Selling a property is a laborious procedure as it requires a lot of work to locate a buyer. But, there are other concerns—like legal troubles, paperwork problems, etc.—that might be more important than finding purchasers.
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Therefore, you need to be aware of what is needed to ensure a successful closing if you want to avoid any such problems while selling your property. All the information a seller should know before listing a home is included in this book.
The House Selling Process in Nine Steps
This is a brief handbook covering every facet of house selling. Ensure that you complete these nine phases in the selling process.
1. Establish a Sale Timetable for Your House
Selling a property is a major undertaking that might take several months, or even longer, based on the state of the market. Establish a timeframe for your activities. Pre-sale home inspections should be included in the timetable, ideally two or three months in advance, especially if your house is older. Large problems that might cause a transaction to be delayed could be found during such an examination. You may make the necessary repairs and ready your home for the market by taking care of these problems beforehand. Give the house a thorough cleaning and decluttering a month or two before advertising, and if necessary, store away any unnecessary goods. Your home is ready for the market in this fashion, which should draw in buyers rapidly and, ideally, speed up the sale process.
2. Establish Your Property’s Value
Finding the value of your property is the first step in initiating the process. Many experts and organizations may do this for you; they determine the property’s worth and produce a written report. For a more hands-on approach, look up local property listings online to obtain an idea of the going pricing per square foot. You can determine your home’s depreciation by factoring in things like the kind of property, characteristics, and other elements. Additionally, if you choose to work with a real estate agent, they will be able to provide you with a more thorough evaluation and assist you in figuring out the actual value of your house.
3. Inform The Housing Society
If you’re fortunate enough to live in a gated community, make sure you stay in constant contact with your housing society or local government. In order to sell a residence, you will have to get a no-objection certificate (NOC). In order for the new buyer to finish their due diligence, they need to complete this crucial phase in the process.
4. Compile All Required Paperwork
A number of legal documents proving the exclusive ownership of the seller are needed when selling a home. These also demonstrate the owner’s authority to sell the asset. The selling procedure may be delayed by any problems pertaining to ownership or tenancy. Therefore, having all the required paperwork is essential when selling a home. It guarantees a successful and easy transaction. We spoke with Dipan Merchant, a seasoned real estate attorney with decades of expertise in the industry, to assist sellers understand what paperwork they need. We developed a thorough checklist of the paperwork a seller needs to obtain before selling a property based on his knowledge.
5. Prepare the house for staging
Before listing a home for sale, think about arranging it to leave a lasting impression on prospective buyers. To give buyers time to imagine themselves living there, try to vacate the property before the showings start. Remember that older homes could have seepage or plumbing difficulties, so be honest about any possible concerns. You can raise your asking price if you renovate before selling, but you should consider the age and condition of the house as well as the cost of the improvements. A buyer could find it more alluring to be able to remodel and personalize the area.
6. Post Ads / Get in Touch With A Broker On Real Estate Portals
Listing your house on websites is a wonderful approach to reach buyers because many people search for properties online. Working with a real estate agent is another option. Through their relationships, they can assist you in finding purchasers. While using a real estate agent will result in a commission that is depending on the sale price, listing your home online is free.
7. Select Excellent Images And Videos
Prior to visiting the house in person, buyers want to view images and videos of it. They can then choose whether or not they wish to visit. You have two options: either capture your own photos and films or pay an expert. It is possible to capture images and movies with your phone. To let people know what the house looks like, share them with your real estate agent or post photographs on your property listing.
8. Bargain With The Purchasers
It’s crucial to highlight all the positive aspects of your house while attempting to close a transaction. You can list features that make your house unique, such as Vaastu construction, constant electricity and water supply, pleasant neighbors, enough ventilation, and other elements. Additionally, you may discuss neighborhood schools, marketplaces, temples, parks, and hospitals. Your house is worth more to the buyer because of these features.
9. Examine the Tax Repercussions and Closing Expenses
Closing fees and the amount of taxes owed are the two major cost factors to take into account when selling. Closing costs may comprise legal fees, real estate commissions, property inspection costs, and other expenses.
Taxes come next. Therefore, new adjustments to the capital gains tax have been made as a result of the recent modifications to the Union Budget 2024. With the elimination of the indexation advantage, the tax on long-term capital gains is now cut to 12.5%; this reduction is applicable to properties purchased after July 23, 2024. If not, the former 20% rate and the advantages of indexation may be used. Short-term profits, which are taxable based on the seller’s income tax bracket, will be applied if the property is sold within 24 months.