Three ways to make money from your property sale.

It’s certainly true that property can be a huge source of financial reward for Australians that know how to market and sell their homes to achieve the best possible price. 

With that being said, selling a property for the “most money” does come with its own set of challenges, particularly if you are inexperienced in the property market. 

In addition to enlisting the help of a qualified real estate agent, there are other factors that need to be well-considered to ensure a sizeable sale price. Read on to hear our suggestions…

Choose the right time to sell. 

We’ve all heard that the housing market typically booms in Spring whilst sales tend to go into hibernation over winter, but the “best time to sell” is not necessarily the same for every property. In fact, each individual seller’s personal and financial circumstances will highly impact their decision to sell at a specific time.

Let’s talk about selling over school holidays, for example. Whilst this might not be the best time of year to list a suburban family home, as many potential buyers of this property type are away on holidays or enjoying more family time, it might be the perfect time to list a “holiday home” or CBD-based investment property. This is due to the high chance of visiting interstate buyers who may be looking to buy into new markets. 

In other instances, sellers are sometimes prompted to put their property on the market due to a change in personal circumstances such as transferring to a different city due to work obligations, or changes in family dynamics. 

Whatever the reason for selling your property, choosing the right time to sell is certainly not a decision that should be based purely on the time of year. Have a thorough discussion with your real estate agent, gain knowledge on the current market conditions and the typical buyer that’s right for your property. Each of these factors will highly impact the end sale price. 

Manage your price expectations. 

It’s only natural to have expectations when it comes to the sale price of your home. But, given the recent market conditions seen here in Perth and the astronomical sales results some sellers have achieved, it has impacted the expectations of some sellers who now have huge hopes and dreams for their own property. 

When considering an achievable sales price, an experienced real estate agent will suggest an asking price that is in line with comparable properties in your suburb, and inevitably this may differ from what you expect in terms of the ultimate selling price. 

It’s important to remember here that the asking price an agent suggests is not always the price that a home eventually sells for – the property market will certainly determine that. Yet, you will need to put your trust into your real estate agent to estimate the right selling price. Years of working in the industry and their local market makes them a reliable source of information, and a proven track record of sales gives them the knowledge to recommend a price that you should be satisfied with.

Make minor repairs and renovations that add value.

Most homes that go on the market do not require extensive repairs or improvements – that is, unless you are selling a fixer-upper, of course. However, minor renovations like a fresh lick of paint, minor kitchen and bathroom improvements, and small energy-efficient upgrades to the property can add real value to your property without breaking the bank.

When your agent or another property expert visits your home and recommends minor repairs and renovations, listen to what they have to say. These professionals know what aspects of the property make it sell. Take note of the advice given by your real estate agent and consider whether their recommendations fall within the limits of your budget. Small improvements don’t typically take ages to do and have the potential of significantly putting up the selling price.