Similarly this is the case when selling your home. You should be aware and able to confirm if it is freehold or leasehold land. The land size, the building size, the necessary approvals where applicable, if any taxes are outstanding or bills need to be cleared etc.
The second mistake sellers make when selling their home is pricing your home incorrectly! – this can be an interesting topic for discussion as most sellers in Trinidad and Tobago generally price their home base on what they think it is worth or how much money they need to achieve their desired goal
Pricing your home to high can result in your property staying on the market for an extended period of time or possibly not being sold at all, while pricing your home to low can result in you losing out on thousands of dollars in profit (and who wants to lose money in this day and time)
This is where an experience real estate agent can assist by providing you with a comparative market analysis. This can help your price your home correctly and competitively.
Most sellers in Trinidad and Tobago often believe because they are the ones selling their home they should not spend any money. I am sorry to be the bearer of bad news, however contrary to popular belief this is definitely not the case.
Let’s say for example you live on leasehold land. You will have to apply for a permission letter from the lessor granting you the vendor to sell to person “x” the buyer. There is a cost associated with this.
Another example, is the drafting or revision of a sale agreement usually done by an attorney. There is a cost associated with this.
The application of a W.A.S.A. clearance certificate also has a cost associated with it and we can go on and on.
An experienced real estate agent should be able to guide you through the necessary costs/expenses associated with the entire transaction.
Most sellers tend to take low offers personally. Reminder a buyer’s offer is not base on the memories created within the home nor the emotional connection you the seller have with the home. Neither does it reflect all the repairs and add on done over the years.
Think about this, if the buyer did not like your home, they may not have offered anything right? The sale of your home is strictly a business transaction and should be treated like one!
If the offer is to low you can work with your agent and their negotiation skills to counter the offer and bring the buyer up to the desired value. If they are truly interested in your home and it is priced correctly, they will improve their offer.
We live in an era where buyers begin their search online and if your property isn’t presented properly online with the right photography highlighting the key features of your home you will definitely be losing potential buyers.
In addition to this, having the right marketing strategy will definitely determine the numbers of days your property will be on the market or if your property could be sold without even hitting the market!
And there you have it; five common mistakes sellers make when selling their home.