prospect buyers

• Choose a professional conveyancer or a lawyer

• Negotiating the price

• Once the offer has gone to unconditional, prepare to take the next step:

 The water meters, electricity and gas should be read on possession date

 Phone account needs to be transferred

 Redirect the mail

 The house insurance needs to be cancelled or transferred

 Paper and milk and other deliveries need to be cancelled

When determining on the sale price of the property, one needs to decide what they should leave in their house. One needs to mention or include in the contract accordingly. The fixtures are included in the sale while most of the time, chattels are excluded. By fixtures, we mean items that are fixed to the property or land, so they are part of the land e.g.: stove, shed and built in furniture. By chattels, we mean items that are not fixed in the land or building. They are excluded from the sale. If any item is included in the sale contract, the chattels should be enlisted.

Evaluating the property value

When selling the property on their own terms, one needs to know the value of the property. The following are some ways by which is done:

Valuer’s report: Generated from a report of a registered valuer, it is one of the most trusted ways to know what the worth of the property is. The report includes detail on the following:

• Appearance, age, size and condition of the property

• Size and condition of the ground and section

• Type of title of property

• Locality

• Comparable recent sales of other properties

• It is not a structural report. For that, one needs to hire a builder or engineer.

Council ratings valuation: Not a proper substitute of the valuer’s report - However, more information about the structural building is included. This is because:

• The valuations only happens every three years

• Does not include chattels

• Does not include details about improvements or renovation work

One can always contact the local council and find out about the current ratings are. The current valuations should be reassessed. The councils can be contracted for the job. There can be fees associated with reassessment.

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