Whether you’re planning to sell your house or buy a new one, the process can feel daunting. Real estate transactions are notoriously complicated, so it’s normal to have questions during every step of selling or buying a house.
In this series of deep dives into the Real Estate FAQ, we have answered the top questions you can have while selling or buying your house.
1. How to make my house saleable?
To make your house saleable, the first thing you need to do is present it in a professional manner, sometimes called ‘Staging’ the home. Clean the Floors, Bathrooms, and Kitchen. Small things like patching holes in the walls, replacing burned-out bulbs, or repairing damaged appliances can help your house stand out against the competition.
After Cleaning, the next thing you should do is painting the walls. Painting the walls either white or grey makes the room look larger.
Declutter your home by taking out all your items, such as photos, utensils, and other household items. Borrow a different place to keep these things until the house gets sold. It would help if you did this to make the buyer better visualise the house as if its theirs.
2. Should I buy a new house before selling my old one?
The decision to purchase a new house before selling your current home is a decision that’s entirely up to you. Having a new home in place gives you security when you sell and you can leave on your own terms. This also stops you from finding temporary housing (and moving twice), which can be inconvenient.
But, on the flip side,you might be forced to pay two mortgages at one time. This is a possibility if your sale takes longer than you anticipated. Also, you may feel pressured to get a house instead of trying to find a better deal.
3. How long will it take to sell my home?
On average and locally on our islands, a home will take anywhere from 8 to 10 months to be sold. The duration to sell a home is contingent on several factors that, include:
- The time of the year you’re making a list
- Local conditions for the local housing market
- How is the condition of your house
- Purchase method of the buyer
4. When can I sell my house?
Spring and summertime, mainly June, is the ideal time to sell your home. Research suggests that home sales during June, May, as well as July and August, make up 40% of the total annual volume of sales.
The overall trend for home sales is quite good right through the beginning of fall, so it should be a perfect idea to sell your home at this time as well. However, home sales decline when the wet season arrives. January is the most challenging time to sell a house since the demand for homes is less due to major consumption over the Christmas season.
5. Do I need a home inspection?
It’s the responsibility of the buyer to have an inspection on their home; therefore, being the vendor, you aren’t required to obtain one. However, an inspection prior to listing can offer some advantages:
- You’ll be able to find and fix the most pressing issues prior to selling and can increase the potential value of your house.
- You’ll be able to select your own inspector rather than having to rely on the buyer’s decision.
- You might be able to negotiate a higher price if the property is in excellent condition.
- You can persuade buyers not to waive the inspection condition, which means that there is less chance for your deal to fail.
