Many people are faced with the sale of an apartment. There can be many reasons for the sale, but the steps to successfully sell real estate are always the same, and not everyone is familiar with them. We invite you to familiarize yourself with the step-by-step instructions for the profitable sale of real estate.
Step One: Determine the Purpose of the Sale:
The first step and the most important one is to determine the reason for the sale of the apartment. Having decided on the purpose of the sale, you will be able to think over all further actions. For example, calculating the amount of collateral for real estate, calculation methods, etc.
Forgetting the purpose of the sale, many people make a big mistake. After all, only having decided on the reasons and what you want to get from the sale of housing, you will be able to competently build a sales plan and calculate the timing of the plan.
What are the goals?
Several main motivations push people to sell an apartment:
- The desire to improve their living conditions and move to an apartment that is more expensive, better, or bigger;
- Understanding that the current apartment is too expensive and the desire to move to a smaller housing;
- Urgent need for money for any needs;
- Opening your own business.
These are the main goals that people pursue when selling an apartment. Yes, there are others, but it comes down to these four in most cases.
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
Based on the goal setting, we can assume the time you need to sell an apartment and its cost.
For example, you have been looking at market offers for a long time and stumbled upon one that struck you both in cost and characteristics. You find a better place than yours, but it costs the same. You have decided to deposit this apartment. In this case, you need to sell your apartment as quickly as possible, and the price tag of housing fades into the background; more important is the timing.
Step two: do we seek the help of realtors or not?
This decision should be made immediately after setting the goal, and here’s why. When selling an apartment with a realtor, you are more likely to sell it in a short time, spend less effort on it, and get a more accurate assessment of the property. But there are also disadvantages to contacting realtors: the cost of realtor services can reach 5% of the total transaction amount, which is not suitable for you if you want to get as much money as possible when selling real estate.
Of course, if you decide not to seek the help of realtors if you need to sell an apartment at a higher price, you risk losing more money on downtime. But by following the instructions below, you can minimize additional risks.
If you decide to use real estate services, you need to look not at their cost but at the prestige of the real estate agency that provides these services. If you sell too cheap, you risk stumbling upon a non-professional and losing all the benefits of selling your home through a realtor.
Step three: determine the cost of housing:
Carrying out the appraisal procedure will allow you to establish the most accurate cost of the apartment. Situations often occur when sellers set the price “by eye” and lose up to 10% of the real value of the apartment. And 10%, according to the estimates of the current real estate market, can be both 100,000 and 500,000 rubles. Therefore, it is better to consider your housing several times according to the parameters described below.
Area and number of rooms:
There is one feature here that not everyone knows about, but let’s take it in order. The more rooms in the apartment, the more it will cost. Accordingly, already knowing this fact, we can approximately estimate the cost of housing.
But, if you dig deeper, it becomes clear that not everything is so simple. Did you know that the cost of an apartment is the sum of the cost of square meters? For example, if your home has 45 “squares,” its total cost will be calculated by multiplying 45 “squares” by the cost of one square meter.
Now the most interesting. Few people know, but such a trend has long been observed in the real estate market; the more rooms in an apartment, the less a square meter costs. This dependence is applicable in most cases, so it must be considered when calculating the real estate value.
Let’s take a simple example. There are 2 apartments with the same footage and number of rooms. This is where the similarities end and the differences begin. In the first apartment, the rooms are isolated – they cannot be accessed from other rooms. In the second apartment, the rooms are adjacent, and you won’t be able to get into, say, the second room without going through the first one.
Even such a seemingly insignificant difference significantly impacts the property’s overall value. Naturally, housing with isolated rooms is more valued by the market. On average, the cost of such apartments is 10% higher than similar apartments with adjacent rooms.
The same rule applies to kitchens, toilets, and pantries. The most expensive layout option is where each separate room has its entrance.
Everything is extremely simple here. If your kitchen area is less than 7 square meters, then the cost of the entire apartment as a whole will be lower. Currently, small kitchens are not used; most developers design large and spacious kitchens. This is explained because a family with one child will not have enough 7 “squares” of kitchen space, even though they live in a three-room apartment.
Based on these trends, we can assume a fall in the cost of an apartment by another 10% if there is a small kitchen.
Another important parameter is the location of the apartment inside the house. The “middle” floors are always considered the most comfortable for living. They set the maximum value.
Apartments on the first or last floors will cost orders of magnitude less, sometimes even 10-15%. The reasons for this price reduction are obvious. It can be too cold on the upper floors; a leak can form from the roof, which cannot be fixed. The first floor scares people with a lot of noise, dangerous location, and possible unpleasant smells from the garbage chute.
In houses above 15 floors, developers often reduce the cost of housing on the last and the penultimate floor.
If your house was built not too long ago, and it is brick, you can rejoice; the cost of housing in it will be maximum. In all other cases, the property’s assessed value will be reduced depending on how long ago the house was built, how often major repairs are carried out, and according to what system it was built.
It is important to understand that the current trends are leaning towards the most expensive proposals for houses built of brick.
Here you need to stop in more detail. It is necessary to be aware that in old houses built back in the Soviet Union, there will not be a whole set of house characteristics that will increase the cost of housing in this house. Therefore, they can initially be calculated as the cheapest options.
In new buildings, there are several variations of the adjoining device. The presence of underground parking, green areas, sports and recreation areas, a fence, and a security post will increase the cost of housing.
General Condition of The Apartment:
For a real estate buyer, it is important that he can move into an apartment immediately after the purchase. Therefore, the most profitable offers are those in which a high-quality repair has recently been carried out.
But you should not run and repair housing as soon as possible. Your repair may not please the buyer at all, which will reduce the cost of the apartment. It is better to come to terms with this fact and try to fix the main things that will affect the cost. Ki
The absence of modern plastic windows, cracks in the walls, floor, and ceiling, the condition of pipes, etc., will lower the housing price. Everything in your power to fix, not the subject of controversial judgments and taste, is better to fix.
In the most neglected cases, an apartment can lose more than 15% of its value.
The most expensive real estate offers will always be in the city center. There is the most developed infrastructure. Any shops, pharmacies, schools, kindergartens, places of cultural recreation, etc., are nearby. As you move away from the central regions, the cost will decrease.
But there are also areas in the city that are quite far from the center. Still, due to environmental considerations or the convenience of being in them, the cost of housing can be comparable to apartments in the center or even higher.
4. Step Four: Advertising:
Many people believe that the engine of progress is advertising. This assertion is not unfounded. For example, there are two apartments in a new building. They have the same layout, area, and condition. One is on the 5th floor, the other on the 6th. The first apartment owner decided to use advertising methods to sell the apartment. The owner of the second considered that the usual paper announcement would be enough. The first apartment owner will sell his house faster and more expensive than the second one.
It is necessary to take such photos of the property that will show only the advantages of your home. If you can’t do it yourself, you can turn to professional photographers. Nowadays, the image has the greatest impact on people’s minds, so it’s better to take care of good photos.
There are many sites on the Internet where people try to sell apartments. Every day there are hundreds and thousands of ads for the sale of real estate. You also need to somehow stand out among this mass. If the site has a service for highlighting an ad or increasing it in the list, it will not be a sin to use it. The cost of such services is relatively small, but your ad will attract the attention of buyers.
Submit information to the real estate agency:
This method is appropriate when you are not confident in your ability to produce high-quality advertising for your ad.
Realtors of the real estate agency Sky Marketing will help you draft the ad’s text, place it on target sites, find potential buyers, negotiate, and conclude a deal. In most cases, the cost of real estate services is fully paid off by the rapid sale of housing at the highest possible cost.
Take advantage of word of mouth:
It is not uncommon for a sale and purchase agreement to be concluded between acquaintances or indirectly acquaintances. In such cases, the security of the transaction increases because a familiar person already looks more priority in your eyes than a random buyer.
By telling friends and acquaintances about the sale of real estate, you can count on them to pass this information on to their acquaintances, etc.
Step Five: Conclusion of the contract and eviction:
In the final stage, it is important not to make a mistake. It is better to entrust all documentary work to an experienced person or a professional. The price of a mistake at this stage is too high to spare money for the services of lawyers and realtors.
If you find a buyer for your home, you need to conclude a contract of sale of real estate with him. In the contract, it is necessary to prescribe the deposit amount for real estate and other payment methods.
Step six: submission of documents to the registration authorities:
At this stage, all agreements are legally certified. The transaction has ended, and the last item remains, the re-registration of ownership. After its conclusion, all documentation from the transaction must be sent to the registration authorities.
Only in this case can you proceed with peace of mind to realize the goal for which you started selling the apartment. Also, If you want to buy the perfect property for your house, then Nova City Peshawar is the most recommended option available in the market.