Parting company with your home can be an emotional time. Once you’re ready to take the plunge, there are a few things you’ll need to do to set yourself up for success. Follow this checklist to help ensure you’re as prepared as possible.
Do your research
Timing can make a big difference when it comes to buying and selling property. To help decide whether you should start moving straight away, it’s important to understand what’s happening with the market in your area. Speak to your local real estate agent, look at how much comparable homes in your area are selling for and whether there are any noticeable selling patterns at particular times of year.
A good place to start is knowing the market value of your home. Chat with a lending specialist to get your individual property report and estimate of your home’s value. They’ll also be able to guide and help you understand the steps involved in selling your home and buying a new property.
Give your house a makeover
Making small changes to your home can make a big difference to your selling price. Cleaning your house and making sure any outside areas are well maintained are both fundamental, especially if it’s to be put on display for open inspections.
De-cluttering and placing your personal items in storage will also help buyers visualise how their life will fit into your home.
There are some larger jobs you can do to freshen up the place too. A coat of paint for the inside can help your home look newer and more attractive to prospective buyers. If you want to make some more significant improvements you may want to consider topping up your home loan so that you can afford to make the changes you see as necessary. Just keep in mind you don’t want to overcapitalise – that is, spend more on improving or renovating your home than what it adds to the property’s resale value.
Find an agent
You’re going to be working quite closely with your real estate agent, so building trust with them is essential. Speak with a couple of different agents to find out exactly what you’re looking for and what level of service you’re happy with.
They should be able to give you guidance in terms of what is happening in the market and also what kind of price and level of interest you can expect for your property. Agents are also typically responsible for the marketing of the property so will handle the listing and open house inspections.
Decide on your asking price and type of sale
Your agent can explain what is happening in your suburb in terms of sales, and you can also have your home valued by an independent expert to confirm what the agent and your property report is telling you.
Depending on the property type and location, and the conditions of the market you’re selling in, a private treaty sale or auction may be the better way to sell your home. Speak with your agent to find out what the advantages and disadvantages of both sale types could be.
Prepare the contract of sale and settlement date
You’ll need to engage a lawyer or conveyancer to help prepare the contract of sale, which will include the settlement date and all other conditions of the sale. This is a legally binding document, so make sure you’re across all the content and fine print before signing anything.
Find your new home
Whether you’re going to buy or rent your next home, you’ll want to lock in somewhere pretty quickly. If you’re looking to buy and find a property before yours sells, bridging finance could be an option worth exploring.
To find out more information, speak with a lending specialist to get conditional pre-approval for a new home loan so you can be confident about what you may be able to afford. They can also list out the upfront costs like stamp duty that are important to budget for.