In Focus

Exercise Caution Before Selling Your Home

By Gajanan Khergamker

If you’re looking to sell your home and are strapped for cash, it’s always a better idea to sell your existing home before committing on a new one, especially now when the property market is at a lull.

The strict lending standards adopted by Housing Finance Companies (HFCs) in recent times can make it harder for you to find immediate potential buyers.

Moreover, paying off a home loan for two properties at a time could cause unnecessary strain.


Listed below are a few more things you should be aware of if you’re looking to sell your home:

- Hiring a good real estate broker is one of the most important steps to getting a good price for your home. Ask your friends and acquaintances for recommendations and preferably get an agent who knows your neighbourhood well.

- As a seller, you should be aware of the accurate real market value of your home especially if you’re looking to buy a new one. This helps because it also indicates a budget for your new home. You’ll know you’ve made a mistake within the first two weeks after putting up the property on the market. Once you’ve realised that you’ve overpriced it, adjust it accordingly.

- Make a flexible strategy plan. Think about your initial asking price, how long can you stick to it before reduction? How low a price will you accept? Having a plan will help you react quickly and help you sell your home faster.

- Before showing a home to prospective buyers get rid of the clutter and to make it appear open and fresh.

- Don’t look too eager to sell. If prospective buyers think that you are desperate to sell, they will try their best to make you accept a bargain. If you are in a hurry to sell, offer an incentive to your broker such as a higher commission for a speedy sale.

- In these tough times, buyers always have more negotiating power but if you think the price being offered is too low than you expected, either make a counter offer, wait until the next buyer or till the market value increases.

- Don’t jump onto any deal just because you’re desperate for a sale. If you’re running out of time and are unable to sell it for whatever reasons, consider renting it out. The incoming rent will help you stay abridge your existing home loan. Notify the renters that the home will always be accessible for showings to potential buyers.

No comments

You may leave a relevant comment or post your query here. Queries maybe addressed here, on the respective social media platform, in a Legal Column published on the website or at a Legal Talk held at The Chambers of Solicitor Gajanan Khergamker in Colaba, Mumbai. To attend a Legal Talk, avail a legal consultation or initiate legal action call 8080441593.