Whether it’s your first time or your fourth, there’s a lot to get your head around when selling your home or investment property.
Here at Fastrack Conveyancing, with over 35 years’ experience between directors Tammy D’Amore and Justine Kitchen, we know everything there is to know about this big moment in your life. Here are our top tips to getting it right.
Getting your timing right is vitally important. “You need to do your research,” Tammy advises. “Keep an eye on sales within the area and the property market as a whole, figuring out a good time to get the best price for your property. Chat to your real estate agent and check out sales history which is easily accessible online.”
It’s not all about the numbers. “You’ve got to balance that with picking a good time for you,” Justine adds. “Maybe you’ve already bought somewhere new and you need to sell. Maybe you’ve really outgrown where you are. It has to suit your needs too.”
Again, this is all about the research. “There are a lot options for estate agents these days, including online only and fixed-fee companies,” Tammy tips. “Figure out what your needs and objectives are and pick your agent from there. Make sure you’re happy with their strategy and read the small print of the sales authority.”
Whether you’re selling your beloved home, or you’ve worked hard to get an investment property ship-shape, it can be emotional letting go and expectations can run high, but you have to be realistic.
“Get a feel for what’s actually possible within the market,” Justine recommends. “Your agent will be able to help with that. You also have to factor in any mortgage currently outstanding and the costs of the sale itself, including commissions, legal fees, and preparing the house for sale.”
You have to put your best foot forward when selling a property if you want to get the best results.
“Clean everything until it sparkles and declutter too,” Tammy suggests. “Ask your agent if there is any work you could do that could add value to the property. That could be fixing something, a new coat of paint, a spot of gardening, replacing that blinking outdoor light or re-tiling the bathroom. Some sellers are now opting for staging their home as an alternative to keep up with the high expectations of buyers.”
This one really depends on the area and how the market is performing, Justine suggests. “Pick your real estate agent’s brain. They’ll weigh up the pros and cons. You have to trust in the professionals.”
Speaking of professionals, engage a solicitor or a conveyancer like Fastrack Conveyancing. Fastrack prepare a comprehensive Contract and a Section 32 Vendors Statement for you, usually in about one week from taking your instructions. The Contract and Section 32 are vitally important to have a legally binding agreement in place.
The Section 32 Vendors Statement should contain the required disclosures and false or misleading information could result in termination of the sale and or fines and penalties in some cases. As for the timing, according to Tammy, “prospective buyers will want to see it right away, so the sooner you have it ready once you have listed your property for sale, the better.”
When it comes to settlement, the property has to be in the same condition as it was when you sold it,” Justine notes. “If you have a big leaving party and somebody breaks a window or spills red wine on a cream carpet, you need to rectify that before settlement.”
If it’s your current home, you need to be ready to go. “Work out how long it’s going to take to vacate the property and make sure you give it a big clean before the final inspection,” Tammy says. “you may also need to consider interim accommodation or storage for your furniture.”
If you’re about to sell your property, get in touch with a Fastrack Conveyancing expert today on 03 9915 5790 to talk about preparing a Contract and Section 32, or email us here.