Something has changed in your life – you are getting divorced; your children have left home; or you are starting a new job in a different city. And you own a property that you now have to sell. Before reaching for your smartphone to take pictures and advertise your property on one of the popular property portals, you should be familiar with the following typical mistakes that people make.
1. You are not prepared
It is easy to underestimate the effort involved in selling a property. It is essential that you ask yourself these questions:
- When is the best time to sell?
- How do I secure funding throughout the process?
- How do I ensure I am paid what my property is worth?
- What information will potential buyers require from me?
- What kind of legal pitfalls might await me?
2. You have unrealistic expectations of your property’s value
Everyone has an idea of what they think their property is worth. Yet the price depends on a number of factors. People often over-estimate the value and their property becomes a non-seller. A great aid here: a professional valuation by a knowledgeable and certified surveyor.
3. You do not have all the necessary documentation
If you do not have to hand all of the documents required when selling your home, people can quickly get the impression that you are trying to hide something. There is also the risk of legal ramifications. For example, you can incur a fine of up to EUR 15,000 if you do not have the energy certificate available by the time you are giving viewings.
4. You cannot contact the potential buyers
Once your property is listed online or printed in the property supplement of your local newspaper, brace yourself for the telephone calls and e-mails to start coming in. With the current market situation, you can expect a large amount of interest. If you are unable to deal with these in time, the entire sales process can drag on.
5. A lack of time for viewings
It is difficult to find time to give viewings on weekdays. This often leaves only the weekends, when you have other things you need to get on with. And how do you even go about finding potential buyers who are suitable and who – crucially – have sufficient credit? Before you despair and get so stressed out that you invite along every single person who responds to your advert, you should seek the advice of a local professional estate agent. They will be familiar with the market situation and know what to be aware of when selling a property.
Do you have questions regarding the sale of your property, or are you looking to buy a property? Then please get in touch with us – we are happy to advise you during a non-binding consultation.
In this text, the generic masculine is used for better readability. Feminine and other gender identities are explicitly included to the extent necessary for the statement.
Legal note: This article does not constitute tax or legal advice in individual cases. Please have the facts of your specific individual case clarified by a lawyer and/or tax advisor.
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