How to Sell Your House for Best Price

The housing market is still looking grim. A report by Bombay-based belongings research firm Liases Foras estimates that the unsold inventory in 8 height cities rose past 22% in 2015-xvi. In the Bombay Metropolitan Region alone, around 2.26 lakh apartments are lying unsold. In the National Uppercase Region, the unsold inventory rose 12% from 322 million sq ft in March 2022 to 361 million sq ft in March 2016. Assuming a apartment size of one,200 sq ft, that'southward more than iii lakh units lying unsold in what was once regarded as the hottest real estate market in the country.

While this may be heartening news for prospective buyers, it spells trouble for those on the other side of the table. With builders saddled with so many unsold flats and demand non picking up, people who wish to sell their property face an uphill task. However, there is a silver lining.

With increased concerns around delays by developers in handing over possession of new backdrop, buyers are increasingly looking at ready-to-move-in or resale properties. Interest in the depression- and mid-income housing segments has picked upward recently. Liases Foras found that sales of upkeep homes—priced between Rs 25-fifty lakh—rose 13% from a year ago in the peak eight cities. If you are struggling to find a buyer for your house, here are a few steps that can help seal the deal.

Bandbox up your abode to boost its value
Before you go hunting for a heir-apparent, make your business firm attractive. Put yourself in the shoes of sega potential buyer: Wouldn't you lot be put off by cracks in the wall, peeling paint and washrooms that don't work? The prospect of putting in more than on home repairs tin can be a deal billow. Yous may have to shell out some money to spruce up the place, but it will add more to the value of your house and give you an edge when you negotiate the cost. "Fifty-fifty a fresh coat of paint tin add value to the business firm," says Anuj Puri, Chairman & Country Head, JLL Republic of india.

Finding the buyer
Finding a buyer is not a straightforward chore. How you lot approach the auction will influence what blazon of buyers you concenter and how long it takes to close the deal. First determine if you desire to employ a banker or do it on your own. He will charge 1% of the value of the business firm. If that is not acceptable, go it alone merely be prepared to do a lot of running effectually—including arranging for the registration and other legal paperwork. Experts say y'all should explore both routes simultaneously.

"The wider the net y'all bandage, the better your chances of catching the correct fish," says Gulam Zia, Executive Manager, Knight Frank Republic of india. Get-go in your immediate vicinity. People currently living on rent in your neighbourhood, or permanent residents looking out for a identify nearby for their relatives would provide a ready catchment of prospective buyers. "Your first 'interested' home buyers may very likely be generated from notices put up in your housing guild," says A.S. Sivaramakrishnan, Caput–Residential Services, CBRE South Asia.

Online housing aggregators assist attract buyers directly. List your house on at to the lowest degree a couple of portals. "The seller must be bachelor on multiple platforms as this is where buyers are undertaking initial enquiry," says Anurag Jhanwar, Head, Consulting and Data Insights, PropTiger. Jayashree Kurup, Head of Content and Inquiry, Magicbricks, says, "Buyers are increasingly looking at individual listings on the portal, preferring to negotiate straight with the seller." However, a broker with local expertise would exist the best placed to generate relevant leads and will exist able to help out with formalities.

Valuing your property
Pricing is critical for the bargain. Make a reasonable assessment of the value of your property. A broker can help you lot here because he is enlightened of the market trends. If you lot are not using a broker, find out the sale price of similar properties in the area. Online holding portals are helpful, but the data they provide can often exist dated and therefore, misleading. A sluggish market place warrants y'all make a competitive offer.

Zia warns, "A adequately sizeable residential inventory will exist hitting the market place in coming months as developers release completed projects with the new Real Estate (Regulatory and Evolution) Act coming into play." Kurup besides warns sellers against waiting for prices to inch up. "In many regions, it will take at to the lowest degree another 2 years to clear the excess inventory. With new stock coming in, the chances of getting the all-time price on your business firm look slim."

If you want to sell rapidly, requite a discount of at to the lowest degree v% to hasten things upwardly. Be flexible in your negotiations and don't get anchored to a price point you may have seen some fourth dimension ago. "The buyer must see the value in the deal. Sticking rigidly to your price may put off prospective buyers," warns Puri.

However, yous can insist on a premium in certain situations. For instance, if an existing flat possessor in the same building or guild shows involvement in your flat, y'all are in a better position to need the price tag you lot seek. Practise keep in mind that property should not be sold in a bustle unless you are in urgent need of funds. "Existent estate is not a liquid asset. Yous demand to give it a reasonable timeframe to close a deal," says Puri.

SELLING A HOUSE WITH AN OUTSTANDING LOAN Want to sell a firm that has a loan outstanding confronting it? Maybe you lot are finding information technology hard to service the EMIs. Or want to shift to another location. Whatever exist the reason, selling a firm with a mortgage is non piece of cake. The actual procedure differs nether various situations, explains Adhil Shetty, CEO of Bankbazaar.com:

Buyer takes loan from same lender
In this situation, the banking company, buyer and seller enter into a tripartite arrangement. Since the bank already has the property documents, the background checks tin can be done quickly, making the sale easier for all parties. Part of the new loan will be used to settle the original loan and the remainder will be given to the seller every bit the cost for the holding.

Buyer takes loan from another lender
Background checks take longer. After processing, the bank issues 2 payments: i, to shut the original loan, and 2, towards the seller every bit the toll of the holding. Equally with the processing of any home loan, both these options volition involve processing fees, background checks, establishing the buyer's loan eligibility, verification of property papers, etc.

No loan. Heir-apparent pays from own savings
In this example, buyer will have to make two payments: one, to the banking concern to assist close the loan and release the original documents of the belongings; and two, to the seller as the cost of the property.

Property is not registered
Banks insist on registration of property later on the approval of a loan. In a situation where this has not happened, if the heir-apparent wants to buy an unregistered property using his own funds, he may have to enter a three-way arrangement with the builder and the seller, pay the price of the property, forth with the relevant processing fees and transfer charges, obtain the requisite NOCs, and have the holding registered in his name.

In case the buyer wants to finance the purchase with a home loan, he may notice the banks insisting on total documentation of the property. Banks will be hesitant to finance properties where the ownership is unclear. The buyer may merely insist that the seller and the builder register their sale. After the registration, a fresh loan tin can exist purchased to finance the resale of the property, assuming all other conditions have been met.

WHAT EXPERTS SAY
"Habitation improvement doesn't make sense in high-end property. Buyers take their own tastes and even builders manus over bareshell flats to them." Gulam Zia, Executive Managing director, Knight Frank India

"The buyer must see value in the bargain. Sticking rigidly to your toll may put off prospective buyers." Anuj Puri, Chairman & State Head, JLL India

"Keep the opportunity cost in mind in a subdued market. A slightly lower offer should not be completely overlooked." A.Due south. Sivaramakrishnan, Head – Residential Services, CBRE South Asia.

DRESS UP YOUR HOUSE TO SELL FOR MORE
Simple measures can make a house more than attractive to the prospective buyer. We estimate that the Rs 62,500 spent on these can add Rs two.45 lakh to the price tag.

i. Paint the walls
A fresh coat of pigment can work wonders for the value of your business firm. There is no need to splurge on premium emulsion. Go for a basic distemper and cull neutral shades. A calorie-free colour makes the house look bigger. Make sure that all holes are filled with putty and any damage to the plaster is repaired.

Cost: Rs 40,000
Increment in value: Rs i-2 lakh

two. Cheque electrical equipment
Many buyers are looking for a property in which they can motility in very quickly. Functional plug points and switches are very important. Ensure that the electrical equipment is working and replace fused bulbs. Information technology will light up your chances of fetching a good price for your business firm.

Replace switch plates & fused bulbs
Price: Rs 3,000
Increase in value: Rs 25,000

3. Supervene upon croaky flooring tiles
A damaged floor looks very unattractive. Supercede broken tiles or get the floor polished to requite it a glossy look. Grinding and polishing a marble flooring tin can cost more than.

Polishing floors
Cost: Rs 10,000
Increment in value: Rs 25,000

four. Fix leaky taps
Taps with no water and non-functional washrooms tell buyers that they take to go a lot of work done. Ensure that all faucets and wash rooms are functional.

Toll: Rs 1,500
Increase in value: Rs v,000

5. Make clean everything
A prospective buyer should not start coughing when he enters the house. Become the unabridged place vacuumcleaned then that it is spick and span. No cobwebs or dusty floors.

Cost: Rs 500
Increase in value: Rs 10,000

six. Use plants
Burnish up the place with potted plants. Even artificial plants can bring cheer to an empty firm. If there is a balcony or terrace, check that the railing is not cleaved.

Cost: Rs 500
Increase in value: Rs 5,000

7. Wash the outside
Cipher like a skillful shower to spruce things upward. Spray water on the exterior walls and in the courtyard to requite the house a fresh feel. The only expense is your sweat and time.

Toll: Nothing
Increase in value: Rs 5,000

viii. Smoothen kitchen and cabinets
If the woodwork in the kitchen is in a bad condition, get it varnished or laminated. Spray pesticide to get rid of cockroaches and other insects.

Varnish and laminate
Toll: Rs 2,000
I ncrease in value: Rs ten,000

9. Fix the parking infinite
For some, a fixed place to park their vehicles is more essential than an extra bedroom. If you have an independent firm, build a shed to cover the parking area.

Price: Rs v,000
Increase in value: Rs 30,000

x. Disinfect the toilets
A muddied, stinking bathroom tin be a deal breaker. Ensure that all toilets are clean, the drains are not blocked and there are deodorisers in the washroom.

Toll: Aught
Increase in value: Rs 15,000

11. Launder the exterior
Nothing like a skilful shower to spruce things up. Spray water on the exterior walls and in the courtyard to give the business firm a fresh feel. The only expense is your sweat and time.

Cost: Goose egg
Increase in value: Rs 5,000

12. Go on some furniture
An empty house is not equally highly-seasoned as one with some article of furniture in it. Information technology adds warmth to the belongings. This is why sample flats are filled with furniture. A minor fridge with some refreshments can add more value.

Cost: Nil
Increase in value: Rs fifteen,000

Total toll: Rs 62,500 Increase in value: Rs 2.45 lakh

Also Read: Selling a house? Lookout out for tax implications
Also Read: Should you downsize your home to fund your retirement?

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Source: https://m.economictimes.com/wealth/real-estate/how-to-sell-your-house-for-a-better-price/articleshow/52583288.cms

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