Mistakes to avoid when selling a home
Selling a home can be a stressful and emotional process, especially if it’s your first time doing so. There are many factors to consider, from pricing and staging to working with a real estate agent and navigating the fees involved. In order to make the process as smooth and successful as possible, it’s important to avoid some common mistakes that can derail your efforts. Here are some of the biggest mistakes to avoid when selling a home.
Not factoring in all the associated fees
Aside from making a profit, it’s important to remember that selling a home also comes with certain costs. These include a seller’s commission of 2% + VAT (brokerage fee) based on the gross sales price, which is due when the sales contract (Form F) is signed. Additionally, you’ll need to account for the developer’s Non-Objection Certificate (NOC) and any remaining service charges.
If your property has a mortgage, you’ll also need to pay a settlement fee, which varies depending on the bank and the remaining time on your mortgage term, as well as a clearance fee to the Dubai Land Department on the day of transfer.
Listing the property at the wrong price
Setting a price too high above the market value can result in limited interest from potential buyers. However, it’s important to allow for some room for negotiation. If this is not possible, taking photos using a smartphone with a small tripod for stability and a 0.5 zoom for a wide-angle shot can help showcase the property.
To capture the best images, aim for an ideal height of 1.5 meters for internal photography, adjusting slightly lower for bathrooms and kitchens. Ensure that the lighting is right and that the area is clean before taking the photos.
Ignoring the importance of online presence
With more people than ever before starting their home search online, having a strong online presence is crucial. Make sure that your property is listed on all the major property portals and that the listing has high-quality photos and a detailed description. You should also consider using social media to promote your property – post about it on your personal accounts and ask friends to share the post.
Finally, make sure that you respond promptly to any inquiries that come through these channels – buyers can quickly lose interest if they don’t get a timely response.
Not being flexible with viewing times
It’s important to be as flexible as possible when it comes to arranging viewings. Remember that buyers may have busy work schedules or may be travelling from out of town, so try to accommodate their schedules as much as possible.
If you make it difficult for buyers to view your property, they may move on to other options.
Failing to disclose all relevant information
When selling a property, it’s important to be transparent about any issues that may affect its value or appeal to buyers. This could include things like past renovations or repairs, disputes with neighbors or issues with the property’s title. Failing to disclose these things could lead to legal problems down the line, so it’s best to be upfront about everything from the beginning.
In conclusion, selling a home can be a stressful process, but by avoiding these common mistakes, you can help ensure that the process goes as smoothly as possible. Remember to factor in all the costs, price your property correctly, list exclusively with one agent, consider staging an open house, prioritize your online presence, be flexible with viewing times and be transparent about any issues with the property. Good luck with your sale!