Selling Your Property? Consider These Tips

Shakira
Post : March 12, 2022

They say purchasing a property is one of the most stressful times in your life. Many people forget the other side of the coin of selling the property. When you decide to sell your rental or your own family home property, it’s essential to know how to maximize gains. If you don’t, seller's remorse can be an emotional journey. 

You may want to sell it to earn a quick profit. The process of ‘flipping’ is when the buyers select an old property, make changes, and put it out to the market as early as possible. This strategy requires timing, capital and experience to know what to buy, how to fix it and when to sell. Market performance is one thing, other factors include taxation and stamp-duty considerations.  

Regardless of the property you’ve decided to sell, it’s essential to renovate or make the property look better before you allow inspections. Sprucing up a property isn’t about how much you can spend. Sure, spending money on a full renovation may help increase potential buyers, but it’s a decision that will take time, effort and money. Here are a few additional tricks and tips;

Here are a Few Tips and Tricks 

  • Accounting first. Consider how much you want to sell the property for. This can be done simply by understanding how much expenditure you put into the property throughout the years. Including; stamp duty, capital expenditures, land tax etc. This will allow you to clarify the bare minimum to sell the property. 
  • Reduce emotion. You would assume selling a property will be a well thought out rational plan to get the best outcome. However, as humans, emotion sometimes overrides rational thinking. It’s important to consider your main objective to sell the property and how much is the bare minimum or optimal you would want for it. Always revert to that when finalising any deal. 
  • The profit made from your investment property has capital gains tax. However, there are ways to minimize tax. Ask a tax professional whether you’re eligible and if so, ask them how to reduce your tax.
  • You can organise the property through a deep-cleaning process or consider simple improvements to make the property look appealing to match the market value you quote. 
  • Talk to your local agents to understand the improvements to be made. But you shouldn’t overcapitalise because that’s what increases your costs rather than adding value to your property. 
  • You can ask for suggestions and advice from the local agent regarding the current market health. This will help you decide the right time for your sale. It’s always good to speak to a few different agents specialising in the area. 

Finding the right time to sell your place or investment property can be a game of holding a crystal ball. There are ways to take risks if you know the right tips and tricks. Once you weigh the benefits and drawbacks, you will be able to seize your property goals.

Are you interested in selling your investment property or place? You should evaluate carefully before signing the contract. Legally, you may not have a way out of the contact and sellers remorse after making the decision can have an impact on your emotional state. Afiyah Financial Service is here to understand your goals and lend an ear.

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