Real Estate

Real Estate 101: What You Need to Avoid if You Wish to Sell Your Property

Real Estate 101

“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense paid in full, and managed with reasonable care, it is about the safest investment in the world. “–Franklin Roosevelt

Home selling can already be a challenge by itself.

But if you had any of the noticeable flaws listed below, then selling your home would no longer be a manageable challenge but an impossible task. It might not look like it to you, but your little foibles that you overlook can potentially cost you quite a lot—and by a lot we mean thousands upon thousands of pesos. Furthermore, you might not even be aware that your actions can significantly hurt your chances of selling your home until it is far too late (when it sits stagnantly on the market with either no offers or takers).

It matters not whether your property is a lush estate or a simple condo unit in Arca South, if you commit any of the errors listed below, it is a serious oversight on your part and could potentially be detrimental to your chances of a sale. In any case, the first step to rectifying this is to at least be aware of what these potential (but regrettable) blunders are. Here are some of the mistakes you ought to avoid if you wish to sell your home:

  • Over-improving your home

Sure, we can get a little too enthusiastic about the prospect of selling our properties that sometimes; we completely go overboard when it comes to improving our homes. In fact, what might have started as a simple redecorating would now seem like a full-blown renovation. You might be doing this because you wish to attract more buyers or you simply wish to bloat your asking price but do know that that is rarely the case. It might be that you would be able to recoup just about 64% of the money you have spent of improvements. Furthermore, improvements are not always appreciated or welcome—especially if they are undesirable or unusual in your market. So, if you are thinking about installing a new pool, you might want to reconsider.

  • Renovating without permits

In your overenthusiasm about your project, you might have overlooked one tiny but significant detail: You need to secure permits before knocking down any walls. Sure, it can be a bit of a pain to apply for these, but it would all be worth it in the end. Cutting corners would only lead you to trouble if you do decide to sell. Moreover, it might even affect your chances in closing a deal as buyers might have qualms about whether the work done in your place is up to code. So, before adding that deck, be sure to have an appropriate permit.

  • Limiting showing hours

While you do not want to be at your prospective homebuyers’ beck and call, you might want to reconsider your stance if it leverages your chances in successfully closing a deal. You might not want to leave your homes during dinnertime, but at least try to be flexible with your schedule if you wish to sell your homes fast. Your buyers have perpetually busy schedules as well and more often than not would juggle work, family and looking for a new home. If you limit your showings solely on the weekend, you run the risk of missing a potential sale.

  • Relying heavily on open houses

Back in the day, open houses were singularly the best avenue for selling your homes. However, the technique is outdated and with today’s modern technology and digital age, many home sellers have sold their properties through the web. In fact, it is a lot less risky to sell your home online as doing an open house is akin to inviting strangers to your house where they might break things or even target it. While no one is asking you to stop holding open houses, just do not rely on them too much. Take advantage of modern technology too and use the internet as well as social media.

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