Selling your home can serve as a good way to raise substantial finance. But, before you sell your home, it is important to remember certain pointers so that you get the best price for your home.
Take a look at the 10 points that you must abide by
- Make it a point to search for your new home before you sell your current home. Ideally, you should be living in your new home before you decide to sell your old one.
- Examine trends in the real estate market and make it a point to sell your flat when the demand is high.
- If the home you are selling is on rent, ensure that you give your tenants enough notice before putting it up for sale.
- Once you have decided to sell your home, perform a valuation to arrive at a selling price. There are various factors that will help you arrive at this figure including the location, size and amenities.
- Before putting your home on the market, rectify the flaws in your home. For example, if the paint is flaking off, have the house repainted. Similarly, if the bathroom fittings are out-dated, replace them. This will help you fetch a better price for your home. You can take a top-up loan on an existing home loan to pay for these expenses.
- Once you have valued your flat, advertise your home’s sale. For this, you can hire a broker or spread the information via word of mouth. Alternatively, you can also put up advertisements in newspapers and on websites.
- Don’t settle for the first offer. Ensure that you speak to several parties. This will give you an idea about the rate that people are willing to pay. Once you find the best offer, you can make your choice.
- If you are still repaying the loan you took to purchase your home, be transparent about it with your buyer. Work with him/her to ensure that the transfer takes place seamlessly.
- Be aware of the tax laws. Income from selling your home is taxable. For example, money earned from the sale qualifies as capital gains if you sell the property within three years of buying it. The sum is added to your income and taxed as per your tax bracket. Also, if you sell it within 5 years, any tax benefit that you have claimed before will be reversed.
- If you are not sure of the steps involved in selling your home, consult with your lawyer on formalities such as signing a sales deed, producing documents such as the letter of allotment, encumbrance certificate and occupancy certificate. Make sure you follow all these legal procedures carefully.
Implement these tips and make the sale of your home a convenient and profitable move.
Additional Read: How To Finance Your Home Renovation
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