Selling your bungalow is no less than a challenge. And it gets worse when you are selling your property for the first time. Potential buyers coming in to consume your time, take away your emotions and poke every corner of your beloved house.
It is likely to make mistakes when selling a property for the very first time. But, with some know-how, you could avoid mistakes and sell your bungalow at a market-competitive price.
Here we are going to highlight three key-takeaways you need to consider when selling your bungalow.
Emotions off the Table
If this is your first home, you will probably be too attached to it. You could be thinking of how you saved money for this beautiful home. How many months of planning you had when you were buying this house. While you may not realize that you are too emotionally attached to this house, your emotions could become a hurdle to sell it.
To shake it off, think of yourself as a businessperson now. You are likely to get a better sum of money and even make a profit when selling this property. And with that sum, you will have some exciting investment opportunities.
You could even think of buying a new bungalow from this transaction. That new house could be huge, in a better place, or you could even think of buying multiple properties from that sum.
Asking Unrealistic Price
That is one of the worst mistakes people make when selling their property on their own. But you have a choice to avoid this mistake.
If you are not asking for an agent’s help, do some thorough research on the current value of the property. There are plenty of authentic property-related apps. Visit them and look for prices of similar properties.
Find a property with the same size, in the same area, with the same accommodation, and other related features. You will get a good idea from this search.
You can also ask the same from your neighbors. Though, that would not be of great help. But still worth a shot.
Just keep one thing in mind; you do not want to sell your house for the wrong price.
Selling at the Wrong Time
While this might not sound important, it has a valuable concept behind it.
To give you a heads-up, recall when coronavirus was at its hype in the country. No one was ready to spend a dime. That was an inappropriate time to sell your property.
But since the prime minister’s announcement on leveraging on property taxes, this industry is booming fast.
Other factors you need to consider include; new commercial projects in your area, upcoming elections, reforms in the society, etc.
You must also consider the property gain taxes you would have to pay.
Bottom Line When Selling Your Bungalow
We have discussed the tips to avoid common mistakes when selling your home. However, it is always better to appoint an agent for this task.
The agent would not only help you avoid these three mistakes but more. S/he would also help you find a serious buyer, save your time, and help you with documenting the sale deal.